Marketing to single females is one of several ways credit unions can capture mortgage loans, according to experts who spoke at the America Credit Union Mortgage Association's Annual Conference in Las Vegas Tuesday.
Annette Melcher, director of product and business development for MGIC, Milwaukee, said banks have identified mortgages and checking accounts as the “stickiest” products, particularly when combined. She said large depository institutions are retooling and improving their customer service.
One way for CUs to fight back, Melcher said, is to improve the number of purchase mortgages they book. Single females accounted for just 10% of real estate purchases in 1981 and still only 15% in 1995, but that figure increased to 23% in 2010. “Consider making this a target segment,” she counseled.
Scott Norris, EVP of residential real estate lending for San Diego County Credit Union said homebuyer seminars have been extremely successful for the $5.2-billion CU. The process starts with a vigorous marketing effort, offering special rates or fee discounts for attendees. “The No. 1 question is always, 'Why should I buy now?' Norris noted.
