By Jeff Andersen
No matter where your credit union is in the new mortgage rule implementation process—whether just starting or finishing up—you have likely faced some important business decisions. Will you offer higher-priced mortgages? What points and fees will you charge? What valuations will you continue to use? The new rules involve more than just changes to your policies and procedures, they force you to make important decisions about your entire home-secured lending program. In working with credit unions of varying sizes and in different stages in the implementation process, I’ve found that each rule often boils down to a few key business decisions. Even if you do not have all of the information needed to make these decisions, cataloguing them and keeping track of your progress towards making these decisions can help guide the implementation process. Outlined below are some of the most common business decisions facing credit unions pertaining to the new mortgage rules.