TMG Financial, myCUmortgage Team Up On Short-Term Mortgages
DES MOINES, Iowa – TMG Financial Services said its CU Structured Finance CUSO is working with Wright-Patt CU's myCUmortgage to establish a line of credit for to fund short-term mortgages.
CU Structured Finance said it will provide third-party, arms-length monitoring of the mortgage loan and collateral. The two CUSOs have raised more than $13 million so far from nine credit union clients to help fund short-term mortgages.
“We were challenged to find a cost-effective and operationally-efficient method to obtain warehouse lines of credit. We’re excited to be able to develop a collaborative solution within our industry and to work with CU Structured Finance,” said Tim Mislansky, president of myCUmortgage.
CU Structured Finance was created last year to provide financing alternatives for credit unions. Its parent, TMG Financial, is an affiliate of the Iowa CU League.