Conference 7.286::dcu

    
>        The Mortgage Department is now 
>        open in the evening and on Saturday to clear up the backlog 
>        and better service the membership.
    
    Excellent move on DCU's part!  It shows a new willingness to be
    flexible and very responsive to the needs of the membership.  In these
    tough times, it'll be the institutions that react and quickly adjust to
    the changing markets and opportunities that will survive.  DCU will
    make more money and in the process the membership will be better
    served.  A hands down win for everybody.  Congratulations to everybody
    who helped make it happen.

    Re: .1  Cut me some slack.
    
    I tried to get an appointment with them, "The first opening we have is 
    March 20th."
    
    "WHAT?  Three months?"
    
    "Yes, there are a lot of people refinancing and only so many of us to 
    go around."  (Typical DCU attitude.)
    
    "OK, then can you send me an application and I'll send it right back
    with a check so I can lock in at your current rates?"
    
    "No, we're re-doing our application forms and they won't be ready
    for three weeks."
    
    "I have to wait three weeks just to get an application?"
    
    "Yes."
    
    
    Typical DCU "we'll_do what_we_want_with_no_regard_to_what_the_customer_
    wants" attitude.
    
    So I called a local mortgage company, they'll send a rep over
    tonight...
    
    Are there any Japanese firms that are getting into mortgages?  I can
    just imagine, "Yes sir, we'll be there tonight, and have your loan 
    processed in 48 hours or less, thank you for calling Mitsubishi Finance
    USA."
    
    

    
    RE: .2
    
    I'll cut you some slack if you cut me some.  Deal?
    
    Have you tried calling DCU since they started doing this?  They might
    have made these changes as the result of experiences such as yours.  I,
    too, have called around about refinancing.  I was able to get an
    appointment within days at a mortgage broker and yes, they were willing
    to come out to meet me someplace.  So I know what you're talking about. 
    
    But let's be realistic here too.  There will be times when even DCU is
    swamped with volume.  Let's try to cut them some slack too.  It appears
    they ARE trying in this situation.  While it doesn't seem to have done
    you any good, it may help others.  Let's wait and see.
    

    
    
    reply ,3
    
    
    	"lets wait and see"...mabey service is not what you require.
    	When dealing with financial folks who are tending my bucks
    	"wait and see" is bogus....
    
    	DCU needs to be competing NOW, not next week, or in 3 months...
    
    	I'm not pleased with the service that the DCU gives. I was
    	told, by a teller here at CX that I was WRONG, because I wanted
    	to have my wife's name on my checks, because they did not have
    	a signature card from her.....What the H*LL dose it matter if
    	I have Godzillas' name on MY checks?????? If they can't provide
    	a service that you ask for, YOU ARE WRONG!!
    
    	I just don't like 'em.
    	rich

>         On home purchases, DCU will finance up to 95% of the purchase 
>         price of the property.  On refinances of owner occupied 
>         residences,  DCU will finance up to 95% of the appraised value 
>         of the property for a no cash-out refinance, excluding 
>         condominiums. DCU's mortgage processing takes approximately 
>         4-6 weeks.

I would be very surprised if mortgage insurance is NOT required.
That should disclosed so that there are no surprises.

    .3
    
    I was quite upset when I wrote that.  It happened the day I entered the 
    note, yesterday (1/14/92).  The part that really gets me is that
    they're "re-doing" their application forms.  Well that's their problem.
    Why should they inconvenience the costomer so they can re-do their
    forms?  Why can't they use the old ones in the meantime?  Why did 
    they decide to re-do their forms when business is peak?
    
    Ya, they're working real hard, every time I got transferred (four) I
    heard people laughing in the background.  They just don't seem to
    take their business seriously.

    Re .4:
    
>   	I'm not pleased with the service that the DCU gives. I was
>   	told, by a teller here at CX that I was WRONG, because I wanted
>   	to have my wife's name on my checks, because they did not have
>   	a signature card from her.....What the H*LL dose it matter if
>   	I have Godzillas' name on MY checks?????? If they can't provide
>   	a service that you ask for, YOU ARE WRONG!!
    
    From a legal standpoint, preprinted checks should reflect the name of
    the account against which they're drawn.  The MICR bank/account code is
    a convenience to the banking system rather than being a binding part of
    the identification of the maker of the check and account to be debited. 
    Please don't ask a financial institution to issue checks that don't
    correctly identify the account.
    
    On the other hand, the DCU could have been a bit more accomodating in
    the way they handled your request.  They should have handed you a new
    signature card and asked you to take it home so your account title and
    authorized signatures could be made consistent.  It doesn't make a lot
    of sense for a person to have "title" to an account without also having
    signature authority (unless it's a trust or custodial account, in which
    case that relationship would also show in the title).
    
    This is all getting well OFF THE SUBJECT of the base note.  Let's stick
    to DCU's recent mortgage activity from here on.

    
    Re: .6
    
    I agree with you 100%.  Vote with your feet by going elsewhere
    and then send them a letter showing how much better you were
    treated and how much money they lost.  Sooner or later they'll
    get it or have no members left.
    
    Steve
    

    I have had the exact same experience as the previous noter in
    attempting to apply for a refinancing with DCU.  When I found that they
    had one of the lowest rates around, I said, great, please send me an
    application.  They said they couldn't do that for three weeks.  I said,
    OK, I'll come to PKO and get it myself.  No, they said, we don't have
    any to give you.  And personal appts. to apply are backed up into
    March.
    
    I was so convinced that I'd heard wrong that I called back the next
    day, and yes, in fact, it's true.  Nobody can apply for a mortgage with
    DCU until February.  Very strange.  A commercial mortage company I
    called mailed me an application package overnight, and set up an appt.
    for 3 days from now.
    
    The good news is there are a _lot_ of banks and mortgage companies with
    almost equivalent rates.  An article in the Sunday Globe recommeded
    _not_ "bottom fishing", and to just lock in a good-enough rate and do
    it.  I think that's what I'll do.  I would have liked to do business 
    with DCU, but I guess it won't be possible :-(

    
    
    	.7
    
    	A signature card, sure I've just relocated out here, my wife
    	is still in Ma. I explained that to them. I also told them
    	that she needed checks to pay the remaining bills due back
    	in Ma. None of that mattered. In essence they told me,
    	"TOUGH SH*T, our rules are more important than your needs".
    
    	As soon as I close on the house DCU has lost a savings and a
    	checking account. I will vote woth my feet, and say to them
    	"TOUGH SH*T my needs are more important than your rules."
    
    
    	rth

    rth, I'd be very surprised if you found any other institution that
    would grant signatory authority to your checking account without a
    signature card on file.

    
    .11
    
    	Well suprise, suprise. I've had it done before, and will have it
    	done again. All I wanted to do was ORDER them with her name on
    	the heading, a signature card could have been mailed, faxed or
    	FedExed, and been on file by the time the checks were printed.
    
    	BUT NOOOOOOOO, the DCU has RULES. see note .10 
                                                               
    	rth

    	DCU is selling ALL the mortgages they are presently making to
    the secondary market. They are only a middle (wo)man but do get
    preferred rates from the secondary market because of the volume.

    	I am curious... I thought that a Credit Union took its members'
    money and loaned it out to its members. I realize that DCU can turn a
    quick profit by collecting various fees such as application fees,
    points, etc. and then selling the mortgage but in one of Chuck's messages
    to us was that the DCU had a bunch of cash that it needed to loan out.

    	I am happy that my credit union is turning a fast profit. Maybe we
    will get dividends again.

    			Arnie

re .12

So if all you want is to have the checks PRINTED ahead of time, go to an
independent vendor and have it done.  The checks will probably be
cheaper that way, anyway.   Now, please, let's get out of the checks
rathole and bag to the subject which started this topic.

If you want to talk about checks, open a new topic.

Dave C.
acting as moderator

    
    Re:
    
>    	I am curious... I thought that a Credit Union took its members'
>    money and loaned it out to its members.
    
    That's what most credit unions do. DCU preferred to get into Cape Cod
    Real Estate Speculation to the tune of $18 million and lost OUR shirt
    (about $10 million). You figure. A fallout of this was the Special
    Meeting and the fact that new elections were forced for all board
    positions. It looks like only 2 of the board members that oversaw the
    above debacle are running again.
    
    Dave, part of the campaign to return DCU to being a REAL credit union

Re: .13

DCU (Chuck) has said that the reason they resell some mortgages is so that
if/when the rates go back up, they aren't left holding the bag on all the
cheap mortgates. I heard him say they resell *some* of them last summer. I'm
suprised they are reselling *all* of them now.

But that doesn't answer your other question about all the money the credit
union has. I heard Chuck say DCU's problem was how to invest all their
money to be able to pay us interest on it. I've heard nothing since then (last
summer) about what they did with it. Maybe it's under Chuck's mattress! 8*)

    Re .13,.16:		     (Reselling of mortgages)
    
    Mortgage lenders of ALL types make decisions about which loans they
    will keep and which they will resell.  The Federal Government helps the
    process by having two organizations, the FNMA ("Fannie Mae") and GNMA
    ("Ginnie Mae") whose FUNCTION is to buy mortgage loans by issuing
    government-secured investment-grade bonds to cover their costs.
    
    The FNMA/GNMA exist to spur private home ownership.  The DCU exists to
    provide financial service to its members.  If DCU were to stock up on
    low-interest mortgages, then the cash flow generated by its loan
    portfolio wouldn't cover its costs once interest rates return to higher
    levels.  That's why DCU and other lenders balance their portfolios to
    provide the highest possible return consistent with safety.
    
    DCU may or may not continue to service loans (receive/credit payments)
    that it has resold.  FNMA/GNMA don't service their holdings directly;
    they pay others to do so, so why not the originator?  I'm hoping DCU
    will choose to service the loans it sells, largely so that DCU members
    won't be needlessly worried/hassled by an apparent change of lender.

>    Re: .6
>    
>    I agree with you 100%.  Vote with your feet by going elsewhere
>    and then send them a letter showing how much better you were
>    treated and how much money they lost.  Sooner or later they'll
>    get it or have no members left.
>    
    
    Who should I write to?    

Best thing is help reasonable sounding non-incumbents win the upcoming
election. Don't expect the current board to address any isuses. Then
take these issues to the new board.

    
    RE: .18
    
    I would write to DCU President Chuck Cockburn.  At the end of the cover
    letter to the recent membership survey he states:
    
    "P.S.  Have you had a particularly good - or bad - experience at
    Digital CU?  I invite you to write about your experience and include
    your comments on a seperate sheet (use the back of this letter if you'd
    like).  If you'd like me to respond to your comments, please include
    your name and address."
    
    He has made and is making changes at DCU.  If they aren't working or
    need fine tuning then he should know about them via membership
    feedback.  Give them a chance to respond.  If the response is "that is
    our policy" then I would contact the new Board members to have that
    policy reviewed.  

    
    Re: .18
    
    Address it to the Chuck Cockburn at the DCU headquarters in
    Maynard.
    
    Steve
    

    Wouldn't you know it.... after I applied with another mortgage company,
    yesterday's mail contained a DCU application package, exactly one week
    after they told me it would take three weeks to send out applications. 
    And, of course, DCU's rates are better than the company I applied with. 
    I'm certainly going to write a letter to the president when this is all
    over with.

    Are there any plans to increase availability to other states?