Credit Union Conversations

This week, Mark is joined by Greg Schatzke of Servion to discuss the new real estate agency rules and how they impact credit unions. Greg also gives us a state of the world and discusses untapped options for credit unions.

IN THIS EPISODE:

• [2:33]Mark and Ashley introduce themselves
• [4:02] Servion Group has five businesses under its umbrella
• [7:00] Rules have changed for real estate contracts
• [11:14] Greg explains how the NAR changes have created additional paperwork, and there are no standardized documents across the nation
• [17:06] Ashley explains how this could open the door to discrimination
• [21:28] What sets mortgage lenders apart?
• [26:40] Ashley recommends that credit unions take assessments of their performance metrics in all phases of their business
• [28:27] Ashley reveals the key to success for a real estate agency partnering with a credit union
• [30:11] The guests make their predictions for the coming years for credit unions, real estate commission structures, and interest rates

KEY TAKEAWAYS: 

• Servion has five business units under the Servion Group: Servion Mortgage, Servion Realty, Servion Residential Title, Servion Financial Advisors and Servion Commercial Loan Resources. All of these businesses work with credit unions across the country.
• The NAR settlement has reshaped the real estate market, increasing buyers' responsibility to understand and negotiate agent commissions. Nationwide, buyers now need to sign a representation agreement before viewing homes, pushing for greater commission transparency. States like Minnesota, already familiar with buyer representation, will reinforce these practices as buyers adjust to these new requirements.
• The NAR settlement means that casual home visits are more restricted—buyers can’t simply call the listing agent to see a property unless they've signed a buyer representation agreement. This adds transparency but makes the process more complex. The exception is open houses, where buyers can still look without needing an agreement, but that could lead to additional costs for the buyer down the road.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Servion - Website

Ashley Rabamahefa - LinkedIn

Greg Schatzky - LinkedIn

Contact Servion at 800-631-3111

BIOGRAPHY: 

Greg Schatzke is the VP of Mortgage for the CUSO Servion based in Minnesota.  In his role, Greg is responsible for overseeing the daily operations of Servion Mortgage and their 500+ retail, correspondent and wholesale partnerships.

Ashley is a dedicated professional in the real estate industry, currently serving as an Agent Coordinator and Realtor at Servion Realty. With a background as a Property Manager overseeing portfolios of over 500 units and leading multi-million dollar remodeling projects, Ashley's expertise extends across various facets of real estate.

Driven by a passion for helping people, Ashley transitioned to residential real estate as a Realtor, where she finds fulfillment in guiding clients through the home buying and selling process. Her commitment to making life-changing decisions more accessible for others is the cornerstone of her approach.

Beyond her work in real estate, Ashley is deeply involved in non-profit endeavors. As the Social Media Coordinator for Global Health Ministries in Fridley, MN, she contributes to strengthening health systems through access to medical equipment, support for community-based health care programs, and expert administrative consulting. Partnering for decades in resource-poor settings, Global Health Ministries focuses on leadership, medical supplies, and grassroots efforts to improve the health of vulnerable communities.

Ashley's professional journey is characterized by a dedication to excellence in real estate and a heartfelt commitment to making a positive impact through non-profit work.

Mark goes 1-on-1 with Erie FCU CEO Brian Waugaman on various topics in and out of the credit union space. What's it like to live in Erie? How did he navigate becoming CEO after a long tenure at the credit union? What's working and what needs work today? What is Brian's crystal ball on the future? All this and more as Mark Ritter and Brian chat it up. 

IN THIS EPISODE:

• [1:32] Brian shares his career journey, and he arrived at Erie FCU
• [4:56] The history of Erie FCU and managing the business around Erie’s winter conditions
• [10:33] Brian discusses working his way through the organization and the importance of community
• [16:45] Brian talks about the process of becoming CDFI certification and his hopes to provide funding for small business owners
• [21:32] Brian discusses how to drive commerce, get involved in the community and market CDs to benefit members
• [27:50] What is the future of the credit union space 

KEY TAKEAWAYS: 

• When promoted within a company, success hinges on building trust and fostering cooperation with colleagues. Clear communication, defined responsibilities, and accountability are essential. Stay focused on the organization's vision and mission to lead effectively.
• Erie FCU refined its vision and mission to focus on becoming the most trusted financial resource in the region and delivering responsible financial solutions that meet community needs. These guiding principles shape the credit union's daily efforts and long-term success.
• Erie FCU sees technology and innovation as key future drivers. While member satisfaction has declined compared to larger banking competitors, the credit union recognizes the need to adapt to evolving technological expectations, similar to the "Amazon effect," to stay competitive and meet member needs.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Brian Waugaman - Linkedin

Erie FCU - Website

BIOGRAPHY: 

Brian Waugaman is a longtime veteran of Erie FCU and has been its CEO for the last ten years. He is well-rounded in his credit union skills and touched virtually all aspects of the institution during his tenure. Erie FCU is a CDFI focused on the communities in northwest PA.

Welcome to this episode of Credit Union Conversations with Mark Ritter, where we delve into the strategies that set credit unions apart in a competitive financial landscape. Today, Mark is joined by Bill McKenna from McKenna Marketing, who brings a wealth of experience from the advertising industry to the credit union space. Together, they explore the critical importance of building strong, core relationships with members, ensuring they feel valued and connected to their credit union. This connection is essential to prevent members from seeking alternatives and to maintain their loyalty. Bill shares actionable insights on branding, the challenges credit unions face in attracting and retaining members, and the evolving needs of the credit union community. Tune in as they discuss how a well-executed vision and a focus on member relationships can propel credit unions to the forefront of the industry.

IN THIS EPISODE:

• [0:24] Mark invites the listener to check out MBFS, which is an a la carte service provider
• [1:22] Mark introduces Bill, and he shares his journey from the advertising business to the credit union space
• [6:22] Bill describes what McKenna Marketing does, and Mark and Bill discuss the evolving credit union from days gone by
• [10:29] Bill discusses four topics that will remove obstacles and make way for the growth of your credit union, and they discuss which credit unions need deposits and not loans
• [15:37] Bill outlines the problems credit unions are having in attracting new members and keeping the members they currently have
• [19:20] Discussion surrounding competition and rising to the top of the competition
• [25:04 Discussion surrounding the sales and service culture and the benefit of face-to-face consultations

KEY TAKEAWAYS: 

• The branding of your credit union is critical for recognition to your community
• A credit union must have a vision of where they are going, understand what opportunity looks like, and determine whether it can be a reality. Then, you must execute those ideas
• Building a relationship with members is the most essential thing a credit union can do. People want to know that you care about what’s important to them, so create value in your marketing message

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

MeKenna Marketing - Website

Bill McKenna - LinkedIn

BIOGRAPHY: 

My passion is to learn more about you and your companies' goals. I'm passionate about building relationships, starting conversations, sharing ideas, and adding value to your organization. I've learned first-hand that no one person has all the answers. I'll learn from you first then we will combine our knowledge, experiences and expertise with the right partners to magnify opportunities, empower growth, and achieve results.

I've had the privilege of working with more than 500 credit unions and community banks nationwide on marketing and growth strategies. I don't know everything, but I've seen first-hand what works, and what does not. Every partner I've chosen to be part of McKenna Marketing Network brings a wealth of expertise, experience, vision and insights. It's not one size fits all - It's about identifying what works for you. 

My roles have including Art Director, Creative Director, and Vice President of Marketing and New Business Development for several marketing and advertising agencies located in New York, New Jersey, and Pennsylvania.

I'm the former President and co-founder of Marketing Partners, Inc., a nationally recognized marketing firm that worked credit unions and banks. Also was the co-founder of Integrated Facilities Solutions, a company that designed and built branded financial facilities and CU Marketers of America, a niche credit union marketing company. 

Most recently, I have served as Chief Marketing Officer for ESSA Bank & Trust, a nearly $2 billion dollar community bank with 21 branches in eastern Pennsylvania. My experience also includes the role of Vice President of Marketing for American Heritage Credit Union, a $4 billion dollar credit union located in Philadelphia.

Let's start a conversation! www.mckennanetwork.com

How does Julie get one of the most laid-back CEOs to organize the company and get the team focused? Find out when Julie and one of her most difficult engagements discuss the EOS process and benefits. 

IN THIS EPISODE:

• [0:26] Mark describes how Julie has been a catalyst for MBFS
• [3:22] Julie shares her background that has brought her to the position she holds today
• [5:36] Julie defines EOS (Entrepreneurial Operating System) and outlines the tools: Vision, Traction, Healthy and she describes the type of companies she works with. Mark describes his need for these services
• [9:13] Julie describes the types of issues companies are experiencing, and she discusses delegation and leadership
• [13:46] Julie shares how she approaches an established CEO
• [16:40] Discussion about the traction component and the correct approach to vision creation and problem-solving
• [23:51] Julie shares personal information about her life

KEY TAKEAWAYS: 

• EOS focuses on Vision, Traction and a Healthy environment for your business
• We live in a 90-day world, so leaders should meet every 90 days to ensure everyone is clear on the vision and analyze how the last quarter met those goals. An organization should set priorities for the next 90 days to ensure progress toward achieving the one-year plan, the three-year goal, and the ten-year target
• EOS is a program that teaches leaders to create leaders and ultimately makes everyone in the organization responsible for some portion of the vision you have for your business

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

EOS - Website

Julie Markee - LinkedIn

Julie's Chicken Blog

BIOGRAPHY: 

Julie Markee is a lifelong entrepreneur who started her first business at 12 when she was the go-to swimming instructor in her neighborhood.  She graduated from the University of Washington with a degree in Chemical Engineering and began her career as a process engineer. While her engineering mind allows her to find the quickest path to achieve the desired results intuitively, her real magic is her excellent communication skills that help others see the path and dare to follow along with her. What’s behind that magic? Her passion for people and her desire to help them reach their full potential.  Julie is now an EOS implementer for companies nationwide--including MBFS.

What type of impact does credit union advocacy make? How important is it to the success of credit unions? Mark and Samantha Beeler of LSCU talk about everything that goes on at our trade associations outside of the conferences we attend. Also, what is the future of trade associations for credit unions?

IN THIS EPISODE:

• [0:25] Mark provides information about the services of MBFS and how he began his position at a credit union
• [2:32] Samantha shares her background, what brought her to her current position and an overview of the LSCU
• [5:59] Samantha discusses how LSCU is an advocate for credit unions and how they lobby lawmakers about what credit unions are doing in their communities
• [8:30] Discussion surrounding the familiarity of senators and members of Congress with the credit union space and how to take that sentiment and turn it into policy, and the differences between the accessibility of state and federal officials
• [13:10] Discussion of topics the LSCU is currently fighting for
• [17:28] Discussion of why LSCU is thriving and ways for Credit Unions to benefit from the LSCU without attending a conference
• [23:43] Samantha talks about becoming a partner with the National Trade Association

KEY TAKEAWAYS: 

• LSCU represents the credit unions in Florida, Georgia and Alabama
• The Foundation is well known in the region because it helps with disaster response and professional development. The LSCU assists credit unions through a for-profit solution, advocacy or foundation solution
• LSCU is rolling out a program called Communities over a Connect platform, a free way for credit unions to gather

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Samantha Beeler - LinkedIn

Samantha Beeler - Newsletter

BIOGRAPHY: 

Samantha Beeler is the President of the League of Southeastern Credit Unions (LSCU), the trade association for Georgia, Florida, and Alabama credit unions. She began her credit union journey at the Northwest Credit Union Association before transitioning to LSCU as its leader.

Bryan and Mark go round-robin on the state of the lending world and working with partners to build your lending program. What's the state of the world like in 2024? Bryan looks into his crystal ball to discuss what volumes will be like in 2024 and 2025. What's it like to get pitched by every potential lending partner in America every week? How do you separate the good partners from the pretenders?

IN THIS EPISODE:

• [1:43] Brian shares his background story and that of American Heritage
• [5:34] Brian reflects on how he ended up in the credit union space
• [9:29] Brian discusses the last four volatile years in the credit union field
• [13:45] Discussion of the anticipated events for 2024, what actually transpired, and predictions for the future.
• [21:22] Discussion of FinTechs and Bryan’s appreciation of them if they have shared values and common ideals
• [27:04] Discussion of NCUA, being transparent and doing due diligence to develop a clear plan 
• [29:54] Brian discusses AI and the displacement of financial institutions, and he uses UBER as an example
• [33:07] Brian reflects on mistakes and lessons learned

KEY TAKEAWAYS: 

• Today, we need to price the secondary market, meaning not just the rate but making sure we're originating based on our guidelines and practices. Then, we should consider making every loan on our balance sheet sellable
• From a member impact, this higher inflationary period meant higher loan payments and home purchase costs. Everything was higher, and you were getting less for your money. The credit impact was higher delinquency
• More importantly than having a plan to use FinTech, you must have a good problem to solve. If you don't have a significant problem, don't work with FinTech to implement a solution. Implement and work with a FinTech to solve a problem you're dealing with today

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Bryan Eichenbaum  - LinkedIn

BIOGRAPHY: 

Bryan Eichenbaum is the current SVP of Consumer Lending for American Heritage Credit Union, a $5B Credit Union headquartered in Philadelphia. He has over 20 years of experience in lending at various credit unions in New York and New Jersey. Bryan is considered an expert in cultivating strategic opportunities, building niche products and services that align with credit union demographics, mission and values, delivering strong business outcomes that build capital and sustained growth and positions credit unions to remain viable and relevant in a changing financial and economic landscape. 

Today, Mark Ritter shares his insights on the state of credit unions and strategies for running a successful credit union. He discusses the challenges and benefits of working remotely and emphasizes building strong community relationships. Mark also offers his perspective on whether attending all available conferences is wise. His comprehensive analysis aims to guide credit union leaders toward sustainable success.

IN THIS EPISODE:

• [0:24] Mark gives an update on his life and MBFS, and discusses working remotely for himself and how other businesses manage to work remotely
• [5:02] Mark invites the listeners to reach out to [email protected]  with topics and guest suggestions for future podcasts 
• [9:04] How MBFS can help Credit unions who are struggling as a neutral third party, and Mark discusses working with Inclusive, a National Trade Association of Community Development Credit Unions
• [11:06] Mark discusses the need for SBA loans, and he advises making lasting relationships to ensure success in the credit union space and seeking out the 95% who are not using a credit union
• [17:15] Mark discusses being on the road going to conferences and his desire to see conferences educate the attendees and discuss topics to problem-solve issues
• [21:36] Mark wants to provide value to credit unions, and he appreciates you, the listener

KEY TAKEAWAYS: 

• Mark is interested in providing content through his podcast that listeners want to hear, so if a listener has a suggestion for a topic or a guest, contact Mark.
• Credit unions will be successful if they work hard to build relationships. Don’t rely on a large commercial loan to sustain you; instead, focus on the community, build relationships, and reach 95% of those not using credit union services.
• Conferences have become very expensive. It would be helpful to have more conferences that deal with the issues and problems a credit union faces rather than hear motivational speakers. 

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Bill Beardsley of Michigan Business Connection joins our host, Mark Ritter today to hit a wide range of topics from the credit union and non-credit union worlds. Since Bill's office is in Ann Arbor and he's a Michigan State fan there will bound to be some Big Ten talk sprinkled in the conversation.

IN THIS EPISODE:

• [2:26] Bill shares his professional background
• [7:47]  Discussion of the creation of QUOS and the NCOA
• [13:13] Bill discusses his role at NACUSO and its function
• [17:17] Bill explains what is working for credit unions in 2024 and what challenges he expects
• [25:07] Discussion of grooming people within the credit union space to continue the business when leadership positions become available and the way the NCUA could improve
• [32:07] Bill gives his advice on starting a new QSO

KEY TAKEAWAYS: 

• The culture of the banking industry and the credit union space are vastly different. With a credit union, it is about relationship building in the community
• QUOS's success is due to its focus on the consumer rather than just making money
• Collaborative relationships among QUOS and credit unions create an atmosphere of cooperation and knowledge

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Michigan Business Connection - Website

NACUSO - Website

BIOGRAPHY: 

Bill Beardsley is a financial services professional with more than 30 years of business and community organization leadership responsibilities. Led the start-up of the MBC "CUSO" in 2004 to energize and enable Michigan credit union success in commercial lending; now recognized as a leading CUSO in the USA with more than $1.5 Billion of commercial loan commitments under management. Board member for NACUSO, the national trade association for CUSOs, frequent industry event speaker related to CUSOs, collaboration, credit risk and commercial lending and personal advocate for the American Red Cross, American Foundation for Suicide Prevention and the Cystic Fibrosis Foundation.

Today, Mark is joined by Seth Brickman, President of Ranqx, to discuss small business digital lending. Seth shares insights from his time working with Microsoft and Amazon and how he uses what he’s learned to help small businesses.

IN THIS EPISODE:

• [2:22] Seth shares his background story leading him to Ranqx
• [4:08] Discussion of how  lending to small businesses has been transformed by digitizing the process
• [7:18] Seth talks about what it was like working at Microsoft and Amazon
• [12:15] Seth compares working for billion-dollar companies to working in the credit union space and how to make a QSO run efficiently
• [20:39] Discussion of the automation of credit unions and changing focus to small business loans rather than property loans
• [26:01] Discussion that Ranqx was founded in New Zealand and how they are funded

KEY TAKEAWAYS: 

• Credit unions care about people. Although they are in business to make money, they focus on customer care and service
• Lending money to small businesses helps communities prosper
• Automating the credit union process will ensure quicker decisions than in the past

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Seth Brickman LinkedIn

Seth Brickman - Email

Ranqx - Website

BIOGRAPHY: 

Seth is an innovative leader with a successful track record of building software products customers love to use and transforming businesses through the use of data-based decision making and conversion rate optimization.

As Head of Product for Amazon and leading high performing technical teams at Microsoft and Carnival Corporation, he has seen many successes and has consistently grown customer satisfaction/engagement, revenue and EBITA.

As a veteran of the US Navy and MBA Adjunct Professor, Seth gets to regularly interact with future leaders and also grow his own knowledge base.

Lance Teinert and Mark Ritter get together to talk about the current state of education and student lending.  Today's marketplace is interwoven with the political landscape, so Lance weighs in on how today's news headlines impact his business, CURevl. 

IN THIS EPISODE:

• [3:02] Lance describes how he became involved in working with credit unions and weathering the storm we faced in 2018 and, subsequently, Covid
• [10:26] Lance explains how he derived the name for his QSO
• [15:30] Discussion on lack of planning for college education
• [19:55] Student lending programs taking a beating in the media
• [25:33] Confusion surrounding forgiveness of a federal versus private loan
• [28:22] Lane describes how his marketing team provides financial aid offices and college fairs with information regarding the credit union available to make loans

KEY TAKEAWAYS: 

• Financial planning requires two things. Make a plan and then plan for the disaster
• Educational finance planning can be accomplished through your credit union
• Student loan forgiveness does not apply to private loans

RESOURCE LINKS

Mark Ritter Website

Mark Ritter LinkedIn

Lance Teinert - Email

BIOGRAPHY: 

Lance Teinert celebrates a career of over 30 years in Education Finance, Financial Technology and Capital Markets by approaching life and business from an entrepreneurial perspective. Establishing and maintaining an ideal work-life balance is easy when you enjoy life both inside and outside of work.

Lance is currently the CEO of CURevl, a CUSO that is dedicated to connecting families with credit unions through education finance. Our unique approach to the business intertwines full service, capital markets support and software as a service, enabling credit unions to meet the needs of their members by partnering with experts that get the job done efficiently and effectively.