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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