Sub-servicing: What is it? How can it work for my Credit Union?
a Midwest Loan Services Webinar for ACUMA
Title: Sub-servicing: What is it? How can it work for my Credit Union?
Date/Time: December 10th – 1:00 p.m. Central Time
Speaker: Peter T. Sorce, CMB, President & CEO
Are you retaining mortgage servicing rights or considering doing so? If yes, before you make the decision to perform the servicing functions in-house, there are a myriad of factors that you will need to consider. Factors including: overall servicing responsibilities, expenses, staffing, regulatory compliance, purchasing a servicing system, ensuring staff expertise, determining what your actual bottom-line cost to service is and building the bandwidth to handle all compliance related issues. You may be better off (financially and risk) to consider outsourcing to a proven Sub Servicer, especially in these uncertain and challenging times .
About the Speaker: Peter T. Sorce, CMB – President & Chief Executive Officer, Midwest Loan Services
Mr. Sorce has more than 25 years of experience in mortgage banking, mortgage servicing, auditing and compliance. Mr. Sorce currently oversees all day to day operations for Midwest Loan Services, a sub-servicer and originator of mortgage loans dedicated to serving the small to midsize financial institution(s). Prior to his role with Midwest Loan Services, Mr. Sorce was a Co-Founder of Greystone Residential Funding, Inc. which became QR Lending, Inc. Mr. Sorce served as its Executive Vice President & Chief Operating Officer as well as its Chief Financial Officer. Mr. Sorce directed all mortgage servicing, compliance & state licensing as well as all financial accounting & treasury functions. Mr. Sorce also served as Vice President of Mortgage Loan Servicing at CUNA Mutual Mortgage Corporation where he directed all aspects of the mortgage servicing operations. Prior to joining CUNA Mutual Mortgage Corporation, Mr. Sorce spent a combined 12 years with Washington Mutual Home Loans Inc. and Fleet Mortgage Corp. where he served as their First Vice President and Strategy Manager and was responsible for directing the remittance processing function for a mortgage servicing portfolio totaling 6 + million loans. Prior to Washington Mutual and Fleet Mortgage, Mr. Sorce served 4 years as Compliance Officer for Payco American Corporation, a nationwide accounts receivable management company. Mr. Sorce earned the Certified Mortgage Banker (CMB) and Certified Treasury Professional (CTP) (fna Certified Cash Manager (CCM)) designations and is a member in good standing with the Society of Certified Mortgage Bankers, the MBA, ABA and the ICBA. Mr. Sorce earned a Bachelor’s degree in Business Administration with a Major in Accounting and a minor emphasis in Economics from the University of Wisconsin-Milwaukee.