The California and Nevada Credit Union Leagues have partnered with Community Mortgage Funding, LLC to assist member credit unions in California with their mortgage lending needs.
The Pomona-based CUSO will provide League member credit unions with services such as loan originations, underwriting, processing, and servicing. CMF also will offer ongoing education and consulting services, such as home-buyer seminars and custom marketing. In addition, for League member credit unions, 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, Leagues vice president of strategy and innovation.
“Each credit union has unique membership needs and organization goals, so Community Mortgage Funding offers three business models to accommodate the level of participation that best suits the specific needs of the credit union,” said CMF CEO Andrea Blais.
Those three business models are:
- Sales Builder Track—provides credit unions with a cobranded online mortgage loan center allowing them 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.
- Business Builder Track—enables credit unions to generate additional fee income by managing the origination and processing functions of the mortgage transaction.
About Community Mortgage Funding, LLC: Community Mortgage Funding, LLC is a CUSO with two shareholders—SCE FCU in Irwindale, CA and Farmers Insurance Group FCU in Los Angeles. It has been providing credit unions with services such as loan originations, underwriting, processing, and servicing since 1999. As a premiere mortgage partner serving the credit union community, CMF offers fair and competitive home ownership solutions, while providing ongoing education and consulting services to include home-buyer seminars for a credit union’s membership, custom marketing, and monthly staff webinars to address specific topics or changes in the marketplace. For more information, go to www.CMFloan.com.
About the California and Nevada Credit Union Leagues: With headquarters in Ontario, CA, the California and Nevada Credit Union Leagues are the trade associations representing the interests of more than 400 credit unions in California and Nevada, and their 10 million members. For more information, go to www.ccul.org.