With ongoing concerns about North Carolina’s unemployment rate of more than 10%, State Employees’ Credit Union (SECU) has stepped up in a big way for its members facing financial challenges --- saving these members over $1.8 million in fees for the past year! How? By continuing the Credit Union’s waiver of late fees on first mortgage portfolio loans up to 45 days late. For SECU, the objective is to maintain its efforts to assist members whose lives have been disrupted by significant events such as the loss of a job.
These actions are all part of State Employees’ Credit Union’s “People Helping People” philosophy --- a philosophy that continually looks for ways to assist the Credit Union’s 1.7 million members. The waiver of first mortgage late fees for 45 days was implemented by SECU’s Board of Directors after hearing of members struggling to meet day-to-day needs as a result of an unexpected event. The Credit Union searched for a way to make a positive financial difference and help leave money in members’ pockets, and opted to implement the waiver. Additional SECU mortgage changes resulting in a positive financial difference have included the elimination of private mortgage insurance requirements, reduced origination fees, specialty mortgage programs for first-time homebuyers, and an in-house Mortgage Assistance Program designed to keep members in their homes.
State Employees’ Credit Union Board Chair McKinley Wooten comments, “Our volunteer Board of Directors works hard to develop programs and services at SECU that demonstrate the credit union ‘People Helping People’ philosophy. We are pleased to see that the waiver of late fees has resulted in a tremendous amount of dollar savings for our members.”
Mark Coburn, Senior Vice President of Loan Servicing, adds, “State Employees’
Credit Union has always been viewed by its members as their trusted provider of financial services. To maintain this trust, SECU exhibits its continual willingness to reach out to members in their time of financial need, instead of ‘kicking them when they’re down.’ It’s the right thing to do!”