DALLAS—CU Members Mortgage, a division of Colonial Savings, has announced six new contracts designed to expand credit unions’ options for their mortgage loan program. CU Members Mortgage said it developed its new contract models with three specific goals:
- Proactively address the current regulatory environment to minimize compliance risk.
- Offset the increasing complexity of mortgage lending by simplifying and standardizing processes.
- Increase participation options so that credit unions of all sizes can select a mortgage program customized to their resources
Previously, CU Members Mortgage offered four mortgage lending participation options: two for direct lending and two for correspondent relationships. By increasing the choices to six, CU Members can better meet the strategic and income objectives of more credit unions while delivering a better customer experience to their members, the company said.
In addition, CU Members Mortgage said it has added a sub-servicing program to its menu of capabilities. The new sub-servicing option enhances CU Members’ long-time reputation for award-winning retained servicing on 99% of loans it makes. Sub-servicing allows credit unions to retain the servicing rights on their mortgage portfolio but alleviates much of the capital outlay required to manage full servicing functions.
“We know that one size does not fit all, and we’ve drawn from more than 30 years of experience to develop new, smarter choices for credit unions to deliver great loan programs for their memberships,” said CU Members Mortgage Senior Vice President Linda Clampitt. “Our new contract options give credit unions more flexibility to align their mortgage program with their strategic goals. More choices are always a good thing. Our goals were simple. We want to help credit unions close more loans with less hassle. We want to deliver more benefits with the fewest difficulties. Most of all, we want to help credit union members achieve their dreams of sustainable home ownership.”