Strategic Planning for Credit Unions: Leveraging Polygon Research Apps for Data-Driven Decision Making
Credit unions are relatively small, not-for-profit, member-owned financial institutions. They are subject to capital, field-of-membership, and lending restrictions.
One interesting fact is that credit unions were not allowed to lend mortgages until 1977 when Congress passed legislation granting them authority to offer mortgages (see more about the history of credit unions in this GAO publication).
In 2023, 1576 credit unions submitted data about their mortgage lending outcomes to the CFPB. Collectively, these 1576 credit unions closed and funded 16.5% of all mortgage loans. This translates into 940,612 mortgage loans ($158 Billion dollar volume).
In today's rapidly evolving financial landscape, credit unions face a unique set of challenges and opportunities. In addition, most credit unions are small. Finally, credit unions typically hold more loans in their portfolio than other types of lenders. To thrive in this competitive environment, strategic planning is crucial. But how can credit unions make informed decisions that align with their mission of serving members and communities?
The answer lies in data. By harnessing the power of data analytics and research tools, credit unions can gain valuable insights into their market, members, and operations. This is where Polygon Research apps, such as HMDAVision, CensusVision, and MBS Pivot, come into play. To outperform much larger players in mortgage lending, credit unions can use data to focus on their markets by:
-having a deep product pipelines to offer competitive products
-tailoring products to meet the credit needs of its members
-building efficient mortgage departments
-providing excellent service to its members
