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Navy Federal Credit Union Tops $9 Billion in Servicing.(Brief Article)
Navy Federal Credit Union was servicing over $9 billion in first mortgage loans at the end of last year, giving it one of the largest portfolios among credit unions.
Unlike many credit unions that have chosen to sell servicing rights, Navy Federal wants to continue to own the customer relationship on a month to month basis.
"Navy Federal will always retain the rights to service the loan. As a credit union, service is what we are about," said Latisa Head, vice president of mortgage servicing.
Navy Federal recently conducted a mortgage servicing questionnaire which was mailed to 20,000 of the credit union's mortgage or home equity borrowers. 90% of the respondents said it is "very important" to them that Navy Federal services their mortgage loan for the life of the loan.
The survey also revealed that 94% of the respondents are strongly satisfied with Navy Federal's servicing, and 91% were highly satisfied with Navy Federal's mortgage servicing employees.
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Source: HighBeam Research, Navy Federal Credit Union Tops $9 Billion in Servicing.(Brief Article)