CUMAnet Returns $1 Million in Surplus Funds to Three Owners
BASKING RIDGE, N.J. - After experiencing "unprecedented" growth over the past few years, the Credit Union Mortgage Alliance Network (CUMAnet) has decided it will return $1 million in surplus funds to its three owners - Affinity FCU, Greater Alliance FCU, and Proponent FCU. CUMAnet Chair Jerry D'Ambrosio said the CUSO "saw a huge jump in business during the recent refinance boom. In addition, we were able to make the process easier and more convenient for credit union members with our online mortgage application. Our online capabilities, coupled with dedicated mortgage professionals, have yielded extraordinary results." Among the steps the multi-owned CUSO took over the past few years to improve the mortgage process for credit union members is an agreement it signed in 2002 with Mortgagebot, a leading Internet mortgage technology provider, to offer Internet-based mortgage solutions to the CUSO's client CUs. In addition, CUMAnet's processing and servicing departments have been improved to offer CU members shorter wait and response times. The CUSO said it is "excited to be giving back funds to the three credit unions that believed in the organization and made an investment to help it succeed." CUMAnet serves more than 50 credit unions.