BASKING RIDGE, N.J. — Credit union clients of the Credit Union Mortgage Alliance Network (CUMAnet) who have been limited in the mortgage loans they can make because of liquidity concerns, now have a new program to choose from that creates a unique secondary market within the CUSO's CU client community and keeps the mortgage loan money in a participatory, shared format among CUMAnet CU clients.

CUMAnet, a multi-owned real estate CUSO owned by three New Jersey-based CUs–Affinity FCU, Basking Ridge; Greater Alliance FCU (formerly Central Bergen FCU), Hackensack; and Proponent FCU (formerly HLR FCU), Nutley–and which also has 38 additional credit union clients nationwide, launched its new Multi-Partner Loan Participation Program on Oct. 10.

"We have some credit union clients who experience liquidity issues but still want to offer mortgages to their members," said CUMAnet Assistant Vice President, Credit Union Relations Leo O'Donnell. "If we go strictly by Fannie Mae and Freddie Mac guidelines to sell on the secondary market, they're very restrictive. With our new Multi-Partner Loan Participation Program we've created our own secondary market made up of our credit union clients that lets us keep the mortgage money in the credit union community in a shared format," O'Donnell said.