10 Ways to Improve Your Mortgage Portfolio

From enhanced expertise to reduced overhead and stress, the benefits of joining a CUSO are evident.


1. Get Up and Go
Member credit unions can access a turnkey solution that launches their mortgage business quickly, says Scott Toler, president and CEO of Credit Union Mortgage Association in Fairfax, VA. The CUSO offers members expertise and process support, all under one roof.

2. Money and the Market
At Members Mortgage Services in Hutchinson, KS, president and CEO Paul Biel says liquidity and access to the secondary market are the two biggest perks for members of his 17-credit union CUSO. Translation: The CUSO offers flexibility and mobility.

3. The Know-How
CUSOs offer expertise, says John Reed, CEO of CUSO Mortgage in Hampden, ME. His organization’s members benefit from the presence of lifelong mortgage bankers and compliance experts.

4. Full-Service Billing
Mortgage CUSOs offer smaller credit unions the ability to bill themselves as full-service credit unions, says Brock Kasnick, vice president of sales and marketing at Community Mortgage Funding in Pomona, CA. Such bragging rights add another layer to the credit union’s marketing capabilities.

5. Lower Overhead
Member credit unions reap the financial benefits of a mortgage CUSO that pools its resources. Imagine not having to hire and train a mortgage professional but still having one at your disposal. You can pass on the lack of stress and increased efficiency directly to your members.

6. Into the Big Pond
For credit unions that already have mortgage services, a CUSO offers access to a bigger market. Credit unions might not have access to the volume of investors they’d like to when trying to sell a loan. A CUSO can help mitigate that problem.

7. Protection
A CUSO can offer member credit unions protection should something go wrong in the mortgage process, says Jennifer Durham, chief operating officer at CUSO Development Company in Ada, MI. In that CUSO, Durham and her staff take charge of, and streamline, the whole mortgage process.

8. Comply, Comply, Comply
The regulatory world of credit unions and the mortgage industry is evolving fast. It’s difficult for a single credit union to keep up with, implement, and avoid problems from all the changes. But joining a CUSO relieves stress by spreading it out; the bigger the team, the easier it is to solve issues.

9. Looking Out for You and Yours
Credit unions in a CUSO know they are referring members to mortgage professionals who have their best interest in mind. Generally, CUSO mortgage professionals are familiar with the credit union industry and how to make the home-buying process manageable for members.

10. Incoming!
CUSO membership has perks beyond origination and processing. Buying shares in the CUSO can be a significant source of income for member credit unions.