A number of smaller credit unions are dramatically ramping up their mortgage lending—some doubling their portfolios in less than two years—by leaning on a third-party provider for mortgage services they could not affordably provide on their own.
One credit union in South Carolina increased its mortgage outstandings by 237% in three years. Northwest Community CU in Oregon boosted its portfolio by 60% in three years. While Greater Texas CU saw its mortgage loan originations jump 342% year over year in Q1 2018.
The credit unions have been working with TruHome Solutions, a mortgage lending CUSO based in Lenexa, Kans. The CUSO, owned by four credit unions, is helping small to mid-sized CUs that have stayed out of the mortgage market or participated only to a small extent because they lack the scale to make offering mortgage products affordable.
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