Not all credit unions do mortgages.
Not all credit unions offer all loan products.
Not all credit unions have the staff to process mortgages.
You will have an advantage by creating a referral system between you and credit unions — especially those who are not your competitors — when it comes to providing mortgage loans to their members.
When I was in the mortgage business, I closed an average of 4 loans per month that were referred to me by two medium-sized credit unions. One credit union did not offer mortgages. The other offered mortgages but had to contract the processing function to a third party (which by the way did not do a very good job). Neither of them had a referral source for loans they turned down.
I recently gave a presentation to over 300 mortgage loan officers from credit unions, and here’s what I learned:
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