RANCHO CUCAMONGA, Calif. – Orange County Teachers FCU has become the third partner in a California Credit Union League venture to form a mortgage company being designed to help California and Nevada credit unions originate and service mortgage loans. In addition to becoming an investor in CU West Mortgage, as the company is tentatively being called, the credit union will provide it with an Internet application system and automated underwriting, loan processing and mortgage servicing technology. CCUL said CU West Mortgage will be an equal partnership among the league, Orange County Teachers FCU, and Community Mortgage Funding LLC, a three-year old mortgage CUSO owned by five Southern California credit unions. CMF will perform the front-end origination work for CU West Mortgage, and CCUL will be responsible for back-office activities (CU Times, April 2).
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