As summer winds down and cooler weather makes its way to Mid-Missouri, the real estate market enters a new season, too. Fall buyers are often thinking beyond summer curb appeal and backyard.
More Borrowers Are Turning to Credit Unions for Loans
Dated: February 12 2021
Views: 1171
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More Borrowers Are Turning to Credit Unions for Loans
Credit union membership and lending is growing as borrowers increasingly turn to them for mortgages. Between the end of 2019 and September 2020, credit union membership increased by 3.37 million, or 2.8%. Credit union membership now totals 125.11 million, CNBC reports. Further, loan portfolios at credit unions grew 6.6% over the last year, and these banks saw a nearly 5% boost in loans.
Affinity, a New Jersey-based credit union with 20 branches, reported record-high growth in mortgage originations in the last year. Low interest rates and a surge in home buying drove the uptick. But “we saw growth on the lending side and on the deposits side, which is counterintuitive amid the crisis and hardship,” Jacquelyn Kearns, chief brand officer at Affinity, told CNBC.
Credit unions are not-for-profit entities that tend to return earnings to members through lower loan rates than commercial banks. Borrowers also may seek more of a personal relationship with their lender, which credit unions promote.
Under times of economic uncertainty, credit unions tend to grow more popular. “During periods of risk and uncertainty, banks tend to pull back a lot more on lending and just get a lot more conservative,” Jordan van Rijn, senior economist for the Credit Union National Association, told CNBC. “But credit unions, as part of their mission, continue to serve the members.”
Despite the pandemic, credit union asset quality improved over the past year. The delinquency rate dropped to 0.54% in September, according to the Credit Union National Association.
Source:
“Why Millions of Americans Are Now Shopping Credit Unions for Loans,” CNBC (Feb. 4, 2021)
Alana Nyhart
I serve as the Director of Marketing for Weichert, Realtors® – House of Brokers, where I lead our brand strategy, agent marketing, company events, and community engagement efforts. My passio....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
