WARMINSTER, Pa. — You won't find Ian Katz in an ivory tower. The CU Abstract president is too busy actively living the "members first" philosophy the CUSO was built on.
"I may have the title as president but I'm still just a working guy with a blue collar 'Philly' mentality where if you don't come home tired then you've done something wrong," said Katz. "I need to get out and work so a typical day finds me doing what I have to in order to get the job done. And I don't care if it is sweeping floors, putting paper in the copier or doing closings."
The service attitude is one of the main reasons why he was selected to steer Freedom Credit Union's fledgling title insurance agency in 2004. Doing business with the credit union for the past 20 years, Katz and then Freedom CU Loan Officer Anthony Silvi were always engaged in discussions about ways to improve member service.
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"We'd talk about what can we do to make things better for members–forget about the business as far as money but how can we raise the level of service and a title agency CUSO would really benefit credit union members," said Katz. "For the most part, title agencies are controlled business arrangements with the banks or real estate companies and because there's no competition there is no need to excel so the tendency is for service to suffer and in turn the customer suffers. This was an opportunity to have an agency with a member first directive where everything is based on benefiting the members."
Katz says it took a few years to ensure the CUSO was properly structured and adhered to all RESPA guidelines before opening the doors to CU Abstract. In addition, to serve as a base to do what they wanted to accomplish, Katz came with a book of business. With the title insurance industry overcharging for services, Katz says members need an alternative.
"Most people don't know what title insurance is so they are told to have it and there is no way for them to know that they are getting charged hundreds of dollars more than they should be," said Katz. "No upcharging for us, we wanted our title agency to be one that truly benefits the member so we keep our prices low and fair–other agencies won't do that." The reality of "convenient, hassle-free" title insurance service and real estate closings is catching on as the full-service agency rings in its second year with a total of some 25 clients–eight of which are credit unions in Pennsylvania and New Jersey with more in talks with Katz.
He credits the agency's slow but steady success to the team of five staffers who wholeheartedly embrace the organization's member centric mantra.
"Everyone is trained–call it an indoctrination–as far as fully understanding our way of doing things. It's not just a great way of doing business but of living," said Katz. "I don't believe in micro-management. I'm surrounded with good people and try to give them all the opportunity to grow and be the best person possible and have fun doing it. We're a team and we are all partners in this–there are no 'employees.'"
Katz adds that covering everyone's educational costs helps CU Abstract stay ahead of the competition by offering the latest technology. For example, to streamline the recording process CU Abstract offers electronic recording of home equity and first mortgage documents. Members can have their deed or mortgage records back within a day or even the same day. While not available in all counties yet, Katz says his CUSO stands ready as more counties adopt the technology. With Pennsylvania as the first state to set into motion electronic notarizations, the doors are open for paperless closings. Katz says his team is already preparing for it and three out of five have their real estate notary seals approved by state and national regulators so when the industry is ready CU Abstract can step in. "We are keeping pace with every advance within our industry because that is how we will stand out from the competition, with our service," said Katz. "The industry has fallen on slow times all over and coming into that as a start-up has a harder impact on us so we're leaner and meaner and that hunger motivates us." –[email protected]
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