(New Brighton, MN August 6, 2012) – As CU Companies comes to a close on its fiscal year, it is reporting that it surpassed the Correspondent Lending partner goal by 65 percent. CU Companies has added 33 partners since the inception of its Correspondent Lending channel last year.
"When planning to offer the Correspondent Lending channel, we knew it would complement our current Retail Lending channel in our mortgage department," said Brad Crandall, CU Companies CEO. "Financial institutions were hungry for an organization that not only provided great pricing, but one that offered great service."
As a part of the Correspondent Lending service standards, CU Companies maintains a commitment to its partners that it will not back-solicit borrowers. Additional features of this program include a robust website that streamlines the loan process, direct access to on-site underwriters, and tools and technological resources to ensure an efficient loan process.
"Obviously our pricing gets attention because it allows our partners to earn extra income that wasn't there before. They also see that by CU Companies underwriting the file, we also assume the risk," said Crandall. "Those two things have always been huge factors in mortgage lending, and even more so in today's financial world."
Currently, the program is offered in Illinois, Iowa, Minnesota, Missouri, North Dakota, South Dakota, and Wisconsin. To finish off its fiscal year, CU Companies added six partners to its Correspondent Lending channel during the months of June and July: Black Hills Federal Credit Union ($936 million; Rapid City, SD), First Community Credit Union ($83 million; Beloit, WI), Mid America Bank and Trust ($118 million; Rolla, MO), Minnesota Valley Federal Credit Union ($85 million; Mankato, MN), Prime Financial Credit Union ($129 million, Cudahy, WI), Royal Banks of Missouri ($406 million, St. Louis, MO).
Credit unions interested in learning more about this secondary market option for funding mortgages can go to https://cucl.secure-onlineorigination.com. Or call a CU Companies Account Executive at 651-631-3111.