BEAVERCREEK, Ohio, Feb. 21, 2017 /PRNewswire/ -- In a move that will re-design the options available to credit unions for servicing first mortgage loans, myCUmortgage® announced that it has launched its new mortgage servicing operation. myCUmortgage is a leading Credit Union Service Organization (CUSO), wholly-owned by Wright-Patt Credit Union.
For nearly 15 years, myCUmortgage has helped credit unions to build relationships with their members and establish them as the clear choice for home loans. Using this same model, myCUmortgage will now provide a servicing solution that focuses not only on relationship building but also superior member service, resulting in greater member retention.
"For years, our clients have asked us when we were going to take the same member-centric approach of our lending operations to the servicing arena. They wanted their loans serviced by someone who understood credit unions and their members," said Tim Mislansky, President of myCUmortgage. "For nearly two years, we've built a team of mortgage servicing professionals and infused them with credit union values. We have selected great technology tools, developed member-friendly processes and procedures and performed extensive testing.
"Today, we're thrilled to finally start servicing loans for other credit unions and their members," he added.
By building a mortgage servicing operation, myCUmortgage can now use its member-centric approach to help credit unions service their members' mortgage needs. Credit unions will benefit through:
- A cooperative pricing model where servicing costs for all client credit unions are lowered as myCUmortgage volume rises,
- A partnership with myCUmortgage staff which exemplifies the right combination of servicing expertise and credit union experience,
- A simplified communication approach that uses everyday language to communicate with members in clear terms rather than regulatory legalese used by most servicers,
- Self-service tools to assist their members at the point of member contact, including the ability to accept payments in the branch, regardless of whether the loan is a credit union portfolio or has been sold to an investor, and
- Access to a robust series of reports and dashboard tools to better manage their mortgage programs.
"Too often, members only think of servicing when there's a problem with their loan. We believe servicing can be re-imagined into a member-focused solution and a value-add to their credit union mortgage," said Mislansky. "That solution is what we're building here at myCUmortgage."
Mislansky noted that members don't go to their credit unions for mortgage loans and expect or want them to be handed off to a third party. "That's why we're launching programs that will allow credit unions to handle more of the member servicing interaction while myCUmortgage handles the heavy lifting in the back office," added Mislansky. "When mortgage servicing is done right, it leads to member retention and the deepening of relationships. That's what we'll be doing for credit unions."
myCUmortgage will convert its existing servicing portfolio along with nearly 50 balance sheet loans from the current subservicer in May. After all existing business is converted and members are completely set up on the new platform, myCUmortgage will offer this credit union and member-centric solution to all credit unions.
myCUmortgage® is a wholly-owned Credit Union Service Organization of Wright-Patt Credit Union, based in Beavercreek, Ohio. myCUmortgage helps hundreds of credit unions nationwide to assist their members with homeownership through quality, cost-efficient, service-driven mortgage solutions. Visit www.myCUmortgage.com for more information.
For more information, contact:
Bob Sadowski, APR
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