CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Lessons in life and leadership
Lending Leadership

Lessons in life and leadership

Sage advice from award-winning lender Bill Vogeney.

December 4, 2019
Bill Merrick
2 Comments
Bill Vogeney

When Bill Vogeney learned he’d won the CUNA Lending Council’s 2019 Phil Greer Lifetime Achievement Award, a colleague told him it was the first time he’d seen Vogeney speechless.

Vogeney, chief revenue officer for $6 billion asset Ent Credit Union in Colorado Springs, Colo., began his career with a national consumer finance company before becoming vice president of lending at the former Navy Orlando Credit Union (now Fairwinds Credit Union) at age 27.

“I’d just been turned down for a job for which I was overqualified and decided to apply for a job for which I was underqualified to get some interviewing experience,” he says. “I was at the right place at the right time, and I got the job.”

What he thought would be a four- to five-year endeavor has become a 31-year credit union career.

Vogeney, who has worked at Ent for 18 years, shares how the lending landscape has changed over the years, how it will evolve in the future, and advice for the next generation of lenders.

How have you seen lending change over the years?

Bill Vogeney: Lending was simpler and slower 31 years ago. There was no indirect lending and no FICO scores. We had a custom scorecard we paid a company to develop.

If we closed a consumer loan in a couple of days, that was pretty good. Now, we fund loans within one to three hours. We can close loans faster than what members need.

But members’ expectations will continue to change and evolve. The pace we’re required to move to keep members happy is amazing.

What changes are on the horizon?

Vogeney: One big aspect of my job is to imagine what the next generation of lending will look like. One change is that relying solely on a FICO score to make credit decisions won’t be enough.

We’re relying more heavily on transactional data, such as checking account information. Earlier this year, we sent a preapproved loan offer to 12,000 members based solely on our internal data regarding members’ use of direct deposit and how they handle their checking accounts.

The response rate was unbelievable—nearly 10%—and we used no direct mail. Everything was electronic, supported by email, e-statements, and banner ads when members logged into home banking and mobile banking.

PODCAST: Insights from the 2019 CUNA Lending Council Conference

We had a tremendous response rate from B and C credit borrowers who may not qualify for a prequalified loan through a credit bureau prescreen. The fact that we gave them a preapproved loan with no conditions only cements their loyalty.

Ultimately, credit score can accurately predict about 55% of loan performance. We need other information to tighten that up. Hopefully that means we can approve more loans faster.

What are some favorite memories from your career?

Vogeney: I don’t feel like I'm old enough to receive a lifetime achievement award, but my hip, back, and knee might argue otherwise.

I take pride not in what I've accomplished or what the credit union has accomplished but in the people I've been able to influence. Our credit union is lucky to have seven people who could be superstar chief lending officers at large credit unions.

When you've got a team like that, it's easy to come to work every day and enjoy what you do.

What advice would you offer young lenders?

Vogeney: As a young manager, I took on too much myself and didn’t spend enough time to identify where there was talent and who I could rely on.

I eventually did that, but my life would have been easier and our results would have been better had I come to that realization earlier. It's all about your people. If you can't get it done through your people, you’re just an ineffective manager.

Be flexible, and learn as much as you can. Try to leverage your position as a millennial to help us.

People who have been in the industry a long time may be slower to see changes in the world around us and how that’s influencing consumer behavior and demands.

Also, be available and willing to try new things. Thirty-one years ago, I applied for a vice president of lending position and I didn’t think I had a ghost of a chance. But I got it.

Like hockey great Wayne Gretzky said, “You never make a shot you don’t take.” So take a shot or two.

► Check out our coverage from the 2019 CUNA Lending Council Conference

KEYWORDS Bill Vogeney credit union lending

Post a comment to this article

Report Abusive Comment

Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
Digital Edition •  Subscribe

Trending

  • Cheryl Deborde named Credit Union Hero of the Year

  • PCA flexibility coming soon from NCUA

  • CFPB proposes delayed effective date for recent debt collection rules

Tweets by CUNA_News

Polls

How have vaccination efforts affected your remote work policy?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors