ONTARIO, Calif. (5/13/13)--The California and Nevada Credit Union Leagues have partnered with Community Mortgage Funding (CMF) LLC to assist California member credit unions with their mortgage lending needs.
The Pomona, Calif.-based credit union service organization will provide league member credit unions servicing, loan origination, underwriting and processing services. CMF also will offer ongoing education and consulting services such as home-buyer seminars and custom marketing.
CMF will provide a $400 credit toward the cost of the appraisal for each loan that closes within the first 90 days of becoming a new CMF client.
"Our partnership with Community Mortgage Funding will help our member credit unions by creating an outlet for them to sell mortgage loans to their members and reducing their concentration risk, thus allowing them to be competitive in the market," said Tony Kitt, vice president of strategy and innovation at the leagues.
Community Mortgage Funding offers three business models to accommodate the level of participation best suiting its credit union clients' needs.
Those three business models are:
- Sales Builder Track--provides a cobranded online mortgage loan center, allowing credit unions to offer mortgage loans to their members without the added cost and operational impact of offering home loans in-house;
- Relationship Builder Track--allows credit unions to be active in the application process by working directly with their members during the initial stages; and
- Business Builder Track--allows credit unions to generate additional fee income by managing the origination and processing functions of the mortgage transaction.