Refinance Opportunities Still Exist

Record-low mortgage rates have led to a refinancing boom unlike any other in American history, but according to a Bankrate survey, more than a quarter of current mortgage holders (27 percent) don’t even know their current rate to determine if refinance opportunities exist.

With rates still low and volume decreasing slightly, now is the perfect time to reach out to members who do not have a mortgage
with your Credit Union. It may be as simple as calling to find out if they know their current mortgage rate and offering a comparison. Or perhaps this is the right time for a simple postcard campaign.

For members who already have a mortgage with your Credit Union, ensure they don’t take their mortgage elsewhere by proactively
offering them your best rate. A personal call from a loan officer may be just what your member needs to pull the trigger and refinance with you. Be prepared to tackle obstacles such as: “it wouldn’t save me enough money”; “closing costs and fees are too high”; and “there is too much paperwork and hassle.” Using the Consumer Loan Consultant tool in the LOS will help you craft quick, concise answers.

Currently about 15% of the MMS portfolio consists of high-quality refinance candidates. These are members with owner occupied
mortgages on homes valued above $100,000 who are paying above 4% on their current mortgage. The Solicitation Report on the
Affiliates website shows which members are a fit for refinancing and gives you valuable contact data in an easy to run report.

  • In today’s mortgage market, products are just products. Choosing the right partner really comes down to trust. Members Mortgage Services is superb at delivering on the big things, and even better at delivering the little, unexpected ones.

    Angie Miller President Emporia State Federal Credit Union

  • Our loan portfolio grew 433% in the first six months of our MMS relationship. I would never have been able to handle this significant increase in volume had it not been for the entire MMS team as well as the technology they offer. With MMS, Archer Credit Union is finally able to be a competitive force in mortgage lending in our community.

    Sarah Campa Senior Mortgage Loan Officer Archer Credit Union

  • By refocusing our mortgage efforts on origination, Credit Union of America has gone from being a minor player in mortgage lending to the #1 lender in the Wichita market. Partnering with MMS was the key to this success.

    Eileen Phelps SVP/Chief Operations Officer Credit Union of America