Over the last year, my team and I have been making a deliberate and ongoing effort to get on the road and meet with our credit union partners. We have been to Alaska, Illinois, Florida, New York and many other locales. To our credit union partners, if we haven’t visited yet, we’ll see you very soon.
With myriad digital touchpoints at our fingertips, why does it matter? Our face-to-face interactions are essential for getting a better understanding of client priorities and how we can work better together. Of course, we do know that serving their communities is at the heart of the credit union ethos. Our dedicated Member Experience Team is an extension of your brand. We treat your members with a personalized touch as if they were entering your branch office. We always advocate on your members’ behalf to ensure their questions are answered and resolved quickly.
And, as rates are expected to decrease in 2025, we know that application volume will increase, and we are ready to help credit unions with their servicing needs.
First-Time Home Buyers
We know that rising home prices have made it challenging for aspiring home buyers to have enough for a downpayment needed for a conventional loan. That’s why unique first-time homebuyer programs have become a popular offering among credit unions. Fannie Mae’s HomeReady, for example, makes the process easier by offering flexible down payment requirements and an inclusive definition of income to help responsible potential homeowner buyers in the low- to moderate-income range get a mortgage.
Educating Members on Finances
The role of credit unions is to empower financial wellness to their members. Credit unions will hold educational workshops for members that can include seminars on how to shop for a home, how to repair credit and the best mortgage option. Financial education plays a vital role in aiding members to make informed decisions about money and their finances. With the goal of enhancing financial well-being, credit unions also offer the potential for reduced rates on a variety of financial products to their members.
Refinances and Retention Efforts
Refinancing will start to pick up as rates begin to drop. We hold loans that are up to 30-year-fixed-rates and we can help with retention efforts. We’re readying a recapture pilot in Q1 to help our clients retain loans for members who are good candidates for refinancing.
As rates are anticipated to improve over the next year, we are prepared to help our credit union partners navigate these times by continuing to foster collaboration and provide our expertise.
Partnering with Credit Unions to Deliver the Best Homeowner Experience
