Mortgage growth has been interesting to watch, especially with the coronavirus still affecting everyday life and the impact it has had on the economy. For credit unions, first mortgage growth has been an important source of portfolio growth. While overall portfolio growth slowed during the early months of the pandemic, first mortgage growth drastically went up! While the gains were only about 7% to 9% in January and February of this year, those numbers rose up to 11% to close to 14% from March to July according to a report from the Credit Union Times. If these trends are to continue, consider having a chatbot assist with reaching out to first time mortgage lenders and try The Loan Lead Generator!
Mortgage Growth in Q3 2020