Another record drop in mortgage rates present growth opportunities for credit unions

on "December 04, 2020 12:20 pm"

Hawaii CU Solutions helps credit unions large and small in the mortgage lending process.

Hawaii CU Solutions LLC Long-term mortgage rates edged lower in the first week of December, reaching record lows for the 14th  time this year against the backdrop of the pandemic-ravaged economy.

Freddie Mac reports the average rate on the 30-year fixed-rate home loan slipped to 2.71 percent from 2.72 percent in late November. By contrast, the benchmark rate stood at 3.68 percent a year ago. The average rate on 15-year fixed-rate loans declined to 2.26 percent from 2.28 percent.

This could mean an increase in mortgage loan or refinancing applications at your credit union.

When members take advantage of low mortgage loan rates, will your credit union be able to manage the uptick in applications?

Hawaii CU Solutions, LLC is a League business partner that works exclusively with credit unions to help members buy or refinance their own homes. The Hawaii-based CUSO offers a unique service— mortgage lending training, mentoring, and support to credit union lending staff—using local support on a national platform.

Honolulu Fire Department FCU Financial/Loan Services Manager Daniel Dick says Hawaii CU Solutions is great for smaller credit unions.

“Smaller credit unions may not have the manpower or expertise to process mortgage loans,” he explains. “A credit union needs to have at least one person on staff who understands mortgage lending. Hawaii CU Solutions can fill in the gaps.” 

As a “lender advocate”, Hawaii CU Solutions works in conjunction with credit union mortgage loan officers to structure loans that allow every credit union the opportunity to:

  • offer a complete line of mortgage programs to members;
  • generate higher revenue through loan fee and interest income;
  • handle member mortgage transactions thoroughly and efficiently; and
  • ensure NCUA compliance.

“Hawaii CU Solutions does all the heavy lifting on important issues like proper disclosures, which are burdensome with the newer TRID requirements,” Daniel says.  “Alan and the staff are very approachable and great to work with.”

Offering a full line of mortgage loan products promotes member loyalty and credit union growth. Find out how your credit union can benefit from services offered by Hawaii CU Solutions LLC by contacting Alan Sakuma at 808.856.3541 or asakuma@hicusolutions.com.