Dayton, OH, November 02, 2016 --(PR.com
)-- RB Premier Services, LLC (Randolph-Brooks Federal Credit Union’s CUSO organization) is now part owner of CU Appraisal Services. CU Appraisal Services became the only appraisal management company in the country to become a credit union service organization (CUSO) when Kemba’s CU Advantage, obtained a partial ownership share, in February of 2016.
“Securing shares of this company is a great investment for us,” said Edward Bronnenberg, SVP of San Antonio based RB Premier Services. "I was struck by their dedication to the credit union business model, and the creative impulse behind establishing CU Appraisal Services as the first AMC CUSO. There is clear market opportunity for financial cooperatives who support credit unions in this fast-growing segment."
“It is difficult to compete with the efficiencies and protection that an appraisal management company offers. As the demand for residential mortgages and commercial lending grew, so did the burden of running our own in-house management and compliance group. Keeping the valuation process running smoothly and reliably was a challenge: vetting and managing a roster of appraisers; remaining current on the constantly-changing state and federal regulations and licensing requirements; reviewing for quality and compliance; providing administrative oversight; and maintaining the required documentation and records,” said Robert Zearfoss, RBFCU CFO/EVP. “Since CU Appraisal Services assumed the appraisal management role for Randolph-Brooks, in May, we have seen a measurable benefit from a simplification, reliability, and cost standpoint.”
Since February, CU Appraisal Services has been strategically working to develop right-fit relationships with potential CUSO partners who also believe in transparency and community-building in the credit union mortgage lending space. Within the next 20 months, the majority of the company will be owned by credit unions.
“We are pleased to welcome Randolph Brooks as our newest CUSO partner,” said Ron Stickelman, Executive Chairman, CU Appraisal Services. “We were impressed with their talent and professionalism - they were just the partner we were looking for. Their innovative vision and progressive approach to finding new and better member solutions has resulted in tremendous growth for them over the last few years, and we look forward to their contributions to our culture and business model.”
About Randolph-Brooks Federal Credit Union
Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $7 billion, RBFCU serves more than 650,000 members from 55+ branch locations throughout Texas.
About CU Appraisal Services
CU Appraisal Services maintains appraiser independence by managing the mortgage appraisal process. They mitigate risk for credit unions, and their members, across the country. The company supports smart lending decisions by providing credit unions with timely, credible and reliable real estate valuations. Steadily working to develop strategic partnerships with the most experienced and qualified appraiser professionals in the regions they serve. Company management is composed of mortgage industry veterans - appraisers, bank and credit union executives, and real estate agents - experts who understand the complete picture. CU Appraisal Services is also working to strengthen the appraisal industry by paying fair fees, and actively developing strategies to address the decline in appraisers, nationwide.