Mortgage Lending: What's your Plan to Win your Members' Business

Do you have a plan to grow your mortgage program? As the market for mortgages continues to be fertile, many credit unions are exploring ways to handle the growth opportunities that have opened up over the past 24 months. One way that credit unions have been facilitating this growth is to outsource part or all of their mortgage processing functions. This has allowed credit unions to expand their lending portfolios at record rates, while maintaining excellent service to their members.

 

By My Credit Union

 

Do you have a plan to grow your mortgage program? As the market for mortgages continues to be fertile, many credit unions are exploring ways to handle the growth opportunities that have opened up over the past 24 months. One way that credit unions have been facilitating this growth is to outsource part or all of their mortgage processing functions. This has allowed credit unions to expand their lending portfolios at record rates, while maintaining excellent service to their members.

Gain A Competitive Edge
With the already fierce competition for your members' business intensifying everyday, credit unions must be pro-actively looking for ways to differentiate themselves and gain a competitive edge. For many credit unions, the answer has been Lending Solutions, Inc.'s (LSI) mortgage lending program. Credit unions looking to gain an edge over the competition can benefit by providing 24x7 mortgage options to their members. Since weekends and evenings are the prime ''shopping times'' for members that are in the market for a mortgage or refinance, credit unions that are available to their members during off-hours are benefiting greatly by expanding their mortgage program.

Flexible Solutions
Perhaps your credit union does not have a mortgage program. With interest rates at historic lows and the number of people refinancing at an all-time high, there has never been a better time to get a mortgage program started at your credit union. Consumers are benefiting from the highs and lows in today's housing market to move up, secure better rates or purchase their first home. And credit unions that are providing their members with mortgages are benefiting as well - in increased loan volume and member satisfaction. If you're credit union isn't reaping the rewards of mortgage lending, now's the time to put a mortgage program in place to capitalize on the low interest rates and the busy home buying season ahead. ''For many credit unions, limited staff time and expertise, as well as the cyclical demand of mortgage lending are the biggest constraints to expanding or starting their mortgage program, states Dan Mathews, vice president of operations for LSI. ''Partnering with a specialized company allows credit unions to cost-effectively offer this revenue producing service to members. Our program assists credit unions at every step of the lending process.''

With four levels of service, credit unions have the flexibility to choose any combination of services from simply pre-qualifying and processing loans to underwriting and documenting mortgages and up through final delivery of the closed loan to the secondary market. ''Successfully managing a partnership with an outside mortgage partner such as LSI affords credit unions an expanded mortgage program without increasing staff or resources,'' concludes Mathews.

Get Started Now
If you're looking to jumpstart your existing mortgage program or if you're looking for a way to start offering mortgages to your members, there has never been a better time to explore the outsourcing options available to your credit union. To find out more about LSI's Mortgage Lending Program, contact Dan Mathew at 888-LSI-NLPC (574-6572) or e-mail dmathews@nlpc.com. LSI can structure a customized program tailored to meet the unique needs of your credit union and members, and help you manage a successful mortgage operation.

This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at ads@creditunions.com or 1-800-446-7453.

 

March 24, 2003


Comments

 
 
 

No comments have been posted yet. Be the first one.

 
Advertisement