Efficiency is a hallmark of a well-run organization. For credit unions, compliance is one of the biggest obstacles to efficient operations.
As a loan subservicer, Midwest Loan Services offers credit unions a path to improved efficiency, not just with compliance but through the entire loan servicing process, says Peter Sorce, president/CEO of Midwest Loan Services.
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. He also details what to look for in a subservicer, the regulatory challenges related to mortgages, and this year’s mortgage outlook.
You can listen and subscribe to the CUNA News Podcast in Apple’s iTunes Store, Spotify, Google Play, and Stitcher Radio.
In this episode:
1:46: What is mortgage subservicing?
2:55: The history of Midwest Loan Services
4:40: Potential benefits of subservicing
7:19: When it makes sense to outsource your portfolio
8:47: Criteria for evaluating subservicers
10:15: Sorce’s approach to communication and transparency
11:59: How Midwest Loan Services measures performance
14:03: Easing the regulatory process for credit unions
18:03: Today’s biggest regulatory considerations
19:39: Challenges within the mortgage market
21:07: Opportunities in mortgage-related products
22:00: Balancing technology with member service
23:53: Types of loans Midwest Loan Services manages