| PFI Conversation: Excellent Servicing Retention Solution |
UW Credit Union, a member of the FHLBank Chicago, was founded in 1931 on the University of Wisconsin campus. Today, they have grown to more than 177,000 members with 22 full-service branches in Wisconsin. With $1.6 billion in total assets it is one of the largest credit unions in Wisconsin and serves the campus communities of Madison, Milwaukee, Whitewater, Green Bay, Oshkosh, and Stevens Point.
MPF in Focus recently spoke to Jason Pall, CFA, FRM, Director of Finance for UW Credit Union, who manages the pricing and risk areas and Julio Rios, Associate Vice President Mortgage Lending for UW Credit Union, who handles operations and sales, regarding their experiences with the MPF® Program.
What were the circumstances that led you to begin using the MPF Program?
Jason (below left): We joined the FHLBank Chicago two years ago as a member and quickly realized that the MPF Program pricing and execution was better for our needs. We have been happy with our decision to join the program.
Julio (below right): We found that the pricing structure that the MPF Program offered was clearly competitive in the marketplace.
 What are some of the benefits you’ve realized?
Jason: This program really met our internal guidelines and gives us another solid option to offer our customers. We are very happy with the treatment we have received and the outcomes.
Julio: The MPF Program has proven to be a truly valuable benefit to us as another solution. We’ve found it to be as competitive with Fannie Mae and Freddie Mac. I’d have to highlight the fact that the MPF Program is beneficial to us as a servicing retention solution.
If you had to pick one, what would you say is the most valuable benefit?
Jason: Pricing, plain and simple.
Julio: The program was very easy to implement and it helped that the process was similar to Fannie Mae. Again, I’ll say the servicing retention solution and also the competitive rate offerings are extremely valuable.
How would you rate your experience with the MPF Program?
Jason: Overall, I’d say it has been a good experience. There have been some minor challenges, since the criteria of the MPF Program is slightly different, but it’s all been a learning process.
Julio: It was a smooth and easy procedure for us to get the program up and running. The on-boarding plan and process was excellent! I really appreciated the constant communication we received from the FHLB Chicago staff to our sales and operations teams.
Is there anything additional that you would like to add about the program?
Jason: The MPF Program really fits nicely into our pipeline hedging option.
Julio: From the execution, to the competitive pricing, to the additional solution it offers us, we are very happy to be a part of it. | |
