|
|
Article: Residential lending heats up at credit unions. (home mortgage loans) (The New Mortgage Market)
- Article from:
- American Banker
- Article date:
- June 27, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
At many credit unions, two words now mean tremendous growth: residential lending.
In fact, mortgage lending may be the hottest area of growth for credit unions. The industry, excluding privately-insured credit unions, made 42% more real estate loans last year than it did in 1991, according to the National Association of Federal Credit Unions.
Credit unions are "the sleeping giants" of the home-loan market, says Bradford L. Murphy, president of CUNA Mortgage Corp., Madison, Wis., the lending arm of the Credit Union National Association.
"I think we will see 1,000 of our 13,000 credit unions in the nation become more aggressive in mortgage lending in the years to ...