Program Keeps Mortgages Very Low, CU Says
The $21 billion State Employees' Credit Union credits its Mortgage Assistance Program for helping it keep the increase in foreclosures to just six basis points over the last five years.
The MAP program has helped over 7000 North Carolinians stay in their homes through a mixture of member awareness programs, mortgage extensions, modifications, refinances and partial payment alternatives, the CU said.
"State Employees' Credit Union always strives to put the interests of its members first. MAP is an excellent example of putting this member-focused approach into practice," said Spencer Scarboro, senior vice president of mortgage lending at SECU. "Foreclosure is never a quick answer at our Credit Union. That's why SECU is committed to exhausting every possible option to keep members in their homes and foreclosures at a minimum. It is the right thing to do for the member - prudent and compassionate - and the financially responsible course for their credit union cooperative."
When announcing the program's success, SECU also made a point of touting that it is much more careful with loan paperwork than many other mortgage lenders have apparently been.