CUNA witness Tim Mislansky stressed to the Senate Banking Committee Thursday the need for credit union access to a functioning, well-regulated secondary mortgage market and a system that will accommodate member demand for long-term fixed-rate mortgage products. Mislansky testified before the committee as part of a hearing examining housing finance reform.

“Credit union represent an increasingly significant source of mortgage credit nationally. In 2016, credit unions originated over $140 billion in first mortgages, or 8 percent of the total market,” Mislansky said. “It’s clear that consumers are choosing locally-owned and operated credit unions more and more to be their mortgage lenders, and as Congress considers housing finance reform, it is critical that credit unions have equitable access to a functioning, well-regulated secondary market and a system that will accommodate member-demand for long term fixed rate mortgage products.”

Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, also serves as chair of CUNA’s housing subcommittee.

 

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