I got a mortgage from my credit union.

My husband and I were ready to make a location change. Once we found a great home that we wanted to buy, we had no reason to look beyond our credit union for our mortgage.

We’ve been members of our credit union for more than 13 years. As this would be our third mortgage experience with our credit union, we felt confident that the process would be relatively stress-free.

So, what went wrong?

While our loan representative was friendly, we didn’t feel that our repeat business was valued. A simple “thank you” would have been appreciated before we jumped right into the mortgage application process.

It soon felt like we weren’t even getting a mortgage from our credit union as it became evident that our credit union was working with a third-party loan processor.

My husband and I were repeatedly asked for information that our credit union already had. For example, we were asked to provide three months of bank statements and proof of a completed wire transfer.

We found this odd as our credit union is our primary financial institution and the wire transfer was completed by our credit union.

When we provided verification of employment in the format requested, we learned that our employer was independently contacted by our lender, which caused confusion and needless duplication of work. The back-and-forth communication made us feel that our credit union didn’t value our time or our business.

What modern members expect

Modern members want to be able to turn to their credit union in their critical moments of need. Your members want you to listen to them and show that you genuinely care.

Your members expect you to make them feel valued, understood, respected, and protected.

Walk your talk

As  member-owned financial cooperatives, credit unions exist to be a trusted financial partner. Credit unions are known for supporting local communities, providing natural disaster relief, and their commitment to financial education. However, they should ensure that they’re equally responsive to members as they face individual moments of need.

As I reflect on my experience turning to my credit union for a mortgage during this stressful time, I became curious about the promises they make—and  the promises they keep.

Here’s a statement I found on their website:

“We work with you personally and want to know your story.”

Unfortunately, I experienced a significant gap in the experience my credit union promised me and what they delivered.

If my credit union had simply taken the time to treat us like valued members and communicated with us thoroughly throughout the entire process (including a simple thank you), this could have been a different article.

NICOLE HARPER is senior analyst, Industry Insights and Intelligence, for Jack Henry & Associates.

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