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.