Why Retained Servicing Makes a Difference

With retained servicing your member always knows who to call about their loan.Many mortgage companies choose to sell the servicing after closing. Sometimes it happens directly after closing and other times it happens multiple times after the loan has closed. This often causes confusion for the borrower.  They receive multiple notices stating their loan has been sold and when they have questions, they can become confused and frustrated about who to contact or where to go.

That’s where retained servicing comes in as a vital part of your credit union’s lending strategy. It’s a rare find in lending today, and when you can obtain a solutions provider that offers retained servicing it means great things for your credit union and your members.

Retained servicing provides consistent, reliable standards and care for your members and for your credit union long after closing. No one is left uncertain as to who to contact or where to go with questions. It’s always the same servicer every time.

That’s not the only value though. Retained servicing is also helpful in providing a servicing standard that your credit union is conscious of and comfortable with. If the servicer is constantly changing, you don’t know what kind of assistance your member or credit union will receive. It’s a guessing game. With retained servicing, you will know the servicer and are able to research what type of recognition they have received from the secondary market, what type of ranking they may have with investors, and what type of standards they have in place. These are all valuable factors in extending the highest level of care after a loan closes.

When you have an option for retained servicing, it’s an important consideration for your credit union. Ask questions and learn more about what you and your members will receive after origination and be certain your service standards continue after closing.

 

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