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Members Mortgage Services reaches $1 billion milestone

Members Mortgage Services, a mortgage servicing cooperative owned and operated by credit unions, recently announced that it has reached $1 billion in loans serviced.

MMS, a credit union service organization (CUSO) established in 2004 by Heartland Credit Union and Credit Union of America, is currently owned by 29 credit unions throughout Kansas and the region.  As owners, the credit unions take advantage of MMS mortgage products, technology and services that are typically found at larger financial institutions, which in turn allows the credit unions to better serve their members.

Traditionally, credit unions sell their member’s mortgage loans to much larger banks and mortgage companies, essentially handing the loan and member information to another company.  With MMS, the loans stay in the "credit union family".  Partner credit unions focus on the member and realtor relationships, leaving most of the back office duties to MMS, resulting in a higher level of focus and expertise throughout the process.

“MMS came to fruition because we wanted to provide a top-notch mortgage experience to members of the credit unions.  A loan officer is able to tell a credit union member that their mortgage loan stays local and is serviced locally; that’s a huge advantage for our credit unions that might not have the resources otherwise,” said Todd Brunner, president and CEO of MMS. “Over the past decade, we’ve been able to sustainably grow and we really owe that to the credit unions and their members.”

MMS, currently employing 25 people, reached $500 million in loans serviced in 2012.

“We’re growing quickly thanks to mortgage rates being very low which is leading to a lot of new mortgages. Mortgage rates will rise eventually, but they’ll probably stay low for at least the next 18-24 months.  It's an ideal time to acquire a mortgage,” noted Brunner.