OLYMPIA, Wash.–WSECU said it rounded out 2019 with stronger than expected mortgage numbers, hitting a seven-year high of $336 million in first mortgage loans. Continued low interest rates, a nation-wide refinancing boom and investments in member service enhancements yielded major growth for the credit union’s mortgage volume, including a 70% increase in first mortgage loan originations over the previous year, the credit union said.
The increase in volume corresponds with an increase in member satisfaction. WSECU said it constantly strives to simplify banking for its members and the strong year in mortgages exemplifies that work. Mortgage loans are often the largest, most complex transactions a member might do, o the credit union said it is committed to streamlining the mortgage process from pre-approval to keys in hand.
Some of those process improvements, such as new automated updates to keep buyers informed throughout the loan process, gives the mortgage team more time to focus on person to person interactions with members. Last year, WSECU said it also expanded its mortgage team to give members improved access to lending specialists who are prepared to answer a wide range of questions.
“We’re working all the time to make home buying or refinancing easier for members,” said Julie Lind, VP of retail lending. “Our team is more available to answer mortgage questions, which saves members time and expedites the mortgage process in an extremely competitive market.”
Member satisfaction numbers continue to tick upwards according to surveys the credit union conducts. This is in part due to a new strategy the mortgage team deployed, adjusting how calls are fielded to reduce the amount of time members spend on hold, WSECU said. The 2019 call abandonment rate for first mortgage calls was just 4% in 2019, down from 2017’s 37%, reflecting WSECU’s commitment to improving the member experience.
Lind added that the Home Loan Center team worked to increase visibility for more unique mortgage products to existing WSECU members. Those products include 100 percent financing, 15/1 ARMs and highly competitive rates across all mortgage products.
“Not everyone fits into a box,” Lind said. “We look at the whole picture to meet the member wherever they are.”
In addition to the strong first mortgage numbers, WSECU said it nearly tied a nine-year high in second mortgages, closing 2019 at $137.6 million.
“We love having the opportunity to refinance members’ mortgage loans because when we can reduce their payment, members can put the savings towards their other financial goals,” Lind said.