Your credit union can develop a thriving mortgage business. How do we know? Because that’s exactly what we did.
Prior to 1999, Superior CU closed very few mortgages. Our
mortgage portfolio growth was stagnant and we did not sell
to the secondary market.
In 1999 Superior Credit Union hired experienced
lender, Steve Oren, to develop a mortgage program for its
members. Steve spear-headed the acquisition of mortgage
software, hiring and training lending and processing staff, and
obtaining approval to sell to the secondary market.
The Mortgage Center at Superior was founded in 2000 and
began selling loans to FNMA in 2001. By 2002, Superior
CU became the area’s leading mortgage lender despite
competing with national financial institutions like JP Morgan
Chase, Wells Fargo, and U.S. Bank.
When asked “how and why” this growth happened, Oren will
tell you, “It’s all in the way we look at each loan. At Superior,
we actively look for reasons to approve the loan, not reasons
to deny it. We’re not going to make bad loans, but we will
work hard to make things work for our members—and that’s
the difference.”
The dramatic growth of the Mortgage Center also had
substantial impact on the asset size of the credit union. From
the launch of the Mortgage Center at SCU, it took only seven
years to triple the assets of the credit union (from $87 million
in 2000 to $262 million in 2007). Today, credit union assets sit
at nearly $1 billion.
With a strong and successful mortgage infrastructure in place,
Superior CU created Superior Financial Solutions, a fullservice
mortgage credit union service organization (CUSO).
Superior Financial Solutions, led by Steve Oren, was created
in 2007 to offer client credit unions the ability to make fixed
& adjustable rate mortgage loans, first-time homeowner
loans, construction loans, bridge loan/blanket mortgages,
and second mortgages available to their membership while
earning income with little to no investment or exposure.
By partnering with Superior Financial Solutions, you can
take advantage of our expertise, our professional staff, our
resources, and our access to the secondary market. We’ll show
you how to grow your mortgage business, just like we did.
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