SECU Plans Reversion To 1930's Thinking On SECU Member Mortgages...

    Twiddling!

While we await a response from SECU Chief Legaler, Ms. Cathie Plaut, as to the fate of SECU Member Resolutions (see "Guilty Until Proven Innocent" post [link]), don't miss the interesting dialogue which has broken out on mortgage lending in the "Comment "section [see link] - 60+ comments and rising!

In fairness to Ms. Plaut, she indicated she would be out of the office last week, so a response wouldn't be forthcoming until later this week.

Since we have some time, will try to bring the discussion of SECU's next "new/new" lending misadventure to the main page. Loan Administration has gone all out this time! Building on its recent record of...

 If you like the movie "Back to the Future" or any cinema featuring zombies, you'll like LA's "new/new" mortgage ideas... Get out the popcorn!

  Zombie movies?... Oh no, now what?

SECU: Do Unicorns Have Offspring?

   The "old/old" look?

😎 Generally folks in finance don't believe in unicorns. Y'know there is little "data" on unicorns and rarely a credit score. And so, if you don't believe, how can you make a decision?

There was a time in the not too distant past, when SECU prided itself on being something more; yes, something different. One of the often overlooked differences was the development and training of leaders for North Carolina... and beyond.

The formula was pretty simple: Hire locally, hire at the entry level, remove internal barriers for advancement, promote from within based on performance whenever possible. Empower the employee to make "at the point of contact " decisions; monitor, but forgive "good faith" mistakes.  And there were two required business principles: 1) Respect yourself ("Do the Right Thing") and 2) Respect others ("Send Us Your Mama"). 

With branches in every North Carolina crossroads, SECU became a local economic engine for job creation. Local hiring created accountability for the branch leaders to encourage, train, and judge performance. Without barriers to advancement, the employee recognized the opportunity for success. A principles-driven business assured stability and a clean conscience.

Critics called the system in-bred, without "new/new" ideas; but fumbled to explain why SECU thrived. The "no such thing as a unicorn crowd" failed to recognize that every year hundreds of new employees entered the SECU system - most were very young with fresh ideas, from diverse backgrounds, with a wide variety of life experiences. 35 SECU "in-breds" were recruited as CEO's at other credit unions nationwide. Many other "graduates" went on to success in other fields. 

Let me introduce you to one, Ben Shaw [link - do take a look!]

✅  "Purpose in the Water": “My favorite class to teach is personal finance because I lived it for ten years working at SECU. I’ve seen people succeed and people fall into massive debt. Every chapter, I’ve got a story. That’s what sticks with people.”

  Sure looks like a unicorn to me!

 

Bank? Credit Union? There is a difference...