Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
XetusOne eases Member Advantage Mortgage RESPA changes
PALO ALTO, Calif. (2/15/10)--The XetusOne Loan Origination System helped Members Advantage Mortgage, which is owned and operated by seven credit unions, transition easily to new Real Estate Settlement Procedures Act (RESPA) requirements. The program helps lenders become compliant with RESPA changes, which alters the disclosure process for residential mortgages. In the case of Members Advantage, the changes required new versions of the Good Faith Estimate (GFE) and the HUD-1 Settlement document. “We didn’t have to figure out anything with this change,” said Jennifer Durham, chief operating officer of Members Advantage Mortgage. “We simply had to turn on the computer and the loan origination system handled everything.” XetusOne does not require users to install or maintain software, and it provides videos to make the regulations easy to understand, the company said. “Some of our loan consultants took classes through title companies in their various states and had gone away terrified and nervous about the changes, but Xetus’ videos gave them a better grasp of the subject,” Durham added. The interface allows loan officers to convert loans initiated prior to 2010 to the format required by the new RESPA regulations. It also compares GFE and HUD-1 changes, and tracks the cost changes from the initial disclosure to the closing. Members Advantage Mortgage is a wholly owned subsidiary of CUSO Development LLC, which is owned and operated by seven credit unions in New Hampshire, Virginia, Massachusetts, Pennsylvania, Nevada and the District of Columbia. Xetus provides software as a service to the mortgage industry.


RSS





print
News Now LiveWire
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
51 minutes ago
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
1 hour ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
1 hour ago
.@TheNCUA posts latest economic update videol discusses 2015 outlook and "looming risk." https://t.co/hMYTAuvzMz
2 hours ago
.@TheNCUA issued orders prohibiting 7 from participating in affairs of any federally insured FIs. See #NewsNow Wed. http://t.co/UFBxuYDB8T
4 hours ago