by Michael Corn
With such a long period of low mortgage rates, credit unions and other financial institutions have been deluged with mortgage refinancing applications. But, as everyone knew and predicted, that deluge was going to drop to a trickle eventually, after all the homeowners who could do so had refinanced their mortgages.
Estimates predict that the moment is here as the mortgage market in 2014 will decrease by $300 billion dollars, mostly due to a drop in mortgage refinancing. What is your credit union doing to prepare for this decrease? How can you increase your purchase mortgage business to take up the slack?
Attracting homebuyers can be a difficult task. This article gives some helpful pointers of ways your credit union can increase its purchase mortgage business while providing valuable service to their members.