By Laura Enock
Although credit unions did not play a significant role in the mortgage crisis, they haven’t enjoyed their fair share of the mortgage market either. The number one depositor in the mortgage market is JP Morgan Chase, yet Superior Credit Union—a $450 million Ohio credit union—realized 3.5 times more home loan volume in their field of membership than Chase did. In fact, Superior Credit Union closed as many mortgage loans as the second, third and fourth lenders (by volume) in their markets combined.
So, how did Superior Credit Union achieve a 27% market share when many credit unions are struggling to reach a mere 5%? Credit Union Business spoke with Kurt Neeper, Vice President of Business Development for Superior Credit Union in Lima, Ohio to find out how they were able to achieve these impressive numbers and asked what best practices they recommend to other credit unions looking to increase home loan volume. Neeper began by pointing out “Wells Fargo always saw mortgage lending as key to the relationship. When you have the mortgage, you have the long-term relationship.” Building relationships is the primary reason home loans became a primary focus at Superior FCU.