State Employees’ Credit Union (SECU) remains focused on reaching out to members with ways to make a positive financial difference in their lives. To continue its efforts, the Credit Union recently completed the first phase of a new mortgage refinancing initiative, contacting members with non-SECU long term mortgage loans who are paying higher interest rates than currently offered by SECU. With rates at their lowest levels in 40 years, the Credit Union’s goal is to help members save money by helping to explore mortgage refinancing options with SECU. Credit Union mortgage loan originators are personally contacting members offering a free property value estimate along with refinance options for potential monthly mortgage savings.
SECU worked in conjunction with Equifax to identify members who could realize substantial savings with an SECU mortgage. After sending an initial loan pre-approval letter, credit union mortgage loan originators followed up with members via phone to make the refinance process as simple as possible. An initial mailing of 37,000
pre-approved letters sent in the second week of October has already resulted in an added $165 million in potential Credit Union mortgages. Another 40,000 members will receive an offering letter in early November as the initiative is continued.
An important factor for members when refinancing with the Credit Union is that SECU originates and services all of its mortgage loans – providing personal service to ensure members receive special attention to loan processing and recordkeeping. Additionally, an SECU mortgage offers the advantage of no private mortgage insurance, as well as an interest-earning escrow account to pay homeowners insurance and property taxes.
Jerry Harmon, Senior Vice President of Loan Administration, comments, “SECU members look to the Credit Union, as their trusted provider of financial services, to offer products and services to benefit their financial needs. The new mortgage refinancing initiative is a great way to personally reach members who may be paying less than favorable mortgage interest rates, sharing with them the advantages of SECU’s mortgage program. Helping members find ways to save money and reduce expenses is simply the right thing to do.”