DALLAS (10/11/13)--Credit union mortgage services provider CU Members Mortgage is offering a Credit Union Elite Partners Reward Program to its credit union partners.
"Our Elite Partners program is geared toward rewarding our top-performing partners," said Randy Shannon, vice president of correspondent lending with CU Members Mortgage. "We realize how important mortgage lending is for credit unions in the bigger economic picture and for the well-being of the industry, so we developed this beneficial rewards program to help spur their lending activity for enhanced results. In the end, they win with more business and their members win with purchasing new homes."
The mortgage servicing company's eligible correspondent credit union partners receive a special discount in fees and 25-basis point price improvement. Once credit unions meet their quarterly goal, they receive the benefits the following quarter.
The program includes a 25-basis point improvement-pricing reflected on rate sheet adjustment and $200 discount on administration fees.
Eligibility requirements include:
- Minimum 65% pull-through rate;
- Maximum 120% underwriting resubmission rate; and
- One million dollars in loans funded per month or $3 million funded quarterly.