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Article: FANNIE MAE, FREDDIE MAC, and CUs.(credit unions)
- Article from:
- Credit Union Executive
- Article date:
- May 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Credit Union National Association, Inc. (CUNA). 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)
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As credit unions grew and expanded in the 1990s, first mortgage lending emerged, flourished, and endured as a competitive and income-producing member service product line. Credit unions learned how to make mortgages, develop mortgage products, and service mortgages. By the end of the 1990s, 83% of members could go to their credit union and obtain a mortgage, according to CUNA & Affiliates' Credit Union Services Profile.
Credit unions' rise and acceptance of first mortgage lending as a vital product resulted from several factors:
* Member service;
* Need for additional revenue;
* Automation of the mortgage process;
* Mortgage ...