Aimbridge Home Loans to Offer CUs Private Label Servicing Program
DENVER - Aimbridge Home Loans, a division of the Aimbridge Group and a full-service mortgage provider for credit unions and members, has affiliated with LoanCare Servicing Center, a national loan subservicer, to offer CUs a private label servicing program. Through the program, CUs can transfer their current loan servicing portfolios to Aimbridge Home Loans/Loan Care which, on a contract basis, will perform all back office servicing functions including member services, payment processing, investor reporting, escrow administration, and default management. A hyperlink can also be integrated into the credit union's Web site so members can have instant, seamless access to mortgage loan information on a 24/7 basis. In addition, Aimbridge Home Loans/Loan Care will use the credit union's name and logo on monthly billing statements, year-end reporting and other borrower communications. Borrowers can continue to make their checks payable to their credit union, and payments can still be made at the CU's branch offices. Aimbridge CEO Steve Bentley said one of the benefits of the partnership is it allows CUs to expand their mortgage servicing business without expanding their infrastructure. It also provides CUs with immediate access to advanced servicing systems and transfers operational risks, such as administration of Private Mortgage Insurance and default management, to Aimbridge Home Loans/Loan Care.