GRAND RAPIDS, Mich. – MBS Mortgage Company, LLC, a provider of mortgage services exclusively to credit unions and a division of Multi-Bank Services Ltd., has come out with four new specialized programs designed for credit unions: * the stated income program requires no income documentation or verification from the member. Loan-to-value restrictions and a member's credit score offset any risks entailed. This type of loan, said MBS President John Teweles, "is ideal for self-employed members." * one-time closing for new construction-to-permanent loans. Instead of having two closings – one for the construction loan and another for the permanent loan – and two sets of closing costs, a member can lock in a rate until the house is completed. * expanded programs for credit challenged members who don't fit Fannie Mae or Freddie Mac guidelines. The programs are structured on risk-based pricing. * 100% mortgage program only looks at the borrower's mortgage history. It is suited for the credit challenged member who has kept up with their mortgage payments. MBS Mortgage currently works with around 80 credit unions throughout the U.S.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.