Guest: John Giordano

After talking about John’s background in the mortgage business, Mark and John talk about the boom times over the last few years and low-interest cycles. John talks about the current regulatory climate today and what he expects the mortgage market to look like over the next few years.


  • [2:22] John describes how First Heritage operates and his professional background
  • [5:52] John explains how he evaluates and reacts to the ups and downs of interest rates
  • [9:19] What makes a credit union successful in the mortgage business as opposed to those that are not
  • [12:45] John discusses government loans and how interest rates during the pandemic have affected the housing market
  • [17:18] John talks about the reasons that apartment and condo construction is up, the shortage of new homes and the amount of down payment required to purchase
  • [21:54] John discusses retaining mortgages, selling the mortgages, and liquidity solutions overall for credit unions 
  • [25:22] John gives his short and long-term mortgage predictions 


  • First Heritage provides services and skill sets unavailable within most credit unions. 
  • There has been a housing recession since June of 2022. Home prices increased in value at a steep rate, and mortgage rates followed, resulting in a problem with the housing cycle and a lack of inventory. 
  • The average down payment required to purchase a home is $60,000. 
  • FHA, VA,  and USDA can assist with lower down payments, making it possible for first-time home buyers to purchase. 


Mark Ritter Website

MBFS – Website

Mark Ritter – LinkedIn

First Heritage – Website

John Giordano – Email


John Giordano is a longtime mortgage industry veteran and is currently the CEO of First Heritage Mortgage Services. First Heritage assists credit unions nationwide with all things residential mortgages.

Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership.