CU Mortgage Services, Inc. Approved as FHLB Des Moines Sub-Servicer
CU Mortgage Services, Inc., a business unit of CU Companies, is proud to announce that the Federal Home Loan Bank of Des Moines has approved them as a sub-servicer effective April 1, 2015. This approval allows CU Mortgage to service more types of loan products.
FHLB Des Moines has nearly 1,200 member-owners in Iowa, Minnesota, Missouri, North Dakota, and South Dakota who rely on the Bank to provide reliable short-term and long-term, attractively priced funding solutions. Now, the credit unions and community banks in those areas that work with CU Mortgage as their mortgage lending solution can have their FHLB loans sub-serviced by CU Mortgage.
"Our sub-servicing plays a significant role in the mortgage lending process due to our reputation and culture," said Brad Crandall, CU Companies CEO. "We were built on the foundation of personalized service and sub-servicing FHLB Des Moines loans is right in line with that purpose."
FHLB Des Moines approval as a sub-servicer allows the owners and partners of CU Mortgage to continue to offer the Bank's products while placing the sub-servicing of those loans in the hands of their trusted mortgage resource. To have CU Mortgage sub-servicing FHLB Des Moines loans allows those credit unions and community banks to focus even more on serving their marketplaces, rather than addressing regulation standards.
This ties nicely into CU Mortgage's contract processing underwriting services as well. The credit union or community bank originates the loan, the experts at CU Mortgage then can handle the processing and/or underwriting portions in accordance to secondary market guidelines. After approval, CU Mortgage prepares the closing package in the name of the lender who closes the loan which then flows smoothly into the servicing department.
"Adding the processing and underwriting pieces to the equation removes challenges for our credit unions and community banks so they can focus on providing more loans to their borrowers," said Crandall. "It guarantees investor guidelines are met and delivers a turn-key solution as our experienced staff will keep the loan flowing, whether it's FHLB or another program type."