Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
CU Companies introduces correspondent lending
NEW BRIGHTON, Minn. (7/15/11)--CU Companies has launched its new mortgage channel, Correspondent Lending, to give credit unions a secondary market option for funding mortgages while helping them maintain their primary financial institution position. The Correspondent Lending program is an expansion of the New Brighton, Minn.-based credit union service organization's (CUSO) original mortgage program. It gives credit unions more control over the lending process, which allows them to generate more revenue. The credit union originates, processes and closes the loan while CU Companies underwrites and purchases the closed loan. The program "promotes loyalty," said Brad Crandall, CEO of CU Companies. "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." The multi-owned CUSO has provided a retail mortgage lending channel for longer than 25 years, and its servicing portfolio has grown to more than $1 billion in loans. The Correspondent Lending program also offers a website to streamline the lending process, with direct access to on-site underwriters, tools, and technological resources. The program is offered to credit unions in Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin.


RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
9 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
13 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
13 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
14 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
14 hours ago