Jack Baker, director of the mortgage center at the CDCU, joins us to talk about the opportunity to do well by doing good when you provide mortgages to the over 11 million undocumented immigrants in the U.S. He shares how you can eliminate the risk to your credit union while providing great rates, the impact the new administration’s actions will have on this population, and the other types of innovative mortgages you can offer that will be a competitive differentiator and a force for good in your community.
Cameron’s Key Takeaways
- With over 11 million people having I-10s and qualifying for mortgages, there is an enormous market to be served. Your credit union could use this as a significant opportunity to do well by doing good, and the CDCU mortgage center removes most of the risk for your CU.
- The demand for this product is so strong that it will spread through word of mouth in a way that your commodity products — a VISA, for example — will not.
- While the new administration is not friendly to immigrants, the structural nature of the current situation makes it unlikely to change significantly.
- Unlike payday lending, mortgages don’t have a negative label, so you can market it without people thinking your credit union has turned into a predatory lender.