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Corporate America launches mutual fund

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IRONDALE, Ala. (6/1/11)--Corporate America CU, a corporate credit union in Irondale, Ala., has launched a mutual fund for credit unions. Corporate America CU Short Duration Fund was developed by Corporate Financial Solutions, an investment adviser and credit union service organization of Corporate America CU. The fund was created as a credit union investment vehicle that restricts its portfolio to securities and transactions that are permissible for federal credit unions. The fund’s portfolio will be managed by Thomas Bonds, president/CEO of both Corporate Financial Solutions and Corporate America CU. U.S. Bancorp Fund Services LLC will manage fund operations. The investment objective of the fund is to provide high current income while preserving capital and maintaining liquidity by investing in obligations authorized under the Federal Credit Union Act, according to Corporate Financial Solutions. Corporate America CU Short Duration Fund is a no-load fund requiring a minimum investment of $50,000.

Ellie Mae launches Total Quality Loan program

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PLEASANTON, Calif. (6/1/11)--Ellie Mae, a provider of software and automation for mortgage lenders, including credit unions, has launched an initiative to promote total loan quality for loans originated through its Encompass360 Mortgage Management Solution. The Total Quality Loan program centers around a suite of services and secure, tamper-proof technology that helps users share the findings and data from those services with other stakeholders in the industry supply chain. Ellie Mae said it collaborated with secondary market investors to develop an understanding of user needs while shaping the program. Ellie Mae’s Total Quality Loan program includes its Encompass Compliance Service, which provides automatic compliance checks throughout the mortgage cycle, and its newly launched Encompass 4506-T Service, an integrated verification solution that allows Encompass360 users to electronically order tax-return data from the Internal Revenue Service and automatically compare it to the income stated by the borrower. The program also provides access to Fannie Mae’s EarlyCheck, a delivery data-check process identifying issues that could impair a loan’s salability early in the process, prior to loan delivery. Encompass360 users can connect to these services and view scores and results through the Total Quality Loan tool, a central onscreen access point within Encompass360. The tool provides real-time and past information, including the user’s order history and past results. Ellie Mae said it plans to integrate more services into the program, including a credit and collateral fraud prevention service powered by CoreLogic, later this year.