RANCHO CUCAMONGA, Calif. – CU West Mortgage, a full-service mortgage lending company formed earlier this year by the California Credit Union League to provide mortgage services to credit unions in California and Nevada, received final approval to begin taking credit union loan applications. The company received its lending license from the state of California and approval from Fannie Mae. CU West Mortgage CEO Mark Hiatt plans to announce the company's official opening at a December 11 reception. CUWM's system became fully functional Dec. 1 when its automated loan process, developed by Prime Alliance, came online. CCUL Chairman and Allied CU CEO Frank Michael signed the first credit union contract with the new company on Nov. 17 at the opening of the league's annual meeting and convention. "Now that Allied Credit Union is the first to sign a contract, the race is on to see who will be the first to send us a loan, and who will be the first to close one," said Hiatt. CU West Mortgage features a Web-based origination system that credit union members can access to apply for loans. Members can also apply for loans directly with their credit union or a CUWM employee and check the status of their loan online. CUWM also handles the processing and underwriting of all the loans, but credit unions will have the ability to buy their members' loans.

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