3 factors in United Nations Federal Credit Union’s mortgage growth
New products, expanded membership field and a new location were key.
The success of United Nations Federal Credit Union in serving the financial needs of a diverse membership is evident in the growth of its mortgage lending.
The $4.7 billion New York-based credit union serving 125,000 members in more than 200 countries has increased its mortgage loan portfolio balance over the last three years to $1.7 billion from $1 billion at the end of 2013. That growth has had the added benefit of boosting its loan-to-share ratio from 43 percent to 54 percent while maintaining strong loan performance with declining delinquencies, says Chief Lending Officer Eric Darmanin. Three primary factors have driven that growth.
New mortgage products. To serve its mobile membership base, United Nations FCU enhanced its domestic underwriting standards for holders of a G4 visa and other non-U.S. citizens. By offering flexible guidelines that focus on credit criteria rather than U.S. credit history, more United Nations and affiliated agency staff and their families have become homeowners. As a result of these enhancements, more members qualify for mortgages, and the credit union offers more tailored solutions for the CU’s diverse membership base.
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