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Great article in the May 30 issue of Credit Union Times, “Retained servicing not just for large credit unions anymore.” A mortgage is more than a financial instrument – it is a member relationship. Credit unions should not sell servicing unless the buyer is willing and able to service the loan in the credit union’s name including allowing members to make payments at the credit union and get loan information from the credit union. It is not sufficient that the buyer does not solicit because a monthly statement or coupon is a solicitation by the servicer even if it does not make any other offer – it reinforces the relationship between the servicer and the member. When a member makes a payment to another servicer it reinforces that relationship. This is a subtle but important point. Ed Burger Midwest Loan Services Mortgage Consultant Houghton, Mich.

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