LAS VEGAS -- This October will mark Central States Mortgage Inc.'s 10-year anniversary of serving the credit union industry, but the CUSO has had to switch gears rather quickly to address a certain disruption.
Management turnover at credit unions has been a thorn in the CUSO's operation, acknowledged Richard Jungen, CEO of Central States Mortgage. When new management comes in, it can sometimes be difficult to revive the passion that was there when the CUSO first launched.
"It's the greatest frustration--a lot of management turnover," Jungen said. "Unfortunately, there's not the passion that was there in the beginning."
To bring the passion back, the CUSO has started holding townhall breakfast roundtables. The one to two-hour meetings with shareholders aim to reignite the vision, Jungen said.
Central States Mortgage is certainly working hard to get its message across and the work is paying off. Jungen said the CUSO now serves 400 credit unions, mortgage volume has increased 1,000% over the past decade and revenue went from $3 million in 1997 to $69 million in 2006. The CUSO initially started with 13 owners and now has 25.