Credit unions that want to keep their mortgage servicing within the credit union family now have a new option, as myCUmortgage announced Tuesday that it is launching a mortgage servicing operation.
According to details provided by myCUmortgage, a wholly-owned credit union service organization of Wright-Patt Credit Union, its new mortgage servicing operation will bring the same “superior member service” as the company’s lending operation has for nearly 15 years.
“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,” Tim Mislansky, president of myCUmortgage, explained.
“For nearly two years, we've built a team of mortgage servicing professionals and infused them with credit union values,” Mislansky added. “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.”
According to myCUmortgage, its servicing operation will offer:
- 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
- Access to a robust series of reports and dashboard tools to better manage their mortgage programs
As for why myCUmortgage is getting into the servicing business, Mislansky said that most credit union members don’t get a mortgage loan from a credit union expecting that the servicing will be transferred away.
“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,” Mislansky said. “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.”
And as for when the servicing platform will be available to credit unions, myCUmortgage said that it will convert its existing servicing portfolio and its 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, the company said.