Thin margins have credit unions looking for any opportunity to save money and create efficiencies of scale.
One way to do both is with mortgage subservicing, which allows credit unions to outsource all facets of loan administration and compliance, says Peter Sorce, president/CEO of Midwest Loan Services.
Mortgage subservicing gives credit unions “the opportunity to save money yet ensure that members are treated just as well as you would treat them,” Sorce says.
In this episode of the CUNA News Podcast, sponsored by Midwest Loan Services, Sorce explains what mortgage subservicing is and how it can benefit credit unions, what to look for in a subservicer, regulatory challenges related to mortgages, and factors affecting next year’s mortgage lending outlook.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
