In all facets of life—human and alien alike—we are constantly looking for ways to be more efficient with the many things we do. We do this because efficiencies result in rewards. For example, efficiencies give us more time to do the things we like to do or to work on additional items on your to-do list. Efficiencies can also help you save money and resources, creating a domino effect of heightened productivity across other personal and professional processes.
On a personal level, I’ve incorporated many efficiencies into my alien lifestyle since arriving here on Earth. For example, I take personal grooming very seriously, particularly since I may be a startling sight to Earthlings who don’t know me—and I certainly don’t want to compound this with excess slime, bags under my eyestalks or foul aromas. To tackle all my grooming needs more efficiently, I’ve incorporated ALL my tentacles into the grooming process. You’ve heard the Earth expression, “Two heads are better than one.” How about eight tentacles are better than two?!
On a professional level, particularly with the work I do here at myCUmortgage, I have a plethora of efficiencies that help me assist our partner credit unions and their members with whatever need they may have. Take this blog, for example. I want to provide the most helpful and useful information I can, so instead of using all my time keying in the content of each post, I’ve learned to use a dictation app that not only enters my words to the website but also translates Amicitian to English! It was quite a find for me in the Amicitia app store, for sure.
As you already know, myCUmortgage is constantly looking for ways to be more efficient to be the best mortgage partners we can and help credit union members on our partners’ behalf. This year, myCUmortgage took it to an entirely new level, creating an internal program where all departments and business units identify and implement both technological and non-technological efficiencies. I haven’t had a chance to see all of them yet, but from what I’ve heard, these new ideas are going to add galactic value to our already excellent partnerships.
For this post, I have incorporated the “don’t reinvent the hyperdrive” efficiency and looked for ways to multipurpose content. In the summer edition of the American Credit Union Mortgage Association (ACUMA) Pipeline Magazine, myCUmortgage provided a timely article exploring how credit unions can help more members in today’s purchase market. Several tools and, yes, efficiencies are outlined in this article. I encourage you to take a look at Leading the Expedition: Helping Members Explore the Purchase Market.
Below, I’ve provided an efficient high-level overview of the article, noting many of the key points:
- Maneuvering with Marketing: Mapping out a marketing plan for purchase loans is a smart strategy for growing your long-term market share, and the best way to do this is to establish a marketing calendar and stay on course. As part of that plan, consider connecting with members in real-time through social media and delivering helpful homebuying seminars.
- Trekking with Technology: According to the Mortgage Bankers Association, the cost to originate a single purchase loan has grown to $9,500 at the end of 2021 and takes three times the effort and action to complete versus a refinance. To overcome the growing costs and time needed to deliver purchase loans to members, technological tools that deliver integrated communications, reports, scenarios and a better user experience are key.
- Plotting a Course with Products: A successful explorer will offer a comprehensive mix of products and explain the differences to help members determine their best option. Consider offering adjustable rate mortgages (ARMs), which are regaining popularity, as well as government lending options such as FHA, VA and USDA loans.
- Hitting the Trail with Teamwork: Another movement affecting the mortgage industry (and most other industries, for that matter) is the ability to find—and keep—team members. You need to invest in your team, and that means your ENTIRE team, including your internal home loan pros, Realtors and other mortgage industry partners.
Be sure to check out the entire article to truly garner solid tips on helping more members with homeownership in a purchase market. What types of efficiencies have you incorporated at your credit union? Please share them here so that we can all benefit from your ideas and suggestions.
Now that I’ve efficiently produced this blog post, it’s time to start my daily grooming routine. Here’s to no periwinkle blemishes, alert eyestalks and an odor-free slime coat!