SOURCE: University Bancorp

University Bancorp

October 09, 2014 12:55 ET

American Bankers Association Endorses Mortgage Loan Subservicing Platform Offered by Midwest Loan Services

Offers Extensive Private-Labeling, Compliance Tools and Friendly, Responsive Service

ANN ARBOR, MI--(Marketwired - Oct 9, 2014) -  University Bancorp, Inc. (OTCQB: UNIB) announced that the American Bankers Association, through its Corporation for American Banking subsidiary, has endorsed University Bank's subsidiary, Midwest Loan Services Inc., to provide an array of residential mortgage subservicing services to member banks and their borrowers nationwide. Midwest is known for friendly, responsive service and industry-leading technology that help lenders retain customers, reduce costs and ensure regulatory and operational compliance.

"We endorse Midwest Loan Services as the best-in-class residential mortgage subservicer for their proven ability to cost-effectively simplify the many demands of loan servicing," said William Kroll, ABA executive vice president. "Midwest is truly the technology leader in this area with a complete suite of services to meet all the needs of banks and their residential loan borrowers."

Extensive private-labeling support is a hallmark of Midwest subservicing, which includes the use of innovative online and phone technologies that continuously and positively reinforce the lender's brand and make every borrower interaction convenient and personable. As a result, each residential mortgage can be seamlessly serviced in the name of the bank using Midwest's state-of-the-art platform. Banks further benefit from industry expertise and competitive pricing that offer a more favorable alternative to servicing mortgage loans in-house. 

"Providing unique and exceptional service to institutions and their customers has been a passion for Midwest since our founding 20 years ago," said Peter T. Sorce, CMB, president & CEO of Midwest Loan Services. "We are delighted to bring our experience and innovations to ABA members. Our goal is to be an efficient component of the bank's team, and provide them with a measure of cost effectiveness that ultimately translates into an ability to deliver greater service to the community."

For more information about ABA and Midwest Loan Services, call 1-800-BANKERS or visit www.aba.com/Products/Endorsed/Pages/MidwestLoanSrvs.aspx.

About American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees. The majority of ABA's members are banks with less than $185 million in assets. Learn more at aba.com.

About Corporation for American Banking
ABA endorsed solutions help banks make money, save money, diversify income and improve efficiency. Backed by our comprehensive due-diligence process, these select solutions are analyzed by industry experts, field-tested by bankers and meet stringent quality and customer-service standards. From compliance and insurance to payments and mortgage lending, you'll find products and services to enhance your bank's bottom line. Learn more at www.aba.com/endorsed

About Midwest Loan Services, Inc.
Founded in 1992, Midwest Loan Services provides private-label mortgage subservicing to community lenders throughout the United States. Midwest's unique service approach and industry-leading technologies help institutions retain borrowers, reduce costs and ensure regulatory and operational compliance. Offering extensive private-label options that include phone and Web interactions, plus friendly and responsive service, Midwest Loan Services enables community lenders to extend their brand consistently and cost-effectively.

Houghton, Michigan-based Midwest Loan Services is a subsidiary of Ann Arbor, Michigan based University Bank and its parent University Bancorp, which is a bank holding company listed on the OTCQB Stock Exchange under symbol UNIB. To learn more visit www.midwestloanservices.com. Shareholders and investors are encouraged to refer to the financial information including the audited financial statements, Company strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.

Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $15.5 billion in loans and assets and our 338 employees make us the 9th largest bank based in Michigan. Founded in 1890, University Bank® is proud to have been selected as the "Community Bankers of the Year" by American Banker magazine and as the recipient of the American Bankers Association's Community Bank Award. University Bank is a Member FDIC and an Equal Housing Lender. The operating subsidiaries of University Bank which are members of our corporate family, ranked by their size of revenues are:

  • University Lending Group, a retail residential mortgage originator based in Clinton Township, Michigan;
  • Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
  • University Islamic Financial, an Islamic banking firm based in Farmington Hills, MI;
  • Community Banking, based in Ann Arbor, which provides traditional community banking services in the Ann Arbor, Michigan area;
  • Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.

CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future business development, pre-tax income and net income, budgeted income and capital levels, the sustainability of past results, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 

Contact Information

  • Contact:
    Stephen Lange Ranzini
    President and CEO
    Phone: 734-741-5858, Ext. 9226
    Email: Email Contact