Published on July 13, 2011
Written by The Servion Group
CU Companies announces the launch of its new mortgage channel, Correspondent Lending. The program gives credit unions a secondary market option for funding mortgages with a unique benefit of helping partner credit unions maintain their primary financial institution position.
"Our Correspondent Lending program is a solution that promotes loyalty," said Brad Crandall, CU Companies Chief Executive Officer. "We won't back-solicit our partners' members with financial services their credit union already provides. That's a unique feature that we won't compromise."
CU Companies is a multi-owned credit union service organization that has been providing a retail mortgage lending channel for over 25 years. Over that time the servicing portfolio has grown to more than $1 billion in loans. The Correspondent Lending program is an expansion on CU Companies' original mortgage program. It allows the credit union to generate more revenue by giving them more control over the lending process. The credit union originates, processes, and closes the loan. CU Companies then underwrites and purchases the closed loan. An experienced single point of contact for all loan questions from submission to closing is readily available to assist in getting the loan properly closed and funded efficiently.
"Our mortgage department is not only noted for their great service, we have a team with vast lending experience," said Crandall. "We're a one-stop shop. If someone has a question about Title, we can answer it. If someone has a question about post closing, we can answer it. Any scenario our partners have, we can help."
The Correspondent Lending program also offers a robust website that streamlines the loan process, direct access to on-site underwriters, and tools and technological resources to ensure an efficient loan process. Currently, the program is offered to credit unions in Illinois, Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin. To learn more, go to www.cucompanies.com/correspondent-lending or call a Correspondent Account Executive at 651-631-3111.