Verity Credit Union: Helping Members Build Financial Strength

Financial coaching by Verity Credit Union put Alameta Hampton on track for refinance and a more secure future.

Jeremy Sankwich, Mortgage Relationship Officer at Verity Credit Union, answered his phone and heard a discouraged man on the other end.

He was not a member of the credit union but the man decided to take a chance with Verity after his mortgage loan application had been rejected by three other lenders.

“He sounded so defeated,” Sankwich says. “My response was that Verity does not tell people ‘no’ when they want to apply for a mortgage. We say ‘not yet.’” Sankwich initiated a coaching relationship to put his caller on track to getting the loan he needed. They worked out a plan to pay down the man’s debts and increase his credit score.

From that day forward, “Not Yet” became the operating philosophy for Verity loan officers, who handle hundreds of loan applications each year.

“Not Yet” has already made a dramatic difference for Alameta Hampton, who contacted Verity about a mortgage refinance after having been turned down by two other lenders.

“My 2011,” she says. “They basically said my score, credit history, income-to-debt ratio, and mortgage payment history credit score was low. My income had been reduced following the death of my husband.” Having been told by those other lenders her application would never be approved by underwriters, Alameta would not give up.

Different story at Verity Credit Union, where Hampton was welcomed. Sankwich sat down with her and together they reviewed her credit report line by line. He also helped her to develop an “action plan,” which included specific accounts to pay in full and close, and a reminder to pay her mortgage before the 30th each month to avoid late payment and another credit hit.

Verity provided her with “a complete understanding of what I need to do,” she says.

Hampton also reports that she’s months away from qualifying for the refinance loan.

Finally, she says, she will be free from money stress and will have the comfort of knowing she can stay in the house she has called home for 17 years.

The credit unions of Oregon and Washington not only improve their members’ lives, they are foundational to the entire Northwest economy. Learn more here.

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