Credit union mortgage services provider CU Members Mortgage, a business partner of Credit Union Resources, Inc., is offering a Credit Union Elite Partners Reward Program to its credit union partners. The mortgage servicing company’s eligible correspondent credit union partners receive a special discount in fees and 25-basis point price improvement. Once credit unions meet their quarterly goal, the following quarter they reap the benefits.
25-basis point improvement – pricing reflected on rate sheet adjustment
$200 discount on administration fees
Minimum 65 percent pull through rate
Maximum 120 percent underwriting resubmission rate
$1,000,000 in loans funded per month or $3,000,000 funded quarterly
“Our Elite Partners program is geared toward rewarding our top-performing partners,” states Randy Shannon, Vice-President of Correspondent Lending with CU Members Mortgage. “We realize how important mortgage lending is for credit unions in the bigger economic picture and for the well-being of the industry, so we developed this beneficial rewards program to help spur their lending activity for enhanced results. In the end, they win with more business and their members win with purchasing new homes.”