Originally posted on cuinsight.com.
Mortgage Cadence, LLC is the NAFCU Services Preferred Partner for Mortgage Processing and Fulfillment Services.
It’s not hyperbole to say every parent of children between the ages of three and six dread THE QUESTION. You know which question I am talking about. It’s so anxiety-provoking that I can’t even write it down. The typical parent cringes, preferring a root canal over providing an answer, any answer, reliably offering an apocryphally obtuse response, hoping either little Emma or Ethan will be satisfied. And they are, for a while. Until they are not.
The Dreaded Question à la Credit Union Mortgage Lending
We’ve been satisfied with obtuse answers and strategies for decades to our own dreaded question: Where do homebuyers come from? Over the past 30 years, roughly as long as credit unions have been making mortgage loans, we have not had to confront the brutal reality that homeowners are not delivered by the stork. Serial refinance booms every 12 or 24 months have kept pipelines full and balance sheets happy and growing. It has been a great run. We learned a lot about the real estate finance business. We got efficient, more efficient than many of our counterparts, and we provide a better financing experience for members. We’ve been satisfied not confronting the dreaded question. Like little Ethan and Emma, however, our satisfaction with obtuse answers has reached its end.