RANCHO CUCAMONGA, Calif. (5/29/13)--CO-OP Financial Services Tuesday introduced CO-OP Mortgage Solutions, a suite of mortgage lending services for credit unions that combines technology applications, legal/regulatory expertise and call-center support.
"Mortgage lending is a cornerstone product for credit unions, yet building the in-house capacity to support mortgage portfolios and keeping up with complex regulatory mandates can be difficult for many institutions," said Stan Hollen, CO-OP Financial Services president/CEO. "CO-OP Mortgage Solutions brings technology, expertise and availability to credit unions needing a comprehensive and cost-effective mortgage offering to grow and retain membership."
The CO-OP Mortgage Solutions suite includes four services:
Correspondent Lending Program for mortgages credit unions may not want to hold on their balance sheets. Benefits include reduced operational costs, remaining compliant and avoiding buy-backs.
Loan Servicing for compliant, high-touch subservicing of performing and non-performing loans. Benefits include technology applications that provide credit union managers with real-time views into loan performance and a service team to save credit unions time and money, while protecting their investments.
Origination Services for domestic support in the processing, underwriting and closing of residential mortgages. The services include fulfillment solutions that are Secure Ammunition and Firearms Act-compliant and loan-origination system software.
Settlement Services for nationwide access to title insurance, uninsured title products and closing services. The services are designed to help credit unions close more loans faster, with greater control of the settlement process.
CO-OP Financial Services is offering CO-OP Mortgage Solutions in partnership with LenderLive Network Inc., Glendale, Colo., and will operate services via CO-OP Member Center, a wholly owned subsidiary of CO-OP Financial Services based in Fort Worth, Texas.