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Your members are getting their mortgage from somewhere. They would prefer that relationship to be with the credit union. Be sure you are communicating with them that you offer mortgages at every opportunity – staff referrals, point-of sale signage, website/social media, and purchased advertising.


Our most successful credit unions are committed 100% to mortgage lending. The entire organization needs to be focused on generating mortgage leads. In return, your credit union receives a 30-year commitment from the member. Originators need to share their success stories back with the staff.


Mortgages are a homogenous product. We all sell to the same secondary market(s). Service and products have to be your differentiators, not pricing. Credit unions have an advantage over mortgage brokers in that we have a balance sheet with liquidity. It is appropriate, even advantageous, to portfolio mortgage loans in addition to selling them to the secondary market. Being able to portfolio loans can be done safely and profitably. Offering necessary products like construction loans, blankets, and wraps while providing members the most convenient technology give you a competitive advantage over your competitors and a unique product for realtors to promote in the community.


The faster you take the application, begin processing, order appraisal/title work, and anticipate potential issues, the faster a mortgage is going to be cleared-to-close. That sounds simple, but it’s actually rather complicated. A lot of people touch the mortgage process - realtors, appraisers, surveyors, title companies, processors, originators, and underwriters. One breakdown from anyone in the chain slows down the entire process. You must be the owner of the process and coordinate obstacles to keep it moving forward.


Communication is essential between the originator, processor, member, and realtor. The number one reason for member dissatisfaction with their mortgage/mortgage process could have been prevented with better communication.


It is both necessary and appropriate to spend time “selling” your program to local realtors and builders. These are important referral sources – treat them as such. Your competitors do. Their paycheck is commission-based, so the faster a deal closes the faster they get paid. Be sure to play up this angle (speed) when you visit them.


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