DALLAS, TX (August 21, 2013) -- A record number of credit union attendees received a myriad of mortgage lending takeaways at CU Members Mortgage’s 16th annual National Lending Conference in Dallas, TX, July 15-16, 2013. Attendees experienced the show’s theme: “Diving Deep: A Quest for Mortgage Success”, as expert speakers and networking events provided ample opportunities to help them better prepare for an ever-changing mortgage market. Some of the timely topics covered included the latest mortgage-related regulations, economic projections, underwriting red flags, CFBP servicing changes, and more.
Here’s a brief recap of some of the conference sessions and topics discussed:
- CU Members Mortgage President David Motley shared in his session “Navigating the Latest Regulations” – Motley focused the seven new CFPB rules that will go into effect within the next six months: Ability to Repay, Qualified Mortgage, Escrow Account, Appraisals and other Valuations, LO Compensation. Motley added that most of these rules will impact credit unions’ daily operations and that they should be making policy decisions now on how to implement the guidelines.
- Texas A&M University’s Research Economist Dr. James P. Gaines’ “Fishing for Answers: Economic Review and Projection” – Gaines showed how the economy has slowly recovered with home sales and construction, car sales, and retail sales increasing. But uncertainty looms with health care costs in 2014. In addition, Gaines stated that the economy is leaning more heavily on housing as the country emerges from its recession – along with the Fed’s exit strategy and why today’s home prices are on the rise.
- CU Member Mortgage VP of Direct Lending Matthew Abbink’s “Secrets of Cs: Underwriting Red Flags that Sink Your Loans” – Abbink discussed the many red flags that can sink your credit union’s lending program such as capacity (employment, DTI ratio, income), cash (deposits, account ownership, verifications), collateral (1004/Appraisal, Property Inspection, Automated Valuation Models, BPO), credit (“thin” credit, disputed accounts, contingent liabilities, foreclosures, undisclosed debts), and character (experience, intuition).
- CU Member Mortgage SVP of Loan Servicing Tim Neer’s “Staying Afloat in the Servicing Abyss” – Neer provided a CFPB update regarding the latest changes in servicing that will be effective January 10, 2014. These changes cover servicing transfer notices and nine key areas of servicing including: periodic statements, interest-rate adjustment notices, prompt payment crediting and payoff statements, force-placed insurance, error resolution and information requests, general servicing policies and procedures, early intervention with delinquent consumers, continuity of contract with delinquent consumers, loss mitigation procedures.
- Nikki Stone, America’s first-ever Olympic Champion in the sport of inverted aerial skiing, shared her story of surpassing the odds and taking home the gold despite being told again and again it wasn’t possible. Her message, “The Turtle Effect”, comprises of being soft on the inside, having a hard shell on the outside, and be willing to stick your neck out.
- Ben Rogers, Research Director for Filene Research Institute, shared his insight into changing a credit union’s mortgage approach for a changing population.
- Tracy Ashfield, President of Ashfield and Associates, shared information on how to prepare for a mortgage audit including structuring a real estate policy, what reports and data to have ready, and how to support your methodology.
- Best Practices Panel featured credit union executives nationwide divulging their best practices in mortgage lending that provided great success to their credit unions. Senior Director of Consumer Lending Sales & Business Development from Arizona FCU Tim Johnson shared his valuable experience in launching a successful front-line incentive program and how several key changes such as offering an online mortgage application helped their program soar. Loan Officer Ruth Sterry with Fresno County FCU and Michael Manley with Security Service’s VP of Lending also shared their success stories in growing a mortgage department to new heights.
- Bruce S. Wilkinson, returned to provide a passionate look into service success. His message resonated with the audience and included these points to grow your mortgage department: People don’t care what you know about them, until they know you care about them; great leaders are great listeners; qualities of a great leader to build trust include competence, connection, and character.
- Blaine Rada, CMG MI’s Customer Training Manager, discussed growing credit unions’ purchase market with a focus on what it means to be a purchase market specialist.
“This year’s show was loaded with fantastic information that our attendees can take back to their credit unions and apply right away, allowing them to capitalize on today’s mortgage lending opportunities,” states CU Members Mortgage Senior Vice President Linda Clampitt. “We always enjoy seeing our credit union partners each year and providing them with the latest information they need to be successful. The feedback from our partners was very positive and I’m looking forward to hearing more about how this conference is helping them adapt to change, but also applying change to their everyday operations to take lending to the next level.”
About CU Members Mortgage
Founded in 1982 as a division of Colonial Savings, Dallas-based CU Members Mortgage provides comprehensive mortgage services to more than 1,000 credit unions, CUSOs, and leagues nationwide. CU Members Mortgage originates more than $2 billion in FHA, VA, and conventional loans each year. With a portfolio of $20 billion, it is one of the largest servicers of mortgage loans in the United States. Advanced technology, including a dedicated website with an online mortgage application that delivers confirmation in minutes, makes CU Members Mortgage one of the industry’s leading resources for mortgage services. The company is privately held and has branches located nationwide. For more information, visit: http://www.cumembers.com.