As your Credit Union mortgage portfolio grows, so do the servicing challenges. By partnering with MMS, a Credit Union owned servicing partner, to service your portfolio loans and/or your agency loans, you can focus on managing the relationship with your members and growing your mortgage origination while we take care of the operational details and regulatory compliance issues. Choosing MMS can help lower your servicing costs, reduce risk and provide your members with dedicated mortgage servicing staff ready to help them with all their mortgage questions.
Here are some of the servicing tasks MMS provides to our Credit Union partners:
- Co-branded servicing to strengthen your relationship with your member.
- All loan administration functions.
- All investor reporting and reconciliation.
- Credit-bureau reporting.
- Delinquency and collections administration.
- Compliance with government regulations and secondary-market investor requirements.
- Electronic access to your member’s loan data (payments, escrows, etc.)
- Management reporting on portfolio status.
According to MBA’s Servicing Operations Study, experts estimate the average cost to service performing loans at $163 per loan per year, and up to an average $2,113 per loan per year on nonperforming loans.
While your costs may seem lower at first glance, they can quickly add up when you consider payroll, technology, statement production, quality control, compliance, collections, reporting, administration and statement production.
Choosing a reliable CUSO to sub-service your portfolio loans and/or agency loans can positively impact your bottom line and help you expand and enhance your overall mortgage lending program.