How one Florida credit union exec's efforts are helping the underserved

As the chief mortgage banking officer for VyStar Credit Union in Jacksonville, Florida, Jennifer Kouchis is helping the credit union navigate rising interest rates by diversifying its underwriting portfolio.

The $13.8 billion-asset credit union announced its partnership with the St. Louis-based financial-fitness firm FinLocker last month to begin developing its own mortgage-fitness application named Dream2Own. The platform, slated to debut sometime in the third quarter of this year, will help ease the homebuying process by using consumer documents such as pay stubs and bank statements to build a tailored budget to bolster credit applications.

For the initial class of those overlooked in the mortgage markets, members will also have access to a suite of educational resources vetted by the Department of Housing and Urban Development as well as lending experts. 

"We've seen single moms that have never owned a home in their life, and they're in their 60s," Kouchis said in an earlier interview with American Banker.

Since joining VyStar in January 2020, Kouchis has led several initiatives for creating equitable lending opportunities as part of the credit union's focus on diversity, equity and inclusion throughout the development of new loan products.

VyStar Credit Union aims mortgage app at new homebuyers

July 3, 2023 11:22 AM

One such campaign is the Military Heroes mortgage program, which offers active and veteran applicants (as well as surviving spouses) special rates and a team of dedicated underwriters well versed in the challenges that members of the armed forces face when purchasing a home. 

Kouchis further expanded the credit union's presence in this market by spearheading its push for designations as a military friendly institution issued by VIQTORY — a Moon Township, Pennsylvania-based advertising firm founded in 2001 to help connect veterans and their families with civilian job opportunities. VyStar received the military friendly employer, spouse employer and brand honorifics, among others.

To secure more fiscal backing for operations, Kouchis oversaw the credit union's certification as a community development financial institution and its involvement in the Department of Treasury's Homeowner Assistance Fund to generate new opportunities for grant funding.

Many institutions are still facing liquidity challenges in the wake of the recent banking crisis. To address these worries, Kouchis founded a Secondary Marketing department to manage the sale of mortgages and generate additional capital.

"Jennifer's top priority is making homeownership achievable for everyone. … This dedication has inspired her to lead the creation of a unique suite of mortgage products such as VyStar's Military and Everyday Hero mortgage programs," and make her a powerhouse in the credit union industry, said Jenny Vipperman, chief lending officer for VyStar.

But Kouchis' focus on inclusivity also reaches into other groups of underrepresented consumers.

She helped implement an end-to-end Spanish-speaking mortgage process from the originator to the closing steps that can accommodate members who prefer to speak their native language.

For those in the communities local to VyStar's headquarters, Kouchis led the establishment of the credit union's Everyday Heroes product. Open to more than 100 professions that include law enforcement and education, the offering provides a grant up to $100,000 that can be used toward a down payment or closing costs, with no closing fees.

Outside of her tenure with the institution, Kouchis is a member on boards of organizations such as Habitat for Humanity Jacksonville (HabiJax), Cecil Field National POW/MIA Memorial & Museum and Rethreaded.

As DEI continues to become a core focus for many executives across the credit union industry, Kouchis was inspired to participate in launching the credit union's employee resource group, Women at VyStar Empowered. Through her executive leadership, she mentors female talent across the entire organization through social events and other networking opportunities.