ACUMA holds high expectations for credit union mortgage originations
The American Credit Union Mortgage Association expects mortgage volumes for this year to rise above the $90 billion in originations its members completed in 2009. More than 8,000 credit unions serve 91 million members in the U.S. and consumers are increasingly moving away from banks toward credit unions to gain access to credit, including mortgages, according to ACUMA. "In the consumer space, credit unions are the best-kept secret," said Bob Dorsa, president of ACUMA. "Anyone who’s working toward America’s economic recovery needs to take a good look at credit unions — and that includes realtors, consumers and credit unions.” But recent data compiled for HousingWire from research firm Callahan & Associates might temper ACUMA's expectations. Credit unions originated $31.4 billion in mortgages through the first half of 2010, according to the data, down 43% from the $55.3 billion completed in the same time a year ago. ACUMA is holding a national conference in Las Vegas next week to showcase why it thinks credit unions will outlast the economic recession. Write to Jon Prior.