myCUmortgage, a credit union service organization wholly owned by Wright-Patt Credit Union, has launched a new mortgage servicing operation that focuses not only on relationship building, but also on superior member service, resulting in greater member retention.
Basically, the company is bringing its servicing in-house and then offering to subservice loans for other credit unions.
The new mortgage servicing operation will use a member-centric approach and, thus, will help credit unions cross-sell and up-sell other products and services to their members. It will employ a cooperative pricing model by which servicing costs for all client credit unions are lowered as volume rises, myCUmortgage says in a release.
The firm claims that credit unions making use of this service will have access to “the right combination of servicing expertise and credit union experience.” Helping to facilitate this is a “simplified communication approach that uses everyday language to communicate with members in clear terms rather than the regulatory legalese used by most servicers.”
The new servicing operation will provide self-service tools, “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.”
It will also deliver reporting and dashboard tools to help credit unions better manage their mortgage programs.
“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,” says Tim Mislansky, president of myCUmortgage, in the release. “They wanted their loans serviced by someone who understood credit unions and their members.
“For nearly two years, we’ve built a team of mortgage servicing professionals and infused them with credit union values,” he adds. “We have selected great technology tools, developed member-friendly processes and procedures, and performed extensive testing.”
Mislansky noted that most credit union members don’t expect their mortgages to be serviced by 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,” he says. “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.