By Christina Hazelwood
Staff Writer
Stacey Hofert took the old business adage, ‘Find a need and fill it,’ to heart when she started Union Guardian, a financial services company. Hofert began the company after recognizing that the needs of her clients were greater than the services offered by the company she worked for.
Hofert’s interest in unions was cultivated at a young age when she got a job as a laborer working at Granite City Steel in southern Illinois, where she grew up. She took the job while in high school and worked there until starting college.
She earned a Bachelors of Business in Human Resource Management from Western Illinois University in Macomb, IL, and started working at Concord EFS providing customer support and developing new products. She helped build the business from $7 million to $120 million in sales.
It was a busy period for Hofert. While working at Concord, she got married and had her first-born son, Tyler. When her son was age two, Hofert got divorced and enrolled in a masters program at Keller Graduate School of Management, where she met her husband, Kevin, who was also getting a master’s degree.
After a couple of job changes, Hofert had a daughter, Delaney, and decided to work part-time. She taught business classes at Elgin Community College and worked in marketing and finance for a fitness center.
From there Hofert joined Wells Fargo as a mortgage consultant, but thought her customers needed more services than she was offering. “I felt we could do it better and expand into real estate,” Hofert said.
She approached Capital Financial Bancorp with this idea and started working under its direction providing mortgages and real estate sales. When the economy took a turn for the worse, Hofert saw a need for services that she was unable to provide while at Capital. “People were hurting. There was high unemployment in the building trades,” she said.
Wanting to provide her customers with more, Hofert cashed in her retirement accounts and in January started her own company, Union Guardian. Hofert said she wants to offer her customers financial relief and financial solutions. “A lot of union members are losing their homes.”
After a lot of research, Hofert brought on several associate companies that she felt comfortable referring her customers to in order to provide a full range of financial services including asset protection, insurance, mortgage payment relief, credit restoration, real estate sales, home financing and grant writing.
Her company is paid by referral, allowing her to focus on customer service. “It is the consultative approach that I like best,” Hofert said. “If there is a financial need that comes up, I can fill it.”
The associate companies Hofert vetted and selected to provide services to her customers are: Country Financial; Illinois Credit Services, Inc.; AEC Solutions, LLC; Wells Fargo Bank and Realty Executives.
“We’ve pulled well over a hundred union members out of foreclosure since January,” Stacey said. “Losing your job is a big affront to your ego. You know that first it’s your job, next your house goes and then it’s your family. We’re changing customers’ lives by helping them keep their house.”
Hoefert said she selected AEC because of the company’s reputation and for its ability to work through federal programs and bank systems at a nominal fee. “Banks are making it incredibly difficult to get through these systems,” she said. “The bank is just waiting for the customer to trip up so they can be denied a loan modification or loan reduction.”
When banks discover that her customers are working “with a third party, they change their tune,” Hofert said. She and her associates have been able to reduce her customers’ mortgage payments 25 to 50 percent or more, as well as obtain principal reductions—and not a single client has gone back into foreclosure.
“Every case is different. It all depends upon the bank,” Hofert said. She said clients must be patient and allow time to get through the paperwork. She said securing loan modifications might take from six weeks to six months.
Hofert said some union members are trading in their retirement annuities due to financial hardship, but she recommends against it. She said one ironworker had pulled out all his savings and turned in his annuities in order to keep his house, but then the bank turned him down for a loan modification because he now had too much money.
Hofert said her company makes use of the Fair Credit Reporting Act to help restore credit and remove negative items from credit reports. She said people often do not realize the impact their credit reports have on their lives. She said they are used to determine mortgage and loan rates, insurance rates and even employment. “You don’t want your credit score to prevent you from getting a job,” she said.
“Right now is the very best time to buy a house,” Hofert said. “You can get 25 to 35 percent off the price and rates are the lowest they have ever been.” She said this is also an excellent time to purchase investment property.
Hofert said she enjoys working with unions and union members and focuses most of her time on education and customer service. She said she has held several free finance seminars for unions and finds that they are particularly useful to apprentices and their families.
“I volunteer a lot of my time to unions,” Stacey said. “They know I’m a hard worker and a lot of them have embraced the concept. It’s a good feeling that we’re helping so many people.”
Hofert said she has been increasing her efforts to help unions obtain federal grant monies, recently obtaining a $1.7 million grant for a Chicago union to do energy efficiency education. “The grants that are out there right now have a heavy focus on green technology, veterans’ programs, safety and alternative energy.”
Hofert’s fees are built into the grants she writes, so there is no cost to the unions. She said she might work for weeks drawing up a federal grant and not earn a dime, if the grant is not awarded. “I’m not about the money. I’m about helping people,” Hofert said.
Christina Hazelwood’s e-mail address is christina@foxvalleylabornews.com.