Page 8 - Michigan Credit Union League: CU Impact Report
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8 CREDIT UNION IMPACT REPORT FALL 2020
MORTGAGE RELIEF:
MEETING MEMBERS WHERE THEY ARE
A major concern weighing on consumers following An Opportunity to Put Values Into Action
the uncertainty of COVID-19, the state shutdown and “Our approach has involved both taking action when
its long-term ramifications was mortgage payments. our members need it and also educating them on
For many, mortgages were due whether or not services available to ensure we address their concerns,”
regular paychecks were still coming in. As reported said United Federal Credit Union VP of Mortgage
by the Filene Research Institute, 36% of U.S. adults Lending Brett Wier. The credit union has assisted
said they are worried about missing a mortgage or approximately 700 members with pandemic-related
rent payment sometime this year. mortgage options in the past few months.
Just like they did for credit card and auto loans, “Many members have expressed concerns about
Michigan credit unions made mortgage loan their personal financial uncertainty and their current
modifications available to members, including financial hardships,” continued Wier. “Our mortgage
skip-a-pays, term or maturity extensions and advisors are able to help them understand what
payment reductions. payment assistance programs we have available and
how we may be able to help. Providing education
Of the credit unions polled by MCUL, 76% offered and consultation along with financial assistance
mortgage assistance, helping nearly 15,000 is critical to helping our members recover from
homeowners owing $2 billion in mortgage loans pandemic-related hardships as quickly as possible.”
with payment delays. More than 300 homeowners
avoided foreclosures. The credit union offered a variety
of payment relief options that
could be tailored to individual
circumstances and, in many
76%
of credit unions offered mortgage
assistance, helping nearly
15,000 homeowners
