Xtend Inc. is marking the end of its third year of providing back-office service to credit union mortgage loans by reaching the 3,000 mark in the number of supported loans, according to the Grand Rapids, Mich., CUSO.
Xtend said it now provides back-office mortgage support for 23 credit unions through its Lender*RE division, a service it began in January 2008. It provides the service through a contract with CU*Answers Inc., its core processing sister CUSO.
Xtend President Scott Collins said his company has seen mortgage servicing revenue increase by more than 15% each year and that it now handles loans made through Fannie Mae, Freddie Mac and FHLB.
"When CU*Answers first came to us about servicing mortgage loans, we knew it was a great opportunity to help more of their credit union partners get into the mortgage space," said Xtend President Scott Collins. "Since the inception of this service in January of 2008, we have seen a steady growth in both the loan volume and the number of credit union clients."
Xtend is owned by 52 credit unions and said it now provides services to more than 120 CUs.