New Brighton, Minn (June 16, 2016) – CU Companies announces the acquisition of One United Mortgage Group's (UOMG) servicing rights. The Credit Union Servicing Organization (CUSO) is based out of Omaha, Neb., and is solely owned by Centris Federal Credit Union. CU Companies, also a CUSO, plans to be the preferred channel for future mortgage origination needs of the OUMG credit union and community bank partners.
"OUMG chose to pass the torch to CU Companies due to our similar philosophies in providing an excellent level of service," said Brad Crandall, CU Companies CEO. "We are relationship focused and have an unparalleled Q5 communications process that has been successfully modified throughout our nearly 30 years of meeting the mortgage needs of credit unions and community banks."
Crandall mentions Q5 as a key component to the transaction with OUMG. The term Q5 was coined by CU Companies as an internal key metric for consistent mortgage loan file updates to the credit union or bank partner, the borrower, and the borrower's real estate agent. Change in mortgage regulations made a smooth process flow more difficult so Q5 was the organization's answer to keep the loan moving; the borrower is contacted every five days and at least five points are communicated to the borrower as the loan moves through to closing. "It's a great compliment to know that our process opened the door to collaboration with OUMG," add Crandall.
The acquisition will be completed with the transfer of files on August 1, 2016. "CU Companies' commitment to their partners and to personalized service will be a great asset to our OUMG partners, and I'm confident the transition will be seamless," added Jeff Shapiro, OUMG Senior Vice President.
The acquisition of the servicing rights positions CU Companies to serve the Nebraska credit union market, as reported by Crandall. Growing the CUSO in this manner continues the focus on why CU Companies was originally created, to provide economies of scale and competitive advantages for its partners. "Building the organization through servicing aligns with our core purpose and allows growth at a deliberate pace. We're growing to help financial institutions serve their borrowers with the best means possible; we're not just growing to grow," concluded Crandall.
About CU Companies: CU Companies was founded in 1987 by three Minnesota credit unions to offer a competitive mortgage solution for their members. Now CU Companies is owned by over 60 credit unions in Minnesota and offers a wide range of products and services to numerous credit unions and community banks across the nation. For more information, click to www.cucompanies.com