As part of a plan announced last fall, myCUmortgage announced Tuesday that Beavercreek, Ohio, CUSO has begun servicing new mortgages for credit union partners.
MyCUmortgage, which is wholly-owned by Wright-Patt Credit Union ($3.5 billion in assets, 332,205 members), also based in Beavercreek, has been providing services that allow partners to originate mortgage loans since 2001. Tim Mislansky, myCUmortgage’s president, said partners have been pressing the CUSO for years to provide servicing, rather than having it handled by a subcontractor.
“For nearly two years, we’ve built a team of mortgage servicing professionals and infused them with credit union values,” Mislansky said. “We have selected great technology tools, developed member-friendly processes and procedures and performed extensive testing.”
Mislansky, who is also senior vice president and chief lending officer for Wright-Patt, said the advantages include:
- Pricing based on a cooperative model, which will lower servicing costs for all client credit unions as volume rises.
- Having staff with both servicing expertise and credit union experience.
- Communicating with members using everyday language “rather than regulatory legalese used by most servicers.”
- Providing 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.
Bob Sadowski, marketing specialist for myCUmortgage, said he expects the CUSO to complete the transition later this spring by taking over servicing of the remaining mortgages now handled by a subcontractor.
