CHICAGO — Randy Partin, senior vice president of audit services at the $19 billion State Employees' Credit Union, told AICPA National Conference for Credit Unions attendees here that his managers are required to meet in person with each and every member more than 30 days past due on a mortgage loan.
How does the nation's second largest credit union get delinquent members to respond? Partin says branch managers FedEx handwritten notes informing members that they are guaranteed at least a 30 day extension for simply attending the face-to-face meeting.
"Of course, being located in one state with 225 branches, we can do this," Partin said.
Each member listed on the mortgage loan is required to attend the meeting and share all debt obligations, bills and expenses, Partin said. The process sometimes reveals secrets between spouses; mature employees are preferred because they can more effectively control the situation.
Partin said the extra effort is worth it in order to preserve a positive reputation for credit unions. Institutions that evict a family with children aren't able to defend their decision making process as news of the eviction spreads throughout the neighborhood and support systems, like churches and other community groups.
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