State Financial Network Reaches 1.0 Billion Servicing Portfolio

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State Financial Network's superior service allows it to grow its servicing portfolio to over 1.0 billion.

A milestone was recently surpassed by State Financial Network. In July 2015 State Financial Network’s growing mortgage loan servicing portfolio crossed the 1.0 billion dollar threshold. David MacMillan, Vice President of State Financial Network, commented “the number itself, although something we are very proud of, is less significant than what it represents. The meaningful message embodied in the number is the growth that can be attributed to hard work and superior customer service.”

State Financial Network is a Credit Union Service Organization (CUSO). As a CUSO, State Financial Network is owned by a credit union and was established to provide services to credit unions. MacMillan states, “we have gained the reputation that our interactions with the members of the credit union we serve is superior. That reputation fuels our growth. Where some credit unions outsource their loan servicing to companies outside the credit union space, our origin in the credit union industry upholds the high standard of service inherent in the credit union industry.”

An important step in State Financial Network’s growth was the launch of the leading edge loan servicing web portal. “Our web portal allows individuals to customize their experience. They can manage their mortgage payments, view loan documents, and receive notifications by text or email. Combined with the ability to reach a live service representative by phone, our performance is second to none,” said MacMillan.

The Consumer Federal Protection Bureau’s (CFPB) record shows that 85% of the complaints it receives related to residential mortgages, pertain to loan servicing. Consumers often do not know to whom they will make their monthly mortgage payment when a loan is originated. It could be a best practice to ask who will be servicing the loan at the outset. If the answer is a mortgage CUSO such as State Financial Network you appear to be in good hands.

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David MacMillan

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