Forget Bay Street's stuffy suits - Community Savings is the biker gang of credit unions, roaring down the mortgage highway with advertised rates that'll make a banker's toupee fly off. We're talking the likes of 3.99% on a five-year fixed.
Given its aggressive pricing, it's not surprising that Community Savings is growing at a 10% annualized clip, 2.4 times the growth rate of credit unions overall.
To see what makes it tick, we spoke with Mike Schilling, President & CEO. He touched on:
- Why/how the CU prices so aggressively
- What drives fixed and variable discounts
- The capital benefit of insured mortgages
- Regulatory capital changes in B.C.
- How credit unions like his haven't stress-tested switches for years
- The lack of sophistication in policymaking for insurable mortgages
- Pricing non-parity in his retail and broker channels
- How consolidation hurts rural mortgage customers.
The video and transcript are below...
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