Case Study 2Forum Credit Union: Case StudyIntroductionA credit union is a type of financial institution which is known to be a member-ownedfinancial cooperative, controlled by its members and operated on the principle of peoplehelping people, providing its members' credit at competitive rates as well as other financialservices. Credit union systems vary significantly in terms of total assets and averageinstitution asset size, ranging from volunteer operations with a handful of members toinstitutions with assets worth several billion U.S. dollars and hundreds of thousands ofmembers. In 2018, the number of members in credit unions worldwide was 274 million, withnearly 40 million members being added since 2016.Once only responsible for a small percentage of the mortgage market, credit unions hadexpanded their role in mortgage orientation and had filled the demand for more mortgagecredit and had enabled more FTHB to purchase a home. The credit unions' share ofmortgage production, which had edged up to 3 percent in the period from 2003 to 2005,rose to 4 percent in 2007, then jumped to 6.75 percent in 2008--where it remained on aplateau between 6 percent and 7 percent until 2013, when it rose to 7.47 percent, accordingto Inside Mortgage Finance.Problem Case:While Forum Credit Union had been quite busy in the mortgage loan business in recentyears, most of that business had been in refinancing current loans rather than issuing newmortgages. This questions the growth of a finance company since the sole business of banksand credit unions is to earn money through interest and fees.The main hindrance in implementing First time home buyer (FTHB) program is to decidewhich audience needs to be targeted. Without understanding the market requirements, itwill be a tough call to implement the FTHB program. For successfully implementing theprogram Andy needs to recruit new members who have a sound knowledge of FTHBprograms and earlier have worked in financial institutions and have been a part of financialprograms.