....I have found that the Credit Union movement generally to be totally rejecting of all suggestions for reform, so I don't bother with them anymore.
Brendan
There is no way that it is viable for a lender to set up the infrastructure for 100 mortgages. The assessment, even if it is done by Link ASI, would need to be processed by the Credit Union. If the CU administers the loan, they will need to comply with all the regulations. If the loan goes into arrears, they will have to comply with the CCMA.
Anyway, it's not a good idea to lend 20% of your loan book to so few loans to a very undiversified group. A long Garda strike and these mortgages would be in deep trouble. This probably doesn't affect the Gardai so much, but what about a large Community Credit Union. A closure of a local factory would have a disproportionate impact on the ability to repay the mortgages.
Having designed systems for Wellington IT who provide IT services to the largest Credit Unions - they have systems supporting Mortgages available so that statement is incorrect.
Over a year and still no sign of this being rolled out
It has been rolled out in a number of credit unions.
A lot of the bigger ones are, but with different rules. And they have effectively gone ahead and done it themselves, rather than waiting for the rollout of centralised functions.Hadn't spotted those. Any idea which CU's are now offering new mortgages?
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