BASKING RIDGE, N.J. — The Credit Union Mortgage Alliance Network has been selected by Bank-Fund Staff Federal Credit Union, Washington, to act as its "National Mortgage Center" to fulfill the CU's effort to provide nationwide mortgage services for its members.
The move is an extension of BFSFCU's existing relationship with Mortgagebot of Mequon, Wis., a leading provider of online mortgage technology. (Mortgagebot services 41 of the top 100 credit unions.) Dan Welbaum, chief marketing officer of Mortgagebot, said Bank Fund uses the company for POS transactions and was seeking to partner with a provider that had a track record in mortgage services.
"Via their new National Mortgage Center, BFSFCU can now offer loan applications by phone in all 50 states and take full advantage of Mortgagebot's technology. The key advantage is that it is completely transparent to members, who never feel they are leaving the hands of their trusted FCU," he said. "This also resolves an issue that many CUs have in not being able to lend nationwide. Moreover, since CUMAnet and BFSFCU were both already partnering with us, the transition was seamless all the way around."
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Bank-Fund Staff Federal Credit Union was organized and chartered in 1947 and serves primarily the staffs of The World Bank Group and the International Monetary Fund. Daniel von Schaumburg, president of CUMAnet said BFSFCU would continue to originate, process and close loans in their immediate geographic area (D.C, Md., Del., Va. and W.Va.) via their existing relationship with Mortgagebot, but CUMAnet will handle loans for the remainder of the nation via Mortgagebot software, taking nationwide applications by phone.
Janet Corrigan, the director of lending services for Bank Fund Staff FCU said, "We are very strong on 'Once a Member, Always a Member,' so we wanted to ensure that as members left this area we could continue to provide services not just for them, but for their family members as well, because they are eligible for membership. The ability to complete an application online, from anywhere in the world–and our members are in many different countries–was a critical factor for us."
Corrigan added that being on the front end of technology is as important as having the best rates and services, as each bolsters the other, and both serve the members' needs. It was also important that they partner with a provider that lived the credit union philosophy, and because CUMAnet is CU-owned and all employees are trained in CU operations, it made good business and as well living out the CU philosophy.
"This new avenue for lending also allows us to keep our loans within the CU family and maintain and build our member base," noted Corrigan. "We no longer have to leave the CU world to help our members, and outside institutions no longer mine our proprietary data and cross sell our members with products of their own."
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