Have you ever jumped headfirst into a project only to realize that you should have really considered having someone else do it, someone who is more of an expert on the subject or a professional at the task? I know I have several times, and that realization always comes when it’s practically too late to turn back.
I was talking to a colleague about this very thing happening to him over the weekend. He decided to install handrails for some existing outdoor steps at his house. He said according to the online marketplace from which he purchased them, they are “easy to install” with minimal experience in such projects needed. He thought to himself, “Great, I can get at least two of these finished before the football games start this afternoon!”
Several hours and many ounces of sweat later, he completed the project. They turned out pretty good, he said, but “easy to install” was a bit of a stretch. As he was finally able to sit down and watch the recording of the game he missed due to the expanded and unanticipated installation time, he realized that this was one of those situations where it would have been well worth the investment to have had a professional install the railings. A few dollars would have saved him a lot of time and a whole bundle of energy.
While a novel concept, doing things yourself is not always the wisest decision. Upfront costs may be saved, but does it equate to the expenditure of time, energy and, oftentimes, additional costs to “fix” a DIY project? That is a rhetorical question, of course, but it makes my point. The same can be said for many jobs and tasks at your credit union, which is precisely why you partner with vendors who are experts in the field and reliable business associates.
myCUmortgage prides itself on its deep industry expertise in mortgage lending and knowing the “credit union way” of doing business. After all, myCU is owned by a credit union and operates under a four-stakeholder model designed to deliver benefits equally between all stakeholders. We recognize that our credit union partners selected us because they trust our way of doing business and they know we’re passionate about helping their members with homeownership through the life of the loan. One area where we’re doing this has got me particularly excited: Member loan servicing and service transfers.
Since initially offering home loan servicing to credit union members almost 10 years ago, myCUmortgage has grown its number of home loans serviced to nearly 56,000, a number that looks to continue to grow significantly. Why? Because credit unions continue to recognize that member satisfaction is paramount, and while they give their best efforts to ensure member services and solutions are continually delivered and improved upon, they know that they need help, particularly in areas where other partners (i.e., myCUmortgage) have the expertise and dedicated resources.
When a credit union partners with myCUmortgage to service their member mortgages, they retain ownership of the loans while myCU manages the day-to-day servicing on their behalf. In other words, we take care of the heavy lifting that goes with home loan servicing and guide the credit union and members through the process, allowing the credit union to focus on growing their mortgage business, member relationships and strategic priorities.
More specifically, transferring the servicing of member mortgages allows the credit union to:
- Leverage industry-leading technology.
- Preserve member relationships through co-branding.
- Access powerful reporting tools and core integration options.
- Reduce operational complexity.
All of this is designed to create an exceptional experience for members. At the foundation is a dedicated and experienced Member and Partner Care Team with deep credit union and industry knowledge who regard members as much more than transactions. Supporting this team is the Servicing Digital platform, which provides members with a convenient, easy-to-use mortgage portal where they can securely view their loan details, make payments, access home and neighborhood insights, and track their home equity so they can discover opportunities to build wealth through homeownership.
While transferring the servicing of mortgage loans is a huge effort, myCUmortgage makes sure the transition is seamless with total transparency for the credit union and its members. This is accomplished through:
- Clear member communication that helps them understand the service transfer and minimizes disruption.
- Co-branded member correspondence that keeps your credit union’s name and brand visible at every stage of the mortgage journey.
- Our previously mentioned Member and Partner Care Teams, which combine expertise with empathy-based training to provide compassionate support during life challenges, financial hardships and other important life events.
Does your current member mortgage servicer provide all of this with that all-important credit union touch? I encourage you to learn more about myCUmortgage’s overall servicing solutions as well as specific information regarding service transfers. While visiting these pages, take a look and listen to the videos by our own servicing experts, Dave and Phil – the words they speak and the stories they tell truly illustrate what credit union member service is all about.
As I wrap up this post, a great Earth expression came to mind: Is the juice worth the squeeze? For your members, the juice is always worth the squeeze – just remember that you don’t need to do all the squeezing yourself. Let the expert “squeezers” at myCUmortgage help you and your members out! Pulp free, I promise!