CUNA Mutual Mortgage Forms New ServicingCompany
MADISON, Wis. - (06/11/04) -- CUNA Mutual Mortgage Corp. hasformed a new entity as a means of expanding credit union mortgagelending. The new entity, called SHAREX, will offer mortgageservicing, compliance, reporting, secondary market delivery andbundling of services to member credit unions. CUNA Mutual said thesavings to participating credit unions will be immediate becausethe cost of servicing mortgage loans is driven primarily by thesize of the portfolio, and SHAREX will combine member creditunions' mortgage servicing with the portfolio currently serviced byCUNA Mutual Mortgage Corporation. Membership in SHAREX will cost$1,000 until Dec. 31, 2004. After that, the cost will jump to$2,500 per year.