Texas Trust Credit Union honored with Excellence in Mortgage Lending Award
Award presented by the CUNA Lending Council for superior lending operation
MANSFIELD, TX (November 5, 2013) — Texas Trust Credit Union has received the 2013 Credit Union Excellence in Mortgage Lending award from the Credit Union National Association (CUNA) and CUNA Mutual Group. Texas Trust was the category winner for credit unions with more than $250 million in assets.
Texas Trust was recognized for its mortgage lending portfolio, which has grown from $61 million in 2006 to more than $180 million today. Richard Whitman, Texas Trust’s Vice President of Residential Lending, received the award, which was presented at the CUNA Lending Council conference in Phoenix.
The Excellence in Lending Awards, sponsored by CUNA Mutual Group and the CUNA Lending Council, recognize credit unions that generate outstanding lending results through stable, sustainable operations.
Whitman joined Texas Trust in 2006 and was tasked with overhauling its mortgage lending operation. He developed and implemented a long-term strategic plan to restructure the mortgage lending operation to improve efficiencies and expand the portfolio in order to compete.
With more than 50 percent of its production being home equity loans, Texas Trust identified market needs and began marketing more than 100 different first and second lien mortgage choices. The credit union also began investing in marketing its mortgage products in order to drive awareness and increase volume.
Texas Trust’s strategy has paid off, as it has become the largest credit union mortgage lender in north Texas, according to the Dallas Business Journal. Member penetration for mortgage lending has gone from two percent to 15 percent. Texas Trust’s mortgage operation generated interest income of more than $7 million and fee income of more than $1 million in 2012.
“Being recognized with an Excellence in Lending Award validates all the effort a credit union puts into its lending program,” said Bill Vogeney, Lending Council chair and EVP/Chief Lending Officer at Ent Federal Credit Union, Colorado Springs, Colo. “Texas Trust’s success in mortgage lending is a testament to the value they bring members in the communities they serve.”
“Richard and his team have completely transformed our mortgage lending operation,” said Jim Minge, CEO of Texas Trust Credit Union. “His keen understanding of the market gave us the ability to grow our mortgage portfolio and kept us in the black even during the housing meltdown.”
Minge added, “Our mortgage lending is just one of the many reasons members have chosen Texas Trust as their financial services partner.”
About CUNA Lending Council
The CUNA Lending Council is a member-led partnership of lending professionals dedicated to providing education, leadership, networking support, professional development tools, and expertise to its members in order to shape the enhancement of the role and diversity of operations in the credit union industry. The CUNA Lending Council is one of the six organizations that make up the CUNA Councils, a network of more than 5,600 credit union professionals. For more information, visit www.cunalendingcouncil.org or www.cunacouncils.org.
About Texas Trust Credit Union
Texas Trust, one of the largest credit unions in North Texas and the 21st largest in Texas, provides financial services that enable members to build brighter financial futures. It has been operating for more than 75 years. As a full-service financial institution, Texas Trust offers checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Its business services include SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, online banking, insurance, and the Employee Solutions Network. With assets of $764 million, Texas Trust operates in Dallas, Tarrant, and Henderson counties, as well as parts of Ellis and Johnson counties. It has 15 branches located in Mansfield, Grand Prairie, Arlington, Cedar Hill, DeSoto, Hurst, and Athens. Texas Trust is a federally insured financial institution. Deposits up to $250,000 are insured by the full faith of the federal government through the National Credit Union Administration (NCUA). For more information, visit www.TexasTrustCU.org.