ALEXANDRIA, Va. — The NCUA has issued a letter to credit unions emphasizing the need to carefully examine their use of mortgage brokers and correspondents.
It's the second time in a year that the regulator has issued such as a warning.
"Recently, there have been a few highly publicized losses from credit unions failing. In those cases a mortgage broker or correspondent was involved. The purpose of the letter is to bring special attention to those relationships and to emphasize the due diligence that is needed [when] entering into and managing such relationships," an NCUA spokesperson told Credit Union Times.
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