The Super Bowl of Lending

There are auto loans, signature loans, credit cards, and even home equity loans. But in your relationship with your members, the Super Bowl of lending is a first mortgage. And you need to be a player. “In today’s economic environment, there is no more important loan to your member and his family than a first mortgage,” says John Giordano, CEO of First Heritage Financial, LLC, the mortgage service provider endorsed by the Pennsylvania Credit Union Association. If your credit union is standing on the sidelines while bankers and mortgage brokers are building relationships with your members, you are passing up a big opportunity. The opportunity to be their trusted advisor and the opportunity for income in a time when consumer loan margins are razor thin. For the better part of the last 40 years, credit unions have been attracting members by offering higher interest rates on savings programs combined with lower rates on consumer lending products. However, we are now seeing a shift in consumers looking to credit unions when planning to purchase or refinance a home.