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CU Companies, Servicing Reports Decrease In Delinquent Loans
NEW BRIGHTON, MN (August 7, 2013) — A true sign that the economy is in recovery is the steady trend of decreasing delinquency loans. The Servicing Department at CU Companies has noticed this trend occurring, particularly in the last six months. “In May, our delinquency ratio was the lowest it has been since 2008, coming in at 1.68 percent,” says Kathleen Nystrom, Loan Servicing Manager.
“While these numbers can also be attributed to the fact that our portfolio continues to grow, our borrowers seem to be in a better place financially,” says Nystrom. “We have seen fewer loans being referred to foreclosure and more workout plans being successfully completed.”
Fewer delinquent loans benefit all parties. The Servicing Department values each borrower and wants to see them succeed. Owners and partners of CU Companies are encouraged to continue working with CU Companies and their borrowers when a hardship does arise. Workout plans, modifications, and short sales should all be taken into consideration.
“Our Loss Mitigation division within the Servicing Department remains diligent in their efforts. When an account becomes past due, we attempt to gain contact every three days. In addition, letters are sent out informing borrowers of their options and encouraging them to reach out to us,” explains Nystrom.
“We know that communication is key and want both the borrower and our owner or partner to understand where the borrower is in the process and what needs to happen to move forward. We’d love to see this trend continue, as it’s important to us to see the borrowers we work with succeed.”
About CU Companies
CU Companies is committed to earning the loyalty of its owner credit unions and financial partners by delivering personalized service and competitive financial products.
CU Companies was founded in 1987 by three Minnesota credit unions to offer a competitive mortgage solution for their members. They realized that by combining forces, they could offer a superior product to their membership than if they did it alone. These three credit unions created a Credit Union Service Organization (CUSO), CU Mortgage Services, Inc., in which they shared equal ownership.
Over the years, other credit unions recognized that their membership could also benefit from the CUSO and purchased stock in the organization. As the number of owners grew, they realized there were other areas of expertise that could be leveraged to provide an even greater product offering to their members. Over the next several years, four additional subsidiaries (Title, Realty, Preferred Investments, and Member Business) were created and CU Mortgage Services, Inc. became CU Companies.
For more information, go to www.cucompanies.com.