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From the Editors of CU Weekly

BOOST YOUR CU's MORTGAGE LENDING
updated 02/23/15 04:15 PM
Choose From Three Models
The housing market continues to improve and consumers are gaining more confidence in the economy. This presents an opportunity for your credit union to step in and sell mortgage loans to your members, while reducing your concentration risk.

Step up your mortgage lending with Community Mortgage Funding (CMF). CMF is a fully-licensed mortgage company that offers services such as loan originations, underwriting, processing, and servicing—giving you the flexibility to decide how much you want to be involved in the lending process.

CMF implements three business models that accommodate the best level of participation to meet your credit union’s needs:

Sales Builder Track
The Sales Builder Track is designed for credit unions that want to offer their members loan programs without the associated operational costs. This means that CMF performs all of the mortgage functions of the transaction and walks members through the loan process, including loan selection and approval. The credit union can then purchase the loan for their portfolio, or CMF sells the loan to a secondary market investor of its choice.

Relationship Builder Track
The Relationship Builder Track is best suited for credit unions that want to take a more active role in the application process. The credit union takes the member's loan application and serves as the home loan advisor. CMF acts as the loan officer and processor, performing all processing and servicing functions. Like the Sales Builder Track, the credit union purchases the loan for their portfolio, or CMF sells the loan to a secondary market investor of its choice.

Business Builder Track
The Business Builder Track allows credit unions to perform the role of a third-party originator, and generate the lender's fee income by managing all origination and processing functions. CMF provides underwriting, closing, funding, and loan servicing functions.

Click here to learn more about CMF! Or contact Tonja Wheatley, vice president of Credit Union Solutions and Membership, at 909-212-6023 or tonjaw@ccul.org.

 
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