Don’t make mortgage decisions in the dark

Let Mortgage CUSOs Shine Needed Light on the Importance of This Line of Business

Did you know Thomas Edison was fired from his first two jobs for being “non-productive,” and as an inventor, he made ten thousand unsuccessful attempts at inventing the light bulb. But he never quit when things looked bleak, and the world is quite a bit brighter because he didn’t give up.

Recent CFPB activities have cast a seemingly dark pall over the prospects of easily offering mortgage services to members. In fact, it seems the recent CFPB rulings and all the complexity that comes with it have many credit unions considering scaling back or quitting mortgage offerings altogether. This, even when recognizing that mortgages are often one of the most profitable, long-term and “sticky” products you can offer.

As Edison once said, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” So don’t be left in the dark and out in the cold by quitting on mortgages or never even trying because of regulatory complexities. Instead, leverage Mortgage CUSOs to take care of you and your members’ needs. Yes, on an individual basis, the CFPB issues can be scary and overwhelming. It’s a lot like asking a layperson to understand everything about the inner workings of electricity. Change a light bulb, sure. Rewire a house, forget about it. When things get complex, that’s when you call in the experts.

Before letting regulations scare you away from such a foundational product, seek the real value found in Mortgage CUSOs — and light up your bottom line! We’ve said it before, but it’s worth repeating: Mortgage CUSOs take on the complexity and much of the burden associated with mortgage offers. Beyond having experts who are scouring the regulations daily to ensure your offers are on target and in the clear, they do so much more.

Recently, new Mortgage CUSO programs like “mortgage alert” services have shed light on the fact that members are most definitely actively seeking mortgages first with your competition, either because you don’t offer them, or worse, your members are completely unaware you offer them. This kind of insight offered by Mortgage CUSOs can be invaluable to help you secure and keep your members’ business where it should be — their credit union — and not walking down the street to a competitor. And Mortgage CUSOs private labeled marketing programs are also a low-cost way to ensure your members are keenly aware of your mortgage offerings and will help members and prospects think of your credit union first, allowing you to grow your business.

The bottom line is that Mortgage CUSOs shed considerable light on why and how their services can and should be leveraged to save you money, save on staff expenses and potential work load issues during the natural ebbs and flows that occur with rate fluctuations in our industry.  Partner with a Mortgage CUSO and let their expertise help your credit union experience the profound difference mortgage offers can make.

Keith Varney

Keith Varney

As president of TruHome Solutions, Keith Varney is responsible for the strategic vision and long-term direction of the mortgage company. Mr. Varney is a 20-year veteran of the mortgage industry. ... Web: Details