myCUmortgage® Announces New Servicing Operation

BEAVERCREEK, Ohio, Sept. 15, 2016 /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. For nearly 15 years, myCUmortgage has helped credit unions help their members with home ownership through mortgage lending programs. Now, the wholly-owned subsidiary of Wright-Patt Credit Union is taking the same approach with mortgage servicing.

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Credit unions are limited in their choices for mortgage loan servicing. They can either choose to service the loans internally, which can be challenging, or find a sub-servicer. If a credit union determines that using a sub-servicer is the best option, they must then choose between a large or small sub-servicing operation. However, there can be drawbacks to each.

"We believe that there is another solution, one that focuses first on the member and the credit union," said Tim Mislansky, President of myCUmortgage. "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. That solution is what we're building here at myCUmortgage."

By building its own mortgage servicing operation, myCUmortgage can now use its member-focused approach to help credit unions service their members' mortgage needs. Credit unions will benefit through:

• A cooperative pricing model where servicing costs are lowered as myCUmortgage volume rises,
• Service from myCUmortgage staff which exemplifies the right combination of servicing expertise and credit union experience,
• Self-service tools to assist their members at the point of member contact, 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.

"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.

myCUmortgage anticipates servicing new production loans for the remainder of 2016 and converting the existing servicing portfolio from its current sub-servicer by the end of the second quarter of 2017. Following the conversion, myCUmortgage will look to bring its new servicing solution to the broader credit union industry.

About myCUmortgage^®

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
937.912.7276
Email

SOURCE myCUmortgage