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.