All About Mortgages Workshop Gives CUs Knowledge and Tools to Get in the Game

EAST WINDSOR, N.J. – The League held an impactful workshop on Tuesday at the East Windsor Holiday Inn for credit unions looking to get into the mortgage game and build a robust and successful mortgage program.

Lucy Forte, Director of Client Relations with Symbionce Financial Solutions, LLC, kicked off the day with staggering statistics on why your credit union should be offering mortgages. She shared that approximately 44% of Americans have a mortgage and the mortgage lifespan is 7 to 8 years. That means there is opportunity! Check out NJCUL’s recent blog for more reason why you need to be in the mortgage business.

Forte went on to cover information on how to get started, registered MLOs versus licensed, the NMLS Registration process, and how to choose a third party provider.

Attorney Peter Liska discussing the role of the mortgage review attorney.

She was followed by attorney Peter Liska, of Peter J. Liska, LLC, who discussed the role of the mortgage review attorney. He discussed the importance of obtaining a full title search, purpose of title insurance, and much more.

This workshop was sponsored by Symbionce Financial (premier sponsor) and MGIC (silver sponsor) who each presented during a mid-workshop sponsor spotlight.

Chris Papagni from Symbionce shared the benefits of working with Symbionce and how they truly act as your mortgage department with its interactions with members.

Forte again took the stage and discussed marketing and education, providing tips and samples on how to increase awareness of your being a mortgage provider locally through sponsorships, with marketing material, and through social media.

Steve Wacker from MGIC was our second sponsor spotlight. He provided an overview of MGIC, which provides Private Mortgage Insurance to potential buyers who do not have the 20% required to purchase a home. Wacker also shared that MGIC is a leader in education (live and online) and has various tools such as online calculators and marketing assistance.

Next up was Jeff Miller from LoanStreet who discussed Loan Participations. Miller shared NCUA’s requirements, general regulatory requirements and policy guidelines, and the importance of due diligence.

Forte delivered the last session on developing realtor relationships. She covered everything from creating a value proposition to RESPA do’s and don’ts to establishing an MSA.

NJCUL Vice President of Member Experience & Education Barbara Agin thanked the sponsors, speakers, and attendees. She provided a brief overview of the second mortgage workshop, All About Mortgages: Stepping Up your Game, being held on February 6, 2018.  Click here for more information and to register!