PINE BROOK, N.J. — CU National Mortgage is still servicing loans, but the company is no longer originating new mortgages.
A Feb. 6 letter to clients obtained by Credit Union Times stated, "We regretfully inform you that issues have arisen at CU National that are preventing us from effectively processing loans that are currently active in your pipeline. Our warehouse lines of credit that we have previously had used to fund loans that you have slated for sale to the secondary market have been reduced to the point that we cannot guarantee their availability at the time of loan closing."
"We have also lost access to Fannie Mae as a delivery channel on the secondary market, and along with that, have lost our ability to submit loan information to Desktop Underwriter."
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However, questions still remain regarding why Fannie Mae abruptly ended its relationship with CU National Mortgage and parent company U.S. Mortgage Corporation. Andrew L. Liput, general counsel to CU National Mortgage, declined comment, but said he may issue a statement later this week. He said at this time, he's "trying to gather information" and is "dealing with a lot of regulatory authorities, including the NCUA."
Liput did confirm that CU National Mortgage is still servicing mortgages. However, Tort told the Credit Union Times, Feb. 11 that he's no longer employed by the company.
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