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CUs are pushing mortgage loans
MADISON, Wis. (11/18/11)--While Bank Transfer Day and the weeks leading up to it brought credit unions 700,000 new members, credit unions must now take measures with other products and services on a long-term basis.

During September 2011, the sixth consecutive month of positive loan growth for credit unions, fixed-rate mortgages led loan growth with a 2.2% increase.

As the interest in mortgage loans grows, service providers are taking measures assist credit unions in offering their members mortgage services.

CU Members Mortgage, which provides mortgage services to credit unions, reported that it added 12 clients:

  • Georgia Heritage FCU, Savannah, Ga., $77 million in assets; 8,074 members;
  • Holy Family Memorial CU, Manitowoc, Wis., $12 million in assets;
  • LGE Community CU, Marietta, Ga., $814 million in assets;
  • Lincoln S.D.A. CU, Lincoln, Neb., $14 million in assets;
  • National 1st CU, Santa Clara, Calif., $188 million in assets;
  • Premier Lending Alliance, LLC, Des Moines, Iowa;
  • TCC CU, Dallas, $27 million in assets;
  • The Florist FCU, Roswell, N.M., $6 million in assets;
  • USX FCU, Cranberry, Pa., $188 million in assets;
  • Utah Central FCU, a division of Chartway FCU, Virginia Beach, Va., $1.8 billion in assets;
  • Victoria (Texas) FCU, $11 million in assets; and
  • Wauna FCU, Clatskanie, Ore., $140 million in assets.
Also, a mortgage software developer based in West Palm Beach, Fla., OpenClose has added a shortened loan application to its mortgage loan origination software. The new "short app" was developed to easily initiate the loan process or create a home equity line of credit (HELOC).

Rather than using the more complex 1003 form, employees untrained in the mortgage process can create a mortgage application using OpenClose's short app. The one-page, simplified loan application can be used for all non-realty collateral.

Meanwhile, United Wholesale Mortgage (UWM), a national wholesale mortgage lender, has released a proprietary decisioning solution within its broker portal for credit unions and other financial institutions. Custom developed in-house, Easy Qualifier (EQ) returns pricing and product eligibility on up to 10 mortgage programs.

EQ is integrated with Easiest Application System Ever (EASE), UWM's custom broker portal, a Web-based and pipeline management tool. EASE contains an automated pricing engine that provides pricing on eligible loans. The portal also allows for rate-locks, offers real-time status on conditions, provides communication with underwriters and provides visibility over the entire loan pipeline from submission to funding.


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