First Financial Credit Union launches a servicing CUSO
First Financial Servicing, LLC
CHICAGO, IL (December 3, 2018) — Today, First Financial Credit Union is proud to announce the official launch of First Financial Servicing, LLC, a wholly owned Credit Union Service Organization (CUSO). The CUSO will specialize in mortgage and consumer loan servicing for other financial institutions, offering services to assist with legal and compliant collections, and also bankruptcy services for any business that issues credit.
“There is a real need that exists in the credit union space for assistance with portfolio servicing, especially in small to midsize credit unions. Many credit unions are unaware of the options available to them with regards to recoveries and the servicing of their portfolio mortgage products. Our CUSO offers services to help meet those needs and assist credit unions to better focus on meeting the needs of their members,” said Michael Abraham, President/CEO at First Financial Credit Union. Michael Filla was named CEO by the CUSO Board which is made up of Mr. Abraham, Board members of First Financial, and CUSO Chairperson, Aaron Gitler, CEO of A and N Mortgage Services, Inc. “We’ve tapped Michael Filla to lead our CUSO as an experienced industry insider with vast experience at a large servicer as well as recovery management,” Gitler said.
Positive Client Impact
Many lenders and credit issuers spend excessive resources on servicing existing loans due to staffing and smaller portfolio sizes. First Financial Servicing allows lenders to utilize their resources elsewhere to grow and expand their businesses rather than maintaining accounts once their customer has acquired a product.
First Financial Servicing, LLC offers three distinct services to issuers of credit; loan servicing, recovery services, and bankruptcy services. Please visit ffservicing.org. for more information.
About First Financial Credit Union
FFCU was formed in 1936 to provide a safe place for the employees of the AT&T Teletype Corporation to save and borrow money. Since then, First Financial has grown through expansion of its field of membership. In recent year, First Financial has steadily expanded and grown serving over 9,000 members and holding over $95 million in assets.