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LAS VEGAS-Consumers want an alternative to the big banks when it comes time to get a mortgage, but credit unions aren't providing it. That is the message from Bob Dorsa, CEO of the American Credit Union Mortgage Association.
Of the 7,000-plus CUs in the U.S., roughly 3,000 report real estate loans on their call report, "but maybe 700 are strong mortgage lenders," he lamented.
"There is a lack of focus, a lack of knowledge and a lack of leadership," Dorsa said. "Some are afraid because they don't know about mortgages, but that is not an acceptable reason not to do something about it. There are resources available and there are mortgage CUSOs credit unions can join."
Dorsa said the bad news is most Realtors do not know that credit unions offer mortgages, but there's a huge opportunity to turn that around right now, he said.
"Credit...