For the past year I have noticed a continuing theme: loan volume reported by credit unions is dropping. I have read many different variations on the theme. Some experts have merely noted loan volume has been decreasing or sinking and expect it will recover. Others are seeing it reach such dangerous levels that may impair the future for many credit unions.

At the same time, I know most credit unions do not seem to view helping their members with home loans to be a core strategy. I am among those who have been screaming at the top of our lungs promoting real estate as a key strategy for credit unions. Yet only about 25% of credit unions succeed in the home finance market. Refinances have fallen off dramatically. I say it is time for us to engage the most important demographic group, the first-time homebuyers.

Recent studies suggest about one-third of all new home purchases are financed by the use of a loan secured by the FHA. Interestingly enough, George Washington University Professor of Finance and Chairman of Center of Real Estate and Urban Analysis Robert Van Order concluded that "now is a good time to reexamine FHA's market both because it is not clear as public policy that we should be insuring low down payment loans for higher income borrowers and because there are very serious questions about FHA's capacity to carry large market share successfully."