RANCHO CUCAMONGA, Calif.-CO-OP Financial Services last week introduced CO-OP Mortgage Solutions, a suite of mortgage lending services for credit unions that the company said combines advanced technology applications, legal/regulatory expertise and call center support.
"Mortgage lending is a cornerstone product for credit unions, yet building the in-house capacity to support mortgage portfolios and keeping up with complex regulatory mandates can be difficult for many institutions," said CEO Stan Hollen in a statement. "CO-OP Mortgage Solutions brings technology, expertise and availability to credit unions needing a comprehensive and cost-effective mortgage offering to grow and retain membership."
Four-Part Solution
The CO-OP Mortgage Solutions suite includes four services:
* Correspondent Lending Program provides a conforming loan purchase program for the mortgages credit unions may not want to hold on their balance sheets. Benefits to credit unions include reduced operational costs, remaining compliant and avoiding buy-backs, CO-OP said.
* Loan Servicing for compliant, high-touch subservicing of performing and non-performing loans. CO-OP said benefits include technology applications that provide credit union managers with real-time views into loan performance and a service team dedicated to saving credit unions time and money, while protecting their investments.
* Origination Services to provide domestic support in the processing, underwriting and closing of residential mortgages. "This service includes comprehensive fulfillment solutions that are SAFE Act-compliant and easy to use loan origination system software," CO-OP said.
* Settlement Services to provide nationwide access to a complete array of title insurance, uninsured title products and timely closing services. The company said the service is designed to help credit unions close more loans faster, and with greater control of the settlement process.
Partnered With LenderLive
CO-OP Financial Services is offering CO-OP Mortgage Solutions in partnership with LenderLive Network, Inc., of Glendale, Colo., and will operate services via CO-OP Member Center, a wholly-owned subsidiary of CO-OP Financial Services based in Fort Worth, Texas. CO-OP Member Center provides call center support to credit unions for member and lending services.
