Over the past few weeks, the Marketing Team here at myCUmortgage has provided me with a great opportunity, one where I can use the high-tech systems in my spaceship while satisfying my inner computer super freak. With the rapidly accelerating market and our drive to make sure our credit union partners and their members continue to receive excellent service, the myCUmortgage.com website required some updates. Fortunately, I was just the life form for the job!
As I was going through the various sections and pages of the website, I was thrilled to discover the wealth of comprehensive solutions offered by myCUmortgage. It was also great seeing the smiling faces of my colleagues on the different pages, faces I’m sorely missing after being weeks apart from each other. I keep reminding myself, this will make our reunion that much better because, as the Earthlings say, “Absence makes the heart grow fonder.”
The topics and information on the website are organized in such a way that if a credit union was looking to start or expand mortgage lending services, they would quickly realize that the answer lies within a partnership with a mortgage-focused Credit Union Service Organization, or CUSO. Not only does a CUSO know the credit union industry, but coming from a credit union itself, it also recognizes the need to help members with every facet of home ownership.
I made a fairly long list of reasons how a credit union could benefit from using a CUSO’s services. Thinking about the countdown of the upcoming SpaceX launch, of which I have great interest, I categorized these into a “countdown” of sorts. Current and future partners definitely need to check it out and prepare themselves for launch to the next level of mortgage success!
10. Bridge Internal Resource Gaps: A CUSO can act as an extension of your existing mortgage team for both lending operations and servicing of member loans.
9. Be More Cost Efficient: Partnering with a mortgage CUSO is, in most cases, more efficient than building and maintaining a full-time internal team of experienced processors, underwriters and closers.
8. Shred the Red Tape: What are two of the biggest hurdles credit unions have difficulty clearing? Staying in compliance and offering government loans. A CUSO can all but eliminate those hurdles.
7. Be Timely: As a true partner, a mortgage CUSO should be obsessed with delivering feedback and approvals to you and your members in a super timely fashion.
6. Provide Digital Solutions: Investment in the technology needed to help your members with home ownership is vital—let a CUSO help you stay in front of them and keep pace with today’s market expectations.
5. Get Your Marketing On: It’s difficult to succeed in the credit union mortgage space if your members don’t know you offer mortgages. Shared marketing services and tools from a CUSO can creatively connect you with your members.
4. Train, Train, Train: The mortgage industry is ever-evolving, so it is critical to proactively train your employees so that they can grow and succeed. A mortgage CUSO can help!
3. Deliver Five-Star Service: Members come to your credit union because they know and trust you—maintain that level of trust with a CUSO partner that delivers a thrilling service experience from application to payoff.
2. Maintain Your Member Focus: You are the resource that your members want to see. A good mortgage CUSO handles the heaving lifting on the back end so that you can maintain that focus.
1. Help More Members: It really is that simple. With a solid partnership, your credit union will help more members with their home financing needs, which is a good thing!
So there you have it. You can check out the cool infographic and video we pulled together based on this list—we encourage you to share them with your team or fellow credit unions who are searching for that ideal mortgage partner.
Personally, I like our Top Ten much more than those I frequently see on your “classics” television channels—while those lists may deliver laughs, our list delivers partnership opportunities for credit unions considering starting or changing mortgage operations.
If you’re a current myCUmortgage partner, examine the list carefully and see if your credit union is taking advantage of all our partnership has to offer.
Let the countdown begin!