ACUMA ONpoint
ACUMA ONpoint
The Future of Mortgage Lending in the Credit Union Industry
Navigating the shifting mortgage landscape feels daunting, but it presents a treasure trove of opportunities for credit unions committed to serving their members. In our latest episode of the ONpoint Podcast, we had an insightful chat with Julie Bowering, Senior Vice President of Lending at A+ Federal Credit Union, as she shared her expertise on how credit unions can strategically position themselves for success in 2025. With discussions centered on establishing a robust mortgage division, understanding the criticality of GSE approvals, and enhancing member experiences, this episode is a must-listen for anyone involved in the credit union mortgage space.
Sponsored by Polygon Research
The views and opinions expressed in this podcast do not necessarily reflect the views or positions of Acuma, its board of directors, its management staff or its members. The podcast discussion presented is conversational in nature and for general information only.
Speaker 3:Hello and welcome back to the Zonpoint Podcast, a series focused on sharing the stories of people who are making a positive impact in the credit union mortgage industry. I'm your host, peter Benjamin. Before we get to our episode, just a quick word from our sponsor.
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Speaker 3:Today I am joined by Julie Bowring, senior Vice President of Lending with A-plus Federal Credit Union. Julie, how are you doing today with A-plus Federal?
Speaker 4:Credit Union, Julie. How are you doing today, Peter? I'm doing great, Living it up in Austin Texas.
Speaker 3:I'm going to talk about an upgrade, like I said earlier, and pre-recording. Nothing wrong with Indy, but Indy to Austin, I mean that's a step up. I mean no offense, but it's a good move. None taken, solid, solid move. But I'm excited for our conversation. I'm always excited for our conversations with our guests, but you're one of my favorite people across the country, so I'm loving the fact that we were able to pull you in Now. You recently started somewhat recently started at A+ and you are trying to build out the mortgage division there, and so I think it's perfect timing for us to have a conversation about that and the timing of everything that's happening in our industry. But before we get to that as always got to pull Justin in let's get that update on everything happening over at Acuma Pac. What's going on? How are you doing today? I'm good.
Speaker 2:Peter, how are you Living the dream? Thank you for asking Always. Come on, we can't start it without us living dreams.
Speaker 3:Right, I know right uh, today I'm actually living my dream, so thank you very much for asking yeah, good, I'm glad to hear it's your dream today.
Speaker 2:It's no one else's today, no one else. They can't take it from you, that's right. Uh, over here at acumen, though, we are one month actually, we're less than a month. We are less than a month away from our first in-person event. We're going to Pensacola, florida, for our Viewpoint Regional Summit. That's happening April 8th and 9th and we get to have an exclusive experience and networking reception at the Blue Wahoos Wahoos minor league baseball game. So that'll be exciting. I know we've talked about it. We can't keep talking about it, but I mean until we get to see. I don't know what a wazoo is, but I'm assuming it's a dolphin, it's a fish. Dolphins are fish, right mammals fish.
Speaker 3:They swim in water. I mean it's yes, they're both. You have the mammal dolphin, but then you have the mahi mahi that have the mammal dolphin, but then you have the Mahi Mahi. That's also called dolphin.
Speaker 2:OK, so now you got too technical, Anyways we'll be doing this.
Speaker 2:This is why we do Jeopardy, bro, and this is why I lose the Jeopardy. So after that, we'll be heading to our focal point workshops, which will be happening in Savannah, Georgia, May 6th and 7th. June 3rd and 4th in Seattle, Washington. If you haven't registered for those, what are you waiting for? There's plenty of time, so don't wait. Those are going to be two very exciting locations.
Speaker 2:If you got to hear the last episode, we were talking about the culture of these places, and I truly mean that I'm super excited to see the culture of both of these places. And I truly mean that I'm super excited to see the culture of both of these locations. And then also pay attention to your emails, because in a very few short weeks, you should get something from us on the make your mark annual conference, which is happening September 21st to the 24th in Denver, Colorado. So that's exciting. And if you can't join us in person, don't worry. We have fast tracks, inside track webinar series. We have our on point podcast, which is just amazing because you know we got Peter leading it at the home. He likes that. He's not gonna lie, he's like, yes, he said it. And then we also have all of our networks going on as well. So we have the young professional network, the marketing network, the underwriting network and the volume based network. So be sure to check out the events page on acumenorg for more information.
Speaker 3:And the funny thing is is that you know, thinking back what two years ago and just in our virtual team meeting one day, I just came and say, hey, let's do a podcast. And the look on everyone's face saying you know what the heck are you talking about. We're not doing a podcast. I'm like, yeah, we're totally going to do it. It's going to be awesome. We're amazing, it's going to be a people piece.
Speaker 2:I love that. You think that was two years ago in a virtual meeting, was it? It was like three years ago. It was like two and a half years ago. It was the first meeting I had with acuma. I think I had been on board for maybe 48 hours. Walk into a meeting and peter's like let's do a podcast. I was like yeah, okay, and here we are, see 72 episodes later. Time flies when you're having fun. Oh, always, that's right. No, we wouldn't trade it in for the world.
Speaker 2:So that's awesome, hey look at all the awesome people we got to talk to, I know, and now we get to talk to the awesome Miss Julie. That's right.
Speaker 3:Julie Bowery. Speaking of which, let's pull her back in. Yeah, all right, julie. So, like I said earlier, you're one of my actually one of my all time favorite people in the credit union industry, for several different reasons. I think you're genuinely an extremely kind and giving person. I think that you would honestly go bend over backwards to help anyone in this industry. I've witnessed it, I've experienced it. I think you embody everything that the Acme community is supposed to be, and I think that's one of the reasons why we want to have you on this podcast, because one of the great things that you know, we tote and we say all the time about our community and the Acme community is that when you come to our events, you know it's people share, people want to help, people ask how can I help? And I think you embody that Right.
Speaker 3:And yes, for full disclosure, you're on our board and I'm not just saying that because you're a board member. You know you were a member and you and I had a long conversation before you were on our board. Yep, and I got to know you before you were on our board and I think I'm the one who pushed you to become a board member. Maybe, maybe, maybe a little bit. Maybe a little bit, and I think that's why I pushed you to become a board member.
Speaker 3:Yeah, but it's all true, and so I say all this right and so, because I'm tying it back to yes, you're this amazing person, is this generous person, this amazing person is this generous person, but you're also, you know, this amazing mortgage professional who who's you know, led very, very, very successful teams, if I, if I remember correctly, prior to joining a plus. You were obviously in the in the area, at elements, and, if I remember correctly, you were like the number you know prior to you know rates really going crazy and shifting around. You guys were like the number one purchase originator in, like the Indy Air, if I remember correctly.
Speaker 4:Right, yeah, definitely the top credit union, peter. I think there's just so much opportunity, you know, for credit unions out there to really become the leader in their market. And, by the way, first of all, thank you for the kind words. You are absolutely one of my favorite people as well. Just the work that you and the team do to support the credit union mortgage industry is so incredibly important.
Speaker 4:Mortgage industry is so incredibly important, yes, and I recently made a career opportunity path change to A-plus, an amazing organization. I left an amazing organization, but I'm here in Austin, texas, at A-plus and you know I've been here for about four months and as I'm leading now commercial, consumer and mortgage and residential lending, you know, one of the things that you know we're really focused on is taking the mortgage program here to the next level, right? So when you reached out and wanted to do you know, this podcast, I was like, oh, you know, I'm always up for that. Not only do I find joy and fulfillment in helping other credit unions achieve success, I sometimes need to rely on our Acuma network the Curans out there for some tips and best practices as well. So thank you for having me today.
Speaker 3:No, no, of course. So before we kind of get into that, the meat and potatoes of today's conversation and I think you know the importance and the idea of driving growth in today's market and the need for credit unions to kind of lay that groundwork for expansion now more than ever you know why it's so important to really double down now. And before we get to that, I kind of did this long preface to this question, so please forgive me for the long preface. You know the Akmal Point podcast, people Peace. You know people making a positive impact. You're one of those key people that make a positive impact every single day.
Speaker 3:So the question is it's always the number one question I ask who is Julie Bowering? You know, for those people who don't know you and I'm sure there's very few people, there might be two people who don't know you that are out there, maybe two, maybe two, maybe two. But for those two people, who is Julie Bowering? You know, you can take this personally. You can take this professionally, whatever it can be a mix, whatever direction you want to take this personally. You can take this professionally, whatever it can be a mix, whatever direction you want to take this. If you had to summarize who you were. Who would that person be?
Speaker 4:That's a great question and I've actually been asked that question a lot recently. As you know, I'm new here at A+, right. So when I think about who I am, I think it comes down to values, right. So I recently had to share this with the team here. And what do I believe in and what do I stand for and what motivates me, right, most and foremost family. So very family oriented. My husband, dave, and I have a blended family and really take a lot of pride and joy in watching them grow and thrive, and they were all very, extremely supportive, honestly, of you know, this great career opportunity to come to A-plus and really make a mark and a difference here in the credit union and for our members and our employees, right. But you know I'm a financial services professional. I started in 1995 as a part-time drive-through teller at night in college, so I worked my way through college. I have a degree in education, honestly, and I'm at an education credit union. So A-plus, federal Credit Union by Foundation, is a teacher's credit union here in the Austin area. So you know I thought, oh, I'll go teach sometime, right, graduated. Now I'm really dating myself.
Speaker 4:Ninety eight Went into the management training program at a regional bank up in the Fort Wayne Indiana area where I worked and got placed as a branch manager very quickly where I was required to be a mortgage loan originator more than 75% of the time in that role as a branch manager and I was terrified. I was like I don't know anything about mortgage origination. I shadowed in the mortgage department for a couple of months but got my love and passion not only for mortgage lending but just lending in general, because we're really providing solutions to members and clients. The time I was in a bank that they want to achieve homeownership or they need that cash out, refinance so desperately to, you know, improve from a financial wellness perspective, right.
Speaker 4:I remember the first loan I did. I worked hours on calculating debt to income and what we could do to pay off obligations to put that family in a better position. I never forget those things and I've carried them with me throughout my career. But I tell you I am ultra committed to the credit union space. I love serving members. I love doing things in the spirit of member experience and employee experience and employee efficiency. So I talk about that a lot. That's a little bit about who I am and you know I'm an ultra positive person as well, so carry that with me throughout everything that I do.
Speaker 3:No, I love that and thank you so much for walking us through that. All right, so you know, obviously, you know today's conversation is really centered around the idea of you know, really, how important it is for credit unions to kind of start laying that groundwork for mortgage. And I don't want to say now more than ever it's important because you know. And I don't want to say now more than ever, it's important because you know, because really it's. We've been beating that drum really for the past three years now more than ever, right, yes, but if you think about it, let's kind of go back three years.
Speaker 3:Mm hmm, here we are. I hate the fact I'm looking at my watch, but it's 2025. Right, I know, seriously. I hate the fact I'm looking at my watch, but it's 2025, right, I know, seriously. It literally feels January. Although it was the longest month ever, it honestly feels like it was just Christmas yesterday. But three years ago it was 2022, right, you know, we were. You know, at this point in time, february, we saw decent rates right yes. And we were still in the you know riding that high off the refi boom right.
Speaker 3:Yeah no-transcript heads cut off. But yet we're finally at that point where maybe maybe our members and consumers in general will probably start settling into the idea that, well, rates aren't going to change, maybe we should just go ahead and, you know, get out of the 3% mortgage and buy our next house. Or, okay, well, maybe I should just go buy my first time house, my first home, because rates aren't going to change, right, right, yeah. So we keep saying this You're here, you are a plus, actually being forced to implement the groundwork, lay the groundwork, get GSE approval, so let's walk through this. You know, how are you going about this. How are you going to the board and saying this is how, why we need to invest in this? How are you going about this? How are you going to the board and saying this is why we need to invest in this? What are you doing at A-plus to kind of get this ball moving?
Speaker 4:So that's a great question, peter. First of all, we have an amazing foundation here and we're poised to really take the mortgage program and elevate it here for our members and for the credit union honestly. So I think, when we're talking today too, yes, I have the opportunity to be in a different environment, a different credit union, and they're definitely and we are definitely focused on providing more solutions and options for our members. But also, if you're a leader out in a credit union and you've been there for a minute, been there for a few years and you've been kind of plugging away, I hope you find value in the conversation today in the fact that, number one, you need a roadmap, right, like, what is it that you want to achieve in the next six months, 12 months, two years, three years? Right, no matter what the rate environment is, we have an amazing opportunity being at a credit union and having loyal members. There's so much power in that right, there really is, and I think that's why for me, like I really loved serving in a credit union environment for the last almost 12 years right, sometimes I'm like, oh, I wish I'd found credit unions. Like, what was I thinking in the regional bank or larger bank environment? Right, but I think it's.
Speaker 4:What is it going to take to really make sure we have all of the options we need to serve our members? When it comes to making sure, you know we have all the conforming products, right you know? Are we selling directly to the GSEs? You know we have all the conforming products, right you know, are we selling directly to the GSEs? You know it's not an easy process necessarily to get approved with Fannie, right you know?
Speaker 4:Looking at that, though, I feel like I've talked to at least a couple of credit unions a month that have that desire, right. So, you know, given that and the ability to service loans in the future, right, freeing up the balance sheet to being able to sell directly to Fannie, freddie, fhlb, retaining the servicing for our members gives us the opportunities to continue to cross, help them with other products and services, as well as build that servicing portfolio for revenue stream for credit unions over time as well. Right, I know sometimes we don't talk about things like that, but we want to be able to generate revenue and income to give back and invest in our membership, right? Oh, absolutely.
Speaker 3:Yes, we're not for profit, right, but those are the things that keep the lights on right, and we can't forget about the amazing servicing income that we get, because it does keep the lights on. It also pays our salaries and stuff like that. But yes, you are right, all the extra stuff, all the extra income that we get from servicing goes back to better dividends for our members. And why not take advantage of that type of servicing income? Because it can be a significant amount of money and help possibly offset the costs to originate a mortgage, which is pushing $11,000.
Speaker 4:Yes, yes. So looking at, you know, obtaining GSC approvals now and it is possible for a credit union out there to successfully get approved with Fannie, freddie FHLB, you know, in the last couple of years I began working with Federal Home Loan Bank was able to obtain Freddie Mac approval and Fannie Mae approval. When I was at Elements, right, the team was very focused on that. So you just have to make sure, first of all, look at what it takes, and there are some great consultants out there that are cost effective, that can help prepare you for that journey, right? So, looking at that, looking at correspondent or investor partners out there, right? So one of the things I'm really passionate about, too, is offering government lending products.
Speaker 2:FHA.
Speaker 4:VA, usda have to have to right. It has not been an easy economic environment for many of our members over the last couple of years, right members over the last couple of years, right. Life happens and I'll tell you what like. When I was an originator, I did a ton of FHA and VA lending and I am a firm believer in we've got to have options, and as many options as possible for our members.
Speaker 4:If you don't have the infrastructure today to actually be able to originate, process and close a loan in the name of your credit union, there are many great partners out there that offer very competitive interest rates and will do a lot of the heavy lifting. Until it may be on your roadmap to invest in that infrastructure, right, but there's a lot of power in being able to, you know, offer a lot of those programs that have more flexible down payment terms, debt to income ratio, credit challenges such as, you know, bankruptcy in the past. Our members face it all and they're looking to us right for trusted financial advice and the more options we can have for them, the better.
Speaker 3:It's a couple of things, right? Yeah One, I'm going to do the same shameless plug for Acme because I kind of sort of have to. Of course, right, shameless plug. You know, members of Acme get a discount at both GSEs on new seller service numbers. That's one shameless plug. So Fannie Freddie members get discounts that's a shameless plug. So fanny freddy members get discounts, that's shameless. But but, but too, kind of going back to where I was right. But it's the idea of if you're not going to offer these products, someone else will. Right, and who would you rather take care of this member, you or the broker down the street?
Speaker 3:because so right but let's, let's be honest. I mean that broker down the street doesn't care about this member, right? And you know that large bank, you know whether it starts, whether it has a wagon on its logo or has that little you know pinwheel looking thing that's blue, you know, or has a slogan, that has something, has something about a wallet in it. You know they're not really going to care about the member, but if you really think about it, if you allow that member to go to one of them, they're gone, absolutely gone. So why would you allow that to happen?
Speaker 4:Oh, you said it so perfectly. Like I feel like Mike dropped Peter. We need to keep talking because there's a lot more we want to share, right Like it's so important to be able to retain that member right, they're already here and they're loyal to us with their deposit products.
Speaker 4:You know there's there's so much more we can do for them. And again, like Rome wasn't built in a day. So these things take time and they take investment. And you know, I know a lot of credit unions are facing challenges across the country. But you know interest rate, risk, liquidity looking at those things right, as a lot of deposits have flown up or have flowed out of the just banking system in general right. So looking for ways to not have to put as many loans on the balance sheet and freeing them up on the secondary market is a win.
Speaker 4:In addition, if you are in a place where you do have the opportunity to put some loans on the balance sheet as assets, look for some of those niche programs out there. Really evaluating the types of products that you have that you can offer. Utilizing credit union funds right. Credit unions take deposits in and loan back out to our members right. So I would save those precious dollars right now for adjustable rate mortgage products right, I'll tell you what like there are some fantastic programs out there.
Speaker 4:I'm a big believer in the five five arm. I think that is one of the best things that a lot of credit unions have done. That is so much better than some of the other adjustable rate products out there. And credit unions, you know, especially if they have lower cost of funds, can really be aggressive with some really good pricing to give back to the members as well. As you know thinking about putting those assets on the balance sheet, right. But I think you know it's really making sure that that we're dialed in on what do we actually absolutely need to retain and put on the balance sheet and let's make sure it's their products that are designed to help our members that maybe aren't necessarily able to sell on the secondary.
Speaker 3:Right. But I mean you are a seasoned mortgage professional and you're very knowledgeable. You also think outside the box and have the ability you know when you play sports. You kind of have that full field vision, right.
Speaker 4:Yes.
Speaker 3:And unfortunately, you know a lot of credit unions and I don't want to talk negative about our industry, but Unfortunately a lot of credit unions don't have that ability to see the full field.
Speaker 5:Sure.
Speaker 3:And they only kind of sort of see how the individual play is happening right in front of them. You know case in point. You know let's go back to. You know 2020, 2021, and the first quarter of 2022. All those refinances, where were they going?
Speaker 4:Portfolio.
Speaker 3:Oh yeah, Right portfolio.
Speaker 4:Oh yeah.
Speaker 3:Right, that's why you know 2022 and 2023, we had so much liquidity issues.
Speaker 4:Yes.
Speaker 3:Right. You know laying that groundwork of you're right GSE approval. You know partnering with aggregators, whether you know it's you know a large IMB who has, you know, the ability to subservice for you or purchase those loans. Listen, there are some IMBs out there who don't care about your member, they really just don't. Or it could be a CUSO Again, doesn't really care about your member and that member will never know that it's being serviced by Accuso.
Speaker 4:Mm-hmm.
Speaker 3:But our ability to leverage them still allows you to originate, get those loans off your books, but you're also expanding your product development, your product offerings, right, and so I think that's where we as an industry, as a credit union industry, need to start looking at that full field right. And so I think that's where we as an industry, as a credit union industry, need to start looking at that full field right and really start thinking about how do we really become better mortgage originators and not just sitting on our laurels viewing mortgage as a necessary evil.
Speaker 4:No, I would agree with you, and you know, just in thinking about our chat today, right, I wrote down four things. Number one people right. Investing in our team that is serving our members right. There's always something changing in our industry when it comes to guidelines, right. Or just like making sure that they are in the best position possible and as knowledgeable as possible right, with all the things. Self-employed income right. That is something that even over the years, even sometimes the most seasoned mortgage professionals still may struggle with, those things right. We have some great MI companies out there that offer training for free, right. So, investing in people right, making sure that we're looking at how they're doing their job right From a process perspective, what are those things that we can evaluate from an efficiency perspective?
Speaker 4:And maybe, you know, get a little clog out of the pipe, so to speak, when moving alone through the process. So people process, kind of the basics we talked about products and then technology right. Like, I think sometimes it can be easy to say, oh, we can't make an investment in technology, it's so expensive, right, and we can't make an investment technology, it's so expensive, right, and sure, sometimes there's an investment there, but when you think about the member. We need to make sure it's a frictionless process, right when they go to apply. But we are competing, peter, you said we are competing with IMBs and banks, but most of the time an IMB let's face it like they dominate in a lot of ways in market share in general, right, no matter where you're located at some heavy hitters out there they invest in technology, right. So, you know, making sure that, first of all, another shameless plug for Acuma, right.
Speaker 4:But we have some great workshops. We have annual. We have podcasts. We have some great workshops. We have annual. We have podcasts Like there's so many ways to stay connected and listen to and hear about all the technology options that are out there today. And just when you think you've got your technology dialed in, by the way, you need to keep evaluating because it's a changing landscape, right. But also connecting with, if you have the opportunity and you're a part of a credit union real estate network, there's so much power in that regional network as well. So you know, I came from Indiana and I was working with a group of amazing people to start a Karen.
Speaker 3:They just rolled it out. They just rolled it out.
Speaker 4:I'm so excited, so excited for them. But I'm also now excited to become part of the Texas Karen Network. I have a great mortgage leadership team here and we're going to be getting involved in the Texas Curen right. So making sure that everyone's tapped into and dialed into those events, not just for hearing about technology and processes, but the networking opportunities to share best practices right In the spirit of all of us being successful when it comes to helping our members and growth for the organizations that we serve.
Speaker 3:Right and I agree with you. Technology is key right. But my concern with technology is credit unions go out and get the shiny object right and that goes out and hurts them more than not having it. You know. Just because you know the shiny object is out there and it's it's, it's the best one, or I'm not gonna say it's the best one, I'm gonna strike that from the record and, justin, you don't need to delete that from the recording. I wasn't going.
Speaker 2:You don't need to delete that from the recording I wasn't going to, don't worry, all right, good, good, good.
Speaker 3:But just because it's out there doesn't mean you have to go get it. There's a lot of great technology providers that can do the same exact thing for a more affordable price point. Mainstay thing for a more affordable, affordable price point.
Speaker 3:That's probably better suited for your, your origination size, your team size and you probably don't need an admin to work it right right, yeah and I think that's a tough part with credit unions is that we go out there and we go and get the shiny object because everyone else has a shiny object and we ended up shooting ourselves in the foot. You know, and I agree, that technology is a huge thing that we need, because you know, the mortgage industry as a whole is five steps behind other industries when it comes to adopting technology. You know, if you look at healthcare or what, well, behind health care or other industries when it comes to adopting technology, but the credit unions are five steps behind imbs yeah right.
Speaker 3:Let's not hurt ourselves by trying to catch up.
Speaker 2:Let's do it the right way so don't be the alien in the claw machine, right, that's all I keep thinking of. When you're like this shiny object, I'm like, oh it's, it's that is so true, honestly, and sometimes you may be surprised.
Speaker 4:If you go on a journey of evaluating a piece of technology depending on whether it's a point of sale, los you may be surprised to find what's out there and there could be an opportunity to even save a little bit of money. But I'm also a believer in volume wins. If we implement a new piece of technology again, not the shiniest object, not the most expensive, because most expensive doesn't mean best right, but will that allow us to capture more volume? Will it allow us to not have a higher abandoned rate on an application Because I just can't get through this piece of the application online, right? So think about to return on investment, right? Even if I increase that pull through 25%, how many more loans would you be able to close for that member and continue to have that loyalty and that relationship with that member without the potential of losing it? Right?
Speaker 4:Yes, imbs are a big player. So are the banks, sometimes too right? So, especially regional banks or community banks. So you know we don't want to be at risk of, you know, if we can't fulfill, you know, a loan or provide a solution to a member for a loan. Yeah, we don't, we do not, and I know we've said that a couple of times, but we don't want to risk losing a member that's so valued.
Speaker 3:I mean and I I agree wholeheartedly, but it's like you know, I won't provide too much detail on this, but it's like. So last year I was traveling and I was I was visiting some credit unions and I was attending a local cure and event and we we were kind of discussing technology and you know, a credit union spoke up and it was a small credit union that has small mortgage division. It was a three, three person division. Yeah, okay, they had two loan officers and one ops person who processed and underwrote. They went out and got an los. That's the biggest los that's out there that probably has. That has the market share for all credit unions and I won't name it.
Speaker 1:Sure.
Speaker 3:And my my first thought was at your origination and your staff size. Why are you getting that LOS? You're only going to start hurting yourself. Because you're going to focus so much time on managing that LOS. You're going to start losing members. You're going to start losing members. You're going to start losing volume. Those loan officers are going to leave because you can't administer that system anymore. Your cost per loan is going to go up. Why would you do this to yourself?
Speaker 3:But, maybe it was a long game, maybe it was a ploy to recruit, I don't know. Um, I don't know and I don't know why. I share that story, but I think it's a lesson learned. But, yes, but I also tie it back to and, yes, we, yes, we are competing with, you know, community banks. Yes, we are competing with IMBs, but I think we need to do it in a manner where we need to focus on what's right for our members, and what's right for our members is a system that's going to allow us to maintain that relationship with them, and a system like that one, which we all know which one it is I'm without naming names and in that instance, is not going to do it yeah right, yeah and yeah.
Speaker 3:We need to stay focused on the task at hand and that's just a maintaining our members absolutely.
Speaker 4:you know and I think about you know, in everything that I do and decisions I make, I'm like I, you, I, you know I don't make those decisions lightly and I always think about the fact that when you make an investment in technology or something like, it's our members money, so it doesn't always have to be the most expensive or like the shiny subject like we've talked about, and then again return like what do we hope to gain out of it? And then, yeah, making sure it doesn't take so much work. That also you, we start impacting employee experience and efficiency as well.
Speaker 3:okay, well, julie, we need to start transitioning, but before we do um any final thoughts. You know again, the idea behind this conversation was, you know again, now more than ever, you know 2025, 2026, we continue to say this years of the credit union. We've been slowly capturing back market share away from the banks, back from the IMBs. How can we continue to do this? How can we continue to lay this groundwork? Any final thoughts?
Speaker 4:Yeah. So that is a great question. It's something I think about a lot and have over the last couple of years, and I know several of my peers across the country have done the same thing. It's just constant evaluation right now of what we can do to be the provider of loan solutions that our members need, right. So while we Peter, we've talked a lot today about regular traditional mortgage mortgage products, I think a lot about home equity, right, the last couple of years there's been trillions of dollars. I've heard it at Acuma workshops right, we've had speakers talk about the fact that across the country there's trillions of dollars. I've heard it at Acuma workshops right, we've had speakers talk about the fact that across the country there's trillions of dollars in untapped equity out there, right. So we can't forget that, like right now too, while we are working on our roadmap and making the investments and people process, products and technology. Also, we've got some very viable solutions right now that sure IMBs they can partner with a credit union or a community bank or Freddie offers some seconds and things like that right to take advantage of. But wow, credit unions really have some amazing opportunity when it comes to home equity products and helping our members right now from a financial wellness perspective, because that also creates a refinance pipeline of the future. But I would also say, while we're focused on that, purchase, purchase, purchase. Helping people achieve home ownership, helping people get to that dream home, their forever home or whatever. Right, even though we're in the interest rate environment we're in, there's still incredible opportunity out there and I'll share this personal story with you.
Speaker 4:My bonus daughter, peyton, graduated from college last year. Thanksgiving tells her dad she has a surprise for us, right, I'm like new car, new boyfriend. I don't know. I was going through the gamut, right? Well, she drove up in her old car. That's not it. I was going through the gamut, right? Well, she drove up in her old car, that's not it. She was like hey, I bought a house. We were like what, what do you mean? You bought a house and I was like why didn't you talk to me first? She was like, julie, I wanted to do it on my own. She was like but I need help with my interest rate. But, julie, I went to credit union because I've always banked at right and my realtor referred me to the credit union as well. She goes, but I wanted to do it on my own and she goes. Honestly, I was throwing money away in rent the last couple of years and she was like my payment is actually just a little bit less than rent, right?
Speaker 4:A lot of our members those first time home buyer potential opportunities right Like they need our help with that. So when I think about that and the opportunity we have, like just continue to evaluate where you're at, where you wanna be and what it's gonna take to get there, but never lose sight of the fact that we're here to serve our members and there's those Peyton Bowerings out there right that are ready to buy. You know, have that 5% down payment. Just need help to figure out the path. But proud of her that she did it on her own and then she got an amazing interest rate because she went to her credit union.
Speaker 3:That's right. I love that you called her a bonus daughter.
Speaker 2:I love that you called her bonus daughter. I love that you put banked in air quotes to find out how to become. We need to figure out a way that people can go and say, oh, I credit union at my credit union. It's like, it's like. You know, it's the same thing for Google and search. Right, I Googled it. No, you searched it. You use Google to do it, right, it's the same thing. We got to get people on board with a credit union and see if we can make that a thing.
Speaker 4:Justin, you are so right I think about. There's a highway going north of Indianapolis up towards the South Bend area that I used to travel a lot, right, and there was this big billboard promoting a credit union in Kokomo. It's like bank is a four-letter word, right, come to our credit union. And I know I I do cringe or air quote when I say bank. But yes, we need a better term for that, but until there is, we'll continue to air quote that I guess there you go yeah I mean, we've already uh, coined, memorized, so maybe we might as well.
Speaker 3:So maybe we might as well credit union, credit union.
Speaker 4:I credit union there memberize.
Speaker 3:We make someone a member. That's right, alright. Well, last question, before we transition to the second segment. This is just like the first question, which was who is Julie Bowery? Last question is the same exact question I ask everybody, and again it goes back to the idea of this is a people piece. You know, we want to focus on who you are individually. The last question really is what keeps you going? What motivates you? You're just like everyone else, one foot out of bed Start the day. What keeps you driving to be successful?
Speaker 4:That's a great question. I was just chatting with our amazing CEO here yesterday at A-plus right About the fact that I'm like there's so much opportunity in the credit union space in the credit union space and like, with my new opportunity here at A-plus Again, we have an amazing team here of over 500 employees, 17 branches right, a very loyal member base, and when I think about, you know, the opportunity to give back to members more and make an impact on employee experience and efficiency here, I couldn't be happier to be in a role serving, you know, in a credit union and even at an executive team level. I don't take that responsibility lightly at all and I am very excited to wake up every day and think about what can I do today to make a difference in the lives of our members and our employees.
Speaker 3:Love it, absolutely love it. Ok, thank you very much. Well, julie, it's now time to transition to the second segment of our podcast, and, again, this is where we sometimes do Jeopardy trivia. But today we're going to do the most requested segment of dad jokes. Prior to the recording, I asked you to come prepared with two to three dad jokes, and you were kind enough to come prepared with three dad jokes. I love the fact that you were an overachiever and came prepared with three. No one ever comes prepared with three anymore. Everyone always comes prepared with two, because they were like I'm not going to do three, but you came prepared with three, so we're going to do three. So the way it's going to work, julie, you're going to do three, justin's going to do three and I'll do three, and then we'll wrap up. Sound good? Okay, perfect, go for it.
Speaker 4:So, with my relocation Indiana, born and raised to Austin in the last couple of months I was like I have to find a dad joke on Austin, right, what's a good one? So here's my first one why did the Austinite bring a ladder to the bar? Why, they heard drinks were on the house? As you know, austin has a great like. Uh, I don't ever seen restaurants, all the things. So I thought, okay, of course, that's one of the first things I find right that was good that was good okay, then I tried to find on housing mortgage along those lines.
Speaker 4:Right, why did the gardener take out a mortgage? Why, why, because he wanted to plant his roots. Can you hear me?
Speaker 2:don't worry we we'll have Too bad.
Speaker 4:they can't see me my air drumsticks, or whatever those are. Yes, okay, last one, I'm sure that's in, peter, yours will be better.
Speaker 3:No, these are great. I'm going to fail this time, no no, no.
Speaker 4:I've listened to your podcast. Some great dad jokes both are great. No, I'm going to fail this time. No, no, no. I've listened to your podcast, like some great dad jokes both of you but I found this one on a realtor site how do you warm up a room after it's been painted?
Speaker 3:How.
Speaker 4:Give it a second coat.
Speaker 3:That's funny, I hope so. I was thinking about it the first time. I was like, oh yeah, that's good.
Speaker 2:The sad truth is I went very literal and I was thinking of a heater. How?
Speaker 4:do you?
Speaker 3:warm up a heater.
Speaker 2:I was like I have no idea, that's good All right Hawk.
Speaker 3:Go for good, all right Hawk.
Speaker 2:Go for it, all right. What did the bison say to his son when he left the ranch? What, bison, bison.
Speaker 3:I knew that one.
Speaker 4:Oh, it sounded familiar to Mike. Did you pick a Texas theme here? Oh, no, but.
Speaker 2:I had to pick one, that you pick a Texas theme here, no, but I had to pick one that was going to annoy Peter just a little bit, and I felt like that was the one that was going to do it. Okay, it did annoy you a little, right, it did. So? Peter loves dad jokes, and so what's the best way to save your dad jokes? Oh, in a database, all right, last one what do you call a sheep who can sing and dance? What, lady Baba?
Speaker 3:All right, what, lady baba? All right, I'll wrap up. First, one was the best, it was good. It was good. Uh, what do you call an old snowman water? The class of water. There you go, thanks. Thanks for doing my joke. Good one A glass of water. I just found out the other day that my new electric toothbrush is not waterproof. I was shocked.
Speaker 2:That's a good one.
Speaker 5:All right.
Speaker 3:Last one you know a lot of women complain that their husbands never listen to them. I am proud to say I've never heard my wife say that I'm gonna take that one home to my husband you'll agree.
Speaker 2:oh yeah, I think we'll all agree with our wives. That's right, that's right.
Speaker 3:Well, that wraps up this episode's dad joke. Julie, thank you so much for taking time out of your busy schedule to sit down with us. Really do appreciate everything you do for the Credit Union movement, but also our members and ACUMA Really enjoyed our conversation. Thank you.
Speaker 4:Thank you, honored to be here. Had a lot of fun, as always. Appreciate the work you all do to support us out here in the credit union mortgage space.
Speaker 3:Awesome. Thank you, justin. Thank you, of course, it was my pleasure. And, to close out, thank you again to Polygon Research for sponsoring today's episode and to all of you. We know your time is valuable. Thank you for tuning in to the latest episode of Acuma's On Point Podcast. We hope you enjoyed it. Until next time, be well, my friends.
Speaker 1:Thanks for listening. We'll see you next time at the Acuma On Point Podcast. If not already, be sure to subscribe and give us a five-star rating. For more great episodes and information, visit us online at acumaorg, and to get the latest updates, head over to our LinkedIn page.
