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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.


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