In a mortgage market as difficult and unpredictable as this one, your credit union is likely looking for as much stability as possible. You can avoid much of the volatility by outsourcing some or all of your mortgage program.
But what would outsourcing look like, exactly? While an outsourcing relationship can take many forms depending on your needs, it will also look different depending on your chosen partner.
Our clients have found there to be a vast difference between the outsourcing experience with a big box mortgage lender versus a CUSO.
When you understand the advantages of partnering with a CUSO, you can choose an outsourcing partner that sets your credit union up for success, no matter what the market does, and provides your members all they deserve.
Four benefits of partnering with a mortgage CUSO
1. A better member experience
At TruHome, like most mortgage CUSOs, we only partner with credit unions, so we understand your member-first mindset and are positioned to maintain the personalized relationship you have with your members. We form seamless partnerships, so your members receive the same quality experience they expect working directly with you.
In contrast, big box mortgage lenders are unable to provide the same personalized member experience because they have a variety of clients and prioritize their own brand. Your members will feel the disconnect between the big box experience and the rest of your services.
2. Increased partner transparency
For credit unions, the security and confidentiality of member information is paramount. For big box organizations, that information is just an asset – for them. Not only are big box outsourcers well-known for selling member information to other companies and service providers, they are likely to see your credit union as a lead source rather than a partner. It’s typical for them to exploit your relationship to market other goods and products to your members.
With a credit union-only partner like TruHome, your member’s information will not be sold or used to market to your members. This keeps your member experience consistent, your member information secure, and your partnership honest and transparent.
3. White-labeled lending offerings
While big box mortgage lenders and CUSOs both provide a full range of mortgage offerings, only one gives you the ability to “white label” them: CUSOs. White labeling, or offering your entire mortgage program under your credit union’s name and branding, rather than that of your partner, helps preserve the member experience and promote the capabilities of your credit union.
Big box mortgage lenders do not allow you to white label lending offerings because, again, their primary goal is to make your member their customer. Keep your own brand front and center and protect your members’ experience by white-labeling your mortgage program with a CUSO.
4. Lead Generation
When a big box mortgage lender focuses on lead generation, it’s for their own benefit — not yours. Mortgage CUSOs, on the other hand, are dedicated solely to helping your credit union grow, and will offer mortgage program lead generation services to encourage and support that growth. TruHome uses proprietary technology that identifies the potential homebuyers among your membership well before they express their intentions, allowing you to market your mortgage program to them at the right time.
Outsourcing your mortgage program can be a game-changing decision, especially in times of economic volatility. But keep in mind that it’s important to choose a partner that truly cares about your credit union and the experience of your members, from start to finish.
Want to learn more about what it’s like to partner with TruHome? You’re in the right place. Connect with our experts today.