Even as the economy improves, foreclosures remain a problem for many lenders–but not for the National Federation of Community Development Credit Unions.
The federation's mortgage program has experienced no foreclosures and only a few delinquencies. Minor modifications have worked out well. Terri Fowlkes, director of NFCDCU Community Development Investments, which includes the CDCU Mortgage Center, credited that to several factors.
"We're buying these loans from member credit unions," she noted. "The credit unions have strong relationships with their members and are considered trusted advisers. There's a sense of loyalty. Most of them have kept the servicing, so that member loyalty stays in good shape."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
