On this episode, host Vince Passione talks mortgage lending, consumer behaviors, credit-building and financial wellness with Richard Wada, Chief Lending Officer of Patelco Credit Union.
Key takeaways:
0:00 - Intro
1:12 - Patelco Credit Union overview
1:59 - The value of diversifying a loan portfolio.
4:35 - Challenges and changes of mortgage books in a high-rate environment
7:56 - How partnerships can help credit unions scale loans outside of traditional lending parameters
10:21 - How Patelco is skewing younger on new members
13:09 - The importance and value of creating credit union products that incentivize good financial behaviors and improve financial wellbeing
15:51 - Shifts in managing transactional accounts to maximize member engagement
17:53 - The most critical marketing lesson for credit unions.
Resources Mentioned:
https://www.patelco.org Patelco Credit Union
https://www.calhfa.ca.gov California Finance Housing Authority
https://www.mycumortgage.com myCUmortgage
https://www.patelco.org/credit-cards-and-loans/personal-loans ScoreUp
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#CreditUnions #Lending #HomeLoans #Mortgages
