In a press release from ACUMA
, some reasons identified for the gains in market share by credit unions included: consistent underwriting standards; maintaining a high level of trust with credit union members; and "the biggest reason of all--members finally realizing their credit union offers these products.
The money for the donation was raised during a silent auction of West Coast artist Eric Wahl's oil-on-canvas painting of a bald eagle at the ACUMA
CONTACT: Bob Dorsa of ACUMA
, +1-877-442-2862, BDORSA@ACUMA
The DVD is being sent to all ACUMA
members, credit union leagues, state association offices of the NAR, CU trade associations and newspapers and major mainstream press outlets.
president Robert Dorsa attributed the accomplishment to what he called very hard work on the part of credit unions that have committed to make mortgage loans.
Previously, he was Senior Vice President, Financial Products and Services at American Express Corporation and President/Chief Executive Officer of ACUMA
Robert Dorsa, president of the American Credit Union Mortgage Association, also welcomed the news, noting that credit union leaders in ACUMA
and other venues had been discussing a similar approach to secondary market questions.
Previously, he was Senior Vice President, Financial Products and Services at American Express Corporation from 1994 -1995 and President/Chief Executive Officer of ACUMA
But there are still too many CUs that are almost hiding the fact that they offer mortgage loans or are not offering them at all, Dorsa said, explaining that ACUMA
discovers this anew each year when it takes a booth at the National Association of Realtors annual conference.
is the current trade group for mortgage issuing credit unions.
welcomed more than 300 credit union executives to the conference as the association geared up to help credit unions find their way to greater relevance in a rapidly shifting mortgage market.
Tracy Ashfield, a CU mortgage consultant who has been working part-time with ACUMA
, said that the changes in the regulatory environment were effectively making it more difficult and expensive for a credit union to just write the occasional mortgage for its members.