A year after CU Companies launched a secondary market option for funding mortgages, the CUSO said 33 partners have signed on, surpassing its goal by 65%.
The Correspondent Lending program is an expansion of CU Companies' original mortgage program, according to the New Brighton, Mass.-based CUSO. Participating credit unions originate, process and close the loan. CU Companies then underwrites and purchases the closed loan.
Credit unions have access to a website that aims to streamline the loan process, direct access to onsite underwriters, and tools and technological resources to ensure an efficient loan process, according to CU Companies.
Currently, the correspondent lending program is offered to credit unions in Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin.
Founded in 1987 by three Minnesota credit unions as the former CU Mortgage Services Inc., CU Companies has expanded over the years to include four subsidiaries that provide title, realty, investments and member business services.