Credit union service organization myCUmortgage has launched a new mortgage servicing operation, providing its members with another option to deal with the payment function.
The division will offer a cooperative pricing model that lowers servicing costs when myCUmortgage's volume rises.
From a customer service standpoint, credit unions will be able to assist their members with self-service tools. These tools will be available regardless of whether the credit union has kept the loan in portfolio or sold it to an investor.
This new service will fill in a gap credit unions face, myCUmortgage said in a news release Thursday, with most institutions have to decide between internally servicing a loan and finding a subservicer.
"Members don't go to their credit unions for mortgage loans and expect or want them to be handed off to a third party," myCUmortgage President Tim Mislansky said in the news release. "That's why we're launching programs that will allow credit unions to handle more of the member servicing interaction while myCUmortgage handles the heavy lifting in the back office."
The Wright-Patt Credit Union subsidiary said it expects to service newly originated loans for the remainder of the year. It plans to bring back its existing servicing portfolio from its current subservicer by the end of the second quarter of 2017.
