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January 2010 - Posts
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Good day to all…We are officially off and running in 2010. I wanted to take this opportunity to make some bold projections for mortgage loan production in 2010. We know 2009 was a great year for the mortgage origination CUs. 2010 will be much different.The MBA forecast projects total 2010 originations at $1,278 trillion. This total is down some 40% from 2009. In addition the forecast reduces the percentage of refinance transactions from 65% of the 2009 total to only 39% of the 2010 total. We believe the 2009 origination total for the CU industry to be around $90 billion. This calculates to approximately to 4.25% market share. We would like to set a target of 4% for 2010. This means the CU originating CUs should originate approximately $51.1 billion to maintain a 4% market share this year. We realize the fact that the refinance percentage is much lower this year will make our goal a bit more difficult and challenging for the CU system. We do believe this is possible and ACUMA is poised to continue to focus on this target. It will be difficult but not impossible. Achieving our goal will require a unified effort both in terms of market awareness and performance not only from your lending staff but all departments of the credit union. In the next edition of our Pipeline magazine you will receive some critical tips on how to work more effectively with Realtors®. Once again since purchase money loans will dominate the market we will need to improve our efforts in that area. We will begin our Web Cast information and education very soon. We will first deal with some of the compliance issues and then move more into identifying and cultivating business opportunities. Please make sure you are working with your Marketing staff right now to take full advantage of the First-Time Homebuyers Tax Credit now expected to expire on June 30th of this year with loans qualified by April 30th. We will work at this in many other areas culminating with a longer and more intense ACUMA Fall Conference in September of this year. This would be the perfect time to make certain our ACUMA Network and Community of CUs is strong and begins growing. I look forward to working with all ACUMA members, the nation’s CURENs and everyone else contributing to these efforts.Please do keep in touch and please remember a weekly average of $1billion in CU loan originations is what we need. All the best…Sincerely,.BobBob Dorsa, President
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