Defining Promises Key to Mortgage Brand Building
The key to building and developing a strong housing finance program may be for credit unions to define what it is that they are promising through their efforts and then making sure that commitment flows through the entire organization.
That is the message from an expert on corporate culture and branding and a CUSO that took his message to heart and used it to build what it considers to be a very strong mortgage program.
One CUSO that took on Knapp's message is CUSO Mortgage Corp., a Hampden, Maine-based CUSO that works with 15 Maine credit unions to offer the CU Promise mortgage loan. It has steadily become more of a factor in all of its credit unions’ mortgage markets, according to the CUSO.
John Reed, president of CUSO Mortgage, said some of his colleagues had heard Knapp speak a few years ago and decided to put his approach into practice. After some research, the CUSO concluded that it could make three mortgage promises which would resonate and particularly appeal to both home borrowers and real estate professionals. First, the CUSO will guarantee the borrower that it will be ready to close the loan on a date the borrowers choose at the time of completing the application.