So, this past Saturday, February 29, I was told by my humanoid counterparts that you celebrate Leap Year here on Earth. Say what? I still have my head in the stars trying to figure out the whole groundhog thing, and now this is thrown at me?!
Once it was explained, however, I totally got it. It’s simply an intercalary or bissextile year which, when intercalating an additional day, corrects the drift of the calendar. (Did I mention I used to study astrophysics on my home planet?)
But that is neither here nor there. What I’m looking at here is the term “leap.” A leap can be a scary thing, especially if you don’t know what’s waiting for you at the bottom or on the other side. The unknown is, indeed, scary—so how many of your credit union members do you think are fearful to take the leap into home ownership? Probably more than you realize.
My friends here at myCUmortgage strive to make our credit union partners GREAT mortgage lenders. As a great lender, it should be your passion to help as many members as you can to become home owners. They are relying on you to help them make that leap.
How do you accomplish this? You can start by asking yourself and your credit union the questions listed below:
Do your members know you offer mortgages? According to estimates by STRATMOR Insights, while credit union members closed on 3 million mortgage loans last year, only 1 out of every 6 of those members used their credit union for a mortgage. Could it be that they didn’t know about credit union mortgages? Chances are, that’s the reason.
Are your members educated on the home buying process? Today’s home buyers are tech-savvy and seem to speak a language of their own (I know billions of languages from across the universe and I’m still thrown by their millennial-speak). You need to reach out and communicate with them via the channels they prefer. Take a look at my series of millennial posts for more insights and tips on how to do this.
Do you offer the mortgages your members need? In other words, does your credit union have a competitive mix of mortgage products? In addition to conventional lending, government products such as FHA, VA and USDA need to be in the mix. They offer great opportunity to members with lower credit scores, higher debt-to-income ratios and little or no down payment.
Do you have a mortgage partner who can help you with nearly every facet of the mortgage process? Whether it’s a lack of resources or inexperience with mortgage lending, a partner like a mortgage CUSO will certainly help you get more members into the homes of their dreams! Check out the Top 10 reasons you should consider when selecting a mortgage partner.
Depending on how you answered these questions, you may have a little work to do if you want to help your members in successfully taking the leap to home ownership. You need to be all the mortgage lender you can be—after all, your members are ready to leap!
And if you were wondering, the reason I left astrophysics to go into mortgages can be found in one of your common adages, slightly adapted to meet my physiology, of course: Home is where the hearts are! Happy Lending AND Leaping!