Is your credit union ready for Hispanic homebuyers?
Begin your strategy to connect with them today.
by: Wallace Jones
As a leading mortgage partner within the credit union industry, we are often asked what the future of home lending will look like. Will rates go up? Will compliance struggles prevent growth? Will lending thrive?
Thriving depends in part on this key question: How well do you know the future borrower?
While rates remain historically low, it’s inevitable that they will go up. Compliance struggles continue to be a part of the lending atmosphere, but they will be managed and eventually become less burdensome. Therefore, lending will continue. Whether or not it thrives will be up to your credit union and how well it adapts to the marketplace. Sounds simple enough, but without the proper research and preparation, your credit union’s home loan program could become stagnant or even shrink.
Determining the future borrower starts with knowing about household growth. The growth of households is one of the most important predictors of potential home ownership gains. Knowing exactly who your borrowers are, what they need, and how to reach them will decide your success in lending. These facts about the growth of the marketplace suggest that credit unions need to get to know how to serve Hispanic consumers.continue reading »