Are mortgages important to enhance your member experience? We think so!
Many small- to medium-sized credit unions may not have enough resources available to build a profitable mortgage program, or are struggling to maintain the appropriate levels of staffing to accommodate the fluctuation In mortgage volume. That’s why many credit unions engage a credit union service organization (CUSO) to help add mortgage lending to their product offerings and provide ongoing loan servicing and support.
HOW TO MAKE THE MOST OF YOUR CUSO PARTNERSHIP
Partnering with a CUSO significantly simplifies the process of starting a mortgage operation for credit unions. CUSOs can bring the staffing, technology and compliance focus that Is needed to operate a successful mortgage program. Even with a CUSO partner, the credit union still has an ongoing role to play in the program’s long-term success. To be successful with a CUSO partnership, take these three things into consideration:
Leadership Buy-in: Since the C-suite guides the overall direction of the organization, it Is critical these credit union leaders illustrate through words and actions that mortgage services will help improve the member experience and the bottom line. If they support the new mortgage lending program, the rest of the credit union will follow.
We see the most success with organizations whose highest-level executives regularly interact with the CUSO. When they participate in monthly calls and actively engage in the process, the mortgage service offerings perform well and bring value to members and the credit union.
Promote & Actively Market: If leadership is on board, organizational support for the mortgage products occurs naturally. Taking a proactive approach to promoting mortgage services – which should leverage every available marketing channel – is essential for success. It’s more than a one-time product launch; it requires ongoing effort, since the goal is for every member to know and remember that their credit union can help them with their mortgage.
A great first step is updating your credit union’s website. The key is to engage traffic quickly, so make sure the new mortgage offerings can be found easily on the home page and through links in several other areas of the site. We encourage using paid search options to ramp up traffic and jumpstart advertising efforts. Also, consider other programs your CUSO partner has to help engage members using business Intelligence to get In front of the mortgage buying decision.
Engage Every Level: Everyone at a credit union, from the C-suite to your tellers, is vital to the success of a mortgage program. Training employees to talk about the products and prioritizing compliance measures are essential to the long-term viability of any mortgage lending operation.
Building a mortgage program is about helping members see that their credit union is not just capable, but is their best option for getting a mortgage. When they do, they’ll see what we already know – that credit unions are uniquely positioned to walk alongside them during the home-buying process.
If you’re looking for a CUSO partner who can help you bring your members home, connect with us at https://www.truhome.com/become-a-partner/ .