Callahan Clients, please log in for direct access to:
Learn What You're Missing
Upgrade Your Subscription
Thank you for your interest in reading the fantastic content we have on CreditUnions.com! However, the page you are trying to access is for subscribers-only. To learn more, select an option below.
All users must now log in to read, research, browse, and have fun on CreditUnions.com. Yes, we still offer freebies. And, yes, it’s worth the extra effort.
Print or PDF this article today because you won't have access to it later. Or, click here to learn how to get 24/7 access.
By Mortgage Cadence
Bayside Federal Credit Union will put 14
families into homes this year. While that may sound like an insignificant number,
to CEO Lenore Misner it's a record.
Only a year ago, this $3 million credit union serving a limited membership
base in Providence, RI, was struggling to keep its mortgage program alive. Misner
was working with a local mortgage broker who required her to take the application,
collect every condition imaginable (just in case) and write all of the disclosures.
In addition to doing the upfront work, it wasn't uncommon for Misner's members
to wait as long as three weeks for an approval. As she explains, "We're
a very small credit union and didn't have the staff to originate loans internally
or the ability to keep them on our portfolio. We were using mortgage brokers
to sell loans for us on the secondary market because we thought it was our only
Through her Fannie Mae representative, Misner was introduced to Members Mortgage
Company, and subsequently, MortgageClick. MortgageClick's web-based platform,
created by Prime Alliance exclusively for credit unions, brings convenience
to the mortgage process by using a streamlined, 10-question application that
delivers results within minutes. Members can also use the same technology to
apply online 24-hours a day, 7-days a week wherever they have Internet access.
Additionally, because MortgageClick is powered by Fannie Mae, credit unions
have the added assurance that these loans will be salable on the secondary market.
At first, the idea of doing less while providing members with better service
and quicker decisions was difficult to believe. Misner has led Bayside's growth
by connecting with minorities and building trust in the community. Distributing
Fannie Mae workbooks in multiple languages at local parishes and other community
venues is one way Misner reaches out to those historically ignored by financial
institutions. Bayside's members view Misner as a trusted peer because she has
always considered their well-being a priority. She notes, "The primary
concern of brokers, often, is how much money they will make on a loan. When
I was working with brokers, I would get all tied up in knots inside, because
they had all the control."
Misner found just the opposite when she began working with Members Mortgage
Company and MortgageClick. She says, "Their attitude is entirely different.
Their goal is to put a borrower in the best possible loan. They're knowledgeable,
helpful, and clearly on the members' side. The MortgageClick technology gives
us the control we need over the loan origination process. As a result, I can
give my members much better support."
MortgageClick, an independent business-to-business company, provides a private,
branded solution customized to match credit unions' specific first and second
mortgage products and programs. By pulling together a network of credit unions
to share the Prime Alliance platform costs, MortgageClick is bringing technology
once only available to the largest organizations, to credit unions that would
otherwise be unable to offer this convenience. For more information on MortgageClick,
visit www.mortgageclick.biz or call Dan
Hanlon at 781-376-2880.
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 email@example.com or 1-800-446-7453.
November 29, 2004
Submit your email address to receive daily industry updates and web-only features.
P: (800) 446-7453 | F: (800) 878-4712
1001 Connecticut Ave. NW Suite 1001
Washington, DC 20036