How 6 credit unions cope with mortgage madness
Rate locks and staffing boosts are two ways credit unions are pushing through mortgage applications in today’s ultra-low rate environment.
Historically low rates have kept mortgage activity humming at the nation’s credit unions, despite record-high unemployment and millions of mortgagesin forbearance or other deferral programs.
How have credit unions kept up with the pace? CreditUnions.com asked some major players in the space three questions:
- What did you do in response to the pandemic to continue mortgage lending?
- How are you handling the increased application and processing activity going forward?
- Have you tightened or loosened lending criteria?
Here’s what they said.
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