Move beyond the credit score to find mortgage success

‘We think of these opportunities as people underwriting people—not systems underwriting statistics.’

Take the time to get a holistic view of members’ circumstances and you’ll discover new opportunities and build deeper relationships.

That’s Elizabeth Million’s approach to mortgage lending. Million, vice president of mortgage lending for $1.5 billion asset Elevations Credit Union in Boulder, Colo., new regulations are restricting large financial institutions’ mortgage capacity—opening the door for community financial institutions such as credit unions.

She recently addressed pressing mortgage lending issues with Credit Union Magazine.

CU Mag: How is the mortgage application experience changing for consumers?

Million: On the whole, traditional lenders like the Big Four banks are leaving the mortgage lending space or restricting their lending capacity.

Today’s lenders are conducting more stringent due diligence on applicants. In turn, prospective homeowners need to jump through a few more hoops to identify the right lender and, more importantly, qualify for financing.

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