myCUmortgage Saves 40 Hours Per Month with ACES Quality Management

CHALLENGE

Having utilized a third-party vendor for its servicing needs, with little insight into the vendor’s processes, myCUmortgage decided to bring servicing in-house. To do this without impacting service for its more than 200 credit union clients, myCUmortgage needed a system that could:

• Automate and streamline the loan file review process;
• Be configured to meet its clients’ various auditing requirements; and
• Enable myCUmortgage to communicate and report findings to clients quickly.

RESULTS

Thanks to the robustness of ACES’ “out of the box” configuration, myCUmortgage quickly gained its footing in managing servicing in-house. Once it became familiar with the platform, the CUSO began to take advantage of the system’s customizable features to enhance both the quality of its review and the level of personalized service for each of its customers.

Managed Question Sets

With nearly 200 credit union clients, ACES managed questionnaires provide myCUmortgage the flexibility it needs to execute audits according to the nuances of each client’s business model and risk tolerance.

“Every credit union is unique in terms of audit preferences and product mix, and ACES enables us to adapt our question sets to meet our clients’ individual needs. It’s a big time saver,” said Don Weaver, Quality Control Assistant Manager at myCUmortgage. “As we all know in the mortgage industry, regulatory and investor changes occur daily, if not more frequently. Thankfully, ACES is always on top of updating its questionnaires, so our partners know that they’re getting a top-quality product.”

Reporting

Using ACES, myCUmortgage has moved beyond spreadsheets to create customized, detailed reports that deliver deeper insights in near real-time to both clients and myCUmortgage’s leadership team.

“The biggest thing for me was ACES reporting capabilities. You can pull any data point needed or requested,” said Weaver.

Verifications

Because ACES features an expansive network of integrated verification providers, myCUmortgage can order and receive verifications directly within the platform, thus increasing efficiency by 25%.

“My favorite features are the integrated VOEs, VOIs, tax transcripts and field reviews. These have saved us probably 15 minutes per file, and if you’re doing 60 files a month, that’s an incredible time saving,” Weaver explained. “In total, we save at least 40 hours a month, and because of these savings, we brought on a part-time employee to do verifications for us.”

Communication

Since implementing ACES in its servicing department in 2017, myCUmortgage has continued to take advantage of new features and functionality ACES has released along the way. Most recently, myCUmortgage added the ACES CONNECT™ communication portal to its configuration to send out results of all audits, allowing it to automate in-house operations with a real-time, accessible paper trail.

“We use ACES CONNECT to communicate findings to the various lines of business, and it’s very efficient,” Weaver said. “There’s usually a swift turnaround in response to errors, and there’s no paper to lose because it’s all in the system.”

Compliance & Support

In addition to the technical aspects, myCUmortgage also values the human element of its relationship with ACES.

“Not only does ACES keep us current on all compliance updates for state and federal regulations, but its support team has been incredible since day one. From the very first phone call with them, I never felt like I was a bother. If there was a question regarding importing a loan into an audit, there was never any pushback. It’s always been amazing to call there and get the help you need,” said Weaver. “If you’re looking for a partner for managing QC for origination through servicing, I would absolutely recommend ACES.”