CU Members Mortgage, a lending mortgage vendor serving CUs, is touting its 2010 growth as bucking a very poor economic year that also carried a greater regulatory burden than usual.
"In the midst of last year's application boom , we've watched MDIA and RESPA present challenges that have increased the time necessary to process a loan," observed Linda Clampitt, senior vice president of CU Members Mortgage. "We've watched investor guidelines become even more conservative and documentation requirements become more demanding. We are still awaiting loan officer compensation changes under new regulatory guidelines and don't forget the S.A.F.E. Act is looming."
But the firm remained unfazed by the year's increasing number of regulations or economic slowdown, adding 44 credit unions, increasing its mortgage applications by 150% and increasing its staff from 95 to 131, the firm said.