Several credit union representatives attended a roundtable discussion at Bismarck’s Capital Credit Union with National Credit Union Administration Board Chairwoman Debbie Matz and Senator Heidi Heitkamp (D-ND), who organized the event. The discussion revolved around the difficulties of smaller credit unions competing with larger players who have more resources, and obtaining MH loans.
Darrell Olson from Town and Country Credit Union in Minot, ND says in the past he made 20 to 30 loans on manufactured homes each year, and the market would have been much larger the past two years. However, the regulations that resulted from the Dodd-Frank Wall Street Reform and Consumer Protection Act prevented those loans from being made.
Steve Schmitz of First Community Credit Union says not only is it tough to make MH loans, but making $20,000 home equity loans is increasingly difficult. Dan Wagner, of Lisbon Farmers Union Credit Union adds it is easier to make an $80,000 loan for an SUV than for a similarly priced house in small towns in ND. ##
(Photo credit: bismarcktribune--National Credit Union Administration Board Chairwoman Debbie Matz, left, and North Dakota Sen. Heidi Heitkamp)
