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Pipeline MAGAZINE SUMMER 2017

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Best Efforts vs. Mandatory Delivery

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FEAR OF `FINTECHS'? 34

TOP 300 MORTGAGE-GRANTING

CREDIT UNIONS 53

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Pipeline

MAGAZINE

The ACUMA Pipeline is a publication of the American Credit Union Mortgage Association, P.O. Box 400955, Las Vegas, NV 89140.

Mark Wilburn Truity Credit Union

Board Chairman

Pam Davis Delta Community Credit Union

Board Vice Chairman

Barry Stricklin Tower Federal Credit Union

Board Treasurer

Tim Mislansky Wright-Patt Credit Union

Board Secretary

John Reed Maine Savings Federal Credit Union

Board Director

Michael Patterson Financial Partners Credit Union

Board Director

Bob McKay Anheuser-Busch Employees Credit Union

Board Director

Amy Moser Mountain America Credit Union

Board Director

Anita Domondon Meriwest Mortgage

Board Director

Bob Dorsa

President and Co-Founder

(877) 442-2862 bob.dorsa@

Tom Burton Pipeline Editor

tfburton95@

Learn more at

The information and opinions presented here should not be constituted as a recommendation

for any course of action regarding financial, legal or accounting matters by ACUMA, the

ACUMA Pipeline or its authors.

? 2017 by ACUMA

All rights reserved. Printed in the USA

WHO WE ARE

ACUMA is an organization of and for credit unions, dedicated to the simple principle that credit unions have both an obligation and a competitive need to become a "premier provider of home loans for their memberships."

ACUMA brings together the shared real estate lending and financing interests of thousands of credit unions and CUSOs.

ACUMA member organizations include federal- and state-chartered credit unions and CUSOs, mortgage insurance companies, secondary market investors and investment banking firms, and technology companies operating in the field of mortgage banking.

OUR CORE VALUES

1 We are a non-profit trade association committed to promoting credit union mortgage lending proactively, positively, but not politically.

2 Our members are our owners and are treated as such.

3 We are committed to helping the Realtor community understand credit unions and the value they bring to promoting home ownership.

4 We maintain a high level of fiscal responsibility while ensuring that membership provides access to all employees of the credit union or CUSO, and that events are high quality yet affordable.

5 We provide exceptional education and networking, using experts from the mortgage banking, leadership and credit union communities.

1 ACUMA PIPELINE - Summer 2017

A MESSAGE FROM ACUMA PRESIDENT

Bob Dorsa

Recognition for a Job Well Done!

In my now 21 years at ACUMA, I have many memories of fun events and monumental moments, but most of my fondest memories are of the many members who have joined and help build this truly incredible trade group.

John is the President and CEO of Maine Savings Federal Credit Union. He also serves as the Chairman of CUSO Home Lending, which helps credit unions in Maine make home loans.

John joined the ACUMA Board in 2001 when it was poised for significant growth. He was at the helm of the board during the housing crash

Above all of that I reserve a special place in my heart and recession of 2008 and 2009, and successfully

helped bring our organization through this

for the men who have served as Chairman of our Board difficult time.

of Directors. Among them is John Reed.

LEADERSHIP, GENEROSITY

John is a true leader. He has improved the quality

of service provided by ACUMA and inspired

not just me but the other board members who

have served with him.

A generous individual with his time and

support for ACUMA, John championed the

board's adoption of term limits for board

members in 2007. Coincidentally, he will be the

first director and past chairman to step aside,

having served the organization for more than

16 years.

His ACUMA tenure isn't the only milestone

in John's career. His mortgage CUSO has helped

John Reed

many credit union members in the state of Maine purchase homes. (See story on page 42.)

A quick story: I received a phone call at the ACUMA office from a woman in

Maine. She had heard of the popular "CU Promise" loan offered by CUSO Home

Lending. She said she was not a credit union member but she had heard about

ACUMA President Bob Dorsa can be reached at

the CU Promise loan through a marketing campaign and somehow contacted ACUMA's toll-free number to find out more. We were only too happy to help.

bob.dorsa@acuma. org or (877) 442-2862.

SUCCESSFUL CAREER John's credit union has enjoyed tremendous success since he took over at the CU in

the 1990s and then also led the CUSO. He has developed close ties at ACUMA with

me and our current board, as well as more than two dozen people who have served

2

ACUMA PIPELINE - Summer 2017

"John is a true

leader. He has improved the quality of service provided by ACUMA and

with John during his tenure. An eloquent speaker, John's

opening remarks at several of our Annual Conferences always contained a strong message coming straight from the heart.

In addition to his professional achievements, John has succeeded on a personal level

inspired not just me with his colleagues, including

but the other board me. I consider him a friend and

members who have gentleman with a demeanor I try

served with him. to emulate.

And anyone who knows John,

knows how much he enjoys

golfing. A few years ago, I fondly

recall John and his group traveling in mid-June to Las

Vegas for a credit union event. They arrived around 2

p.m., and John thought it would be great to get in a round

of golf prior to setting off to his event.

Well, Las Vegas in June can get a bit warm. The

temperature at our 2:45 p.m. tee time was 108 degrees.

Not a problem for John. He went out and played a great

round of golf. As for me and one or two of the other

golfers, it was a struggle. Placing the tee in the ground on

hole 17, I could not stand up without wavering.

However, John is someone who takes everything in stride,

even oppressive heat. We still recall that day with humor,

as well as amazement that all of us finished the round.

" "

A SALUTE FROM ACUMA

It is difficult to lose an asset like John on our board. That said, I believe he truly acts in the spirit of ACUMA. He departs

"

In addition to his professional

the board with a great legacy achievements, John

and graciously remained these has succeeded on a

last few years to impress upon personal level with his

the newer board members the colleagues, including

values and qualities that have me. I consider him a

become the foundation of ACUMA.

John has also drawn strength from his spouse, Karen. They

friend and gentleman with a demeanor I try

to emulate.

have both worked tirelessly for

their organizations for more

than 20 years. Karen has just

retired, but like the Energizer Bunny, John continues to

push ahead.

Thanks John, congratulations for a job well done. On

behalf of the ACUMA Board and all of our members, we

salute you!

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3 ACUMA PIPELINE - Summer 2017

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