Processing & Underwriting

Take the member’s mortgage loan application and outsource the back office. Engage your members in the application process and let myCUmortgage handle the other functions like processing, mortgage underwriting services, closing and servicing. Your members complete the online application from the convenience of their homes, and you remain their main point of contact and collect their credit documents. Plus, your members receive automated loan status updates to keep them informed. All of this enables you to focus on helping more members while we issue rates daily and are available to assist you with questions as they arise. And, we give you the flexibility to incorporate your portfolio loans along with the ability to choose to retain servicing on your portfolio loans.

Benefits include:

• Credit union offers mortgages to members and serves as their key contact, enhancing the member relationship
• Credit union receives state-of-the-art loan origination system for online applications and internal staff use
• Credit union receives assistance in processing, underwriting, and closing from an experienced credit union partner
• Credit union earns 50-200 bps on each loan they sell (depending on compensation level)
• Credit union earns an origination fee, if charged

Take the member’s mortgage loan application. Retain some processing and outsource the underwriting, closing and secondary market sale. We empower your staff to originate and process applications within your own lending department. myCUmortgage underwrites and closes the loan for you. Plus, you have the flexibility to incorporate your portfolio loans along with the ability to choose to retain servicing on secondary market loans.

Benefits include:

• Credit union offers mortgages to members and serves as their key contact, enhancing the member relationship
• Credit union receives state-of-the-art loan origination system for online applications and internal staff use
• Credit union receives assistance in underwriting, closing, and Secondary Market sale from an experienced credit union partner
• Credit union earns 50-200 bps on each loan they sell (depending on compensation level)
• Opportunity to earn service-released income for sold mortgages to myCUmortgage and fee income (charged upfront as closing costs on LE/CD)
• Option to portfolio loans and earn 100% of the interest income
• Credit union earns an origination fee, if charged

If you have the need, our CU Select program offers full-time, experienced loan originators who work as an extension of your credit union, providing the highest quality service and best mortgage products available.

You and your members work directly with myCUmortgage to assist them with their mortgage lending needs.

This program is not available in all states but offers:

• Credit union-friendly solutions for members with home financing needs
• Complete turnkey service experience that includes a dedicated Loan Originator
• Regular reports outlining the mortgage application activity of members
• Opportunity for credit unions to earn 50 or 100 bps on closings from all loan programs where adequate RESPA requirements are satisfied
• The option for credit unions to place member loans in their own portfolio and earn 100% of the interest income

Provide your members expanded financing options by complimenting your current mortgage offering with FHA, VA and USDA products. Government lending helps you provide your members with mortgages that “best fit” their needs while earning income for your credit union. Your staff originates the loan and stays in front of your members. Government lending can accompany CU One and CU Two, or it’s offered as a standalone option. Government lending is service released only and benefits include:

• Offer government lending options to your members without the “red tape” and regulatory compliance hassles
• Credit union offers government loans to members and serves as their key contact, enhancing the member relationship
• Credit union receives processing, underwriting, and closing services from an experienced credit union partner
• Credit union earns 100-150 bps on each FHA loan and 100-200 bps on each VA and USDA loan