A year after CU Companies launched a secondary market option forfunding mortgages, the CUSO said 33 partners have signed on,surpassing its goal by 65%.
|The Correspondent Lending program is an expansion of CUCompanies' original mortgage program, according to the NewBrighton, Mass.-based CUSO. Participating credit unions originate,process and close the loan. CU Companies then underwrites and purchases the closedloan.
|Credit unions have access to a website that aims to streamlinethe loan process, direct access to onsite underwriters, and toolsand technological resources to ensure an efficient loan process,according to CU Companies.
|Currently, the correspondent lending program is offered to credit unions inIllinois, Iowa, Minnesota, North Dakota, South Dakota andWisconsin.
|Founded in 1987 by three Minnesota credit unions as the formerCU Mortgage Services Inc., CU Companies has expanded over the yearsto include four subsidiaries that provide title, realty,investments and member business services.
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