CU Companies Introduces Correspondent Program


CU Companies, a mortgage service organization owned by credit unions in the New Brighton, Minn. area, has launched a correspondent purchase program for member institutions.

Like what you see? Click here to sign up for a National Mortgage News free trial and daily newsletter to get the latest feature stories, news headlines, data, and in-depth analysis on the issues impacting the mortgage industry.

Retail credit unions will originate, process, and close the loan with CU Companies underwriting and purchasing the mortgage.

“Our correspondent lending program is a solution that promotes loyalty,” said Brad Crandall, CEO of CU Companies. “We won’t back-solicit our partners’ members with financial services their credit union already provides.”

Initially, the program is being offered to credit unions in Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin.

Daily Briefing | Monday, August 1, 2011

  • Aurora Loan Services For Sale – Again

    The ‘on-again/off-again’ sale process has started once again for Aurora Loan Services, the Colorado-based mortgage banking division of Aurora Bank FSB, according to industry officials.

  • Yield on Benchmark 10-Year Falls, But Will Consumers Refi?

    In the wake of a political deal to solve the nation’s debt ceiling crisis, the yield on the benchmark 10-year Treasury fell to 2.7% Monday, which usually means mortgage rates are headed south as well.

  • Mortgage Lender Sued for Misrepresenting HUD Insured Loans

    MDR Mortgage and its founder and president Robert Luce are facing a lawsuit filed by the Department of Justice for the alleged misrepresentation of Department of Housing and Urban Development-insured loans.

  • Warehouser Funds 1,000 Loans in Quarter

    Silvergate Bank, La Jolla, Calif., said its warehouse lending program funded over 1,000 residential mortgage loans totaling $267 million in the second quarter.

  • Study: Homeowners Still Dissatisfied with Mortgage Servicers

    Homeowners who originated their mortgages during the peak of the housing boom with unfavorable loan terms are getting more frustrated with their inability to refinance with mortgage servicers, according to the J.D. Power and Associates 2011 U.S. primary mortgage servicer satisfaction study.

  • A Second Buy for Security Firm

    Homeland Security Capital Corp., Arlington, Va., has made its second acquisition in the mortgage and settlement services space by buying Timios Inc., a nationwide provider of title and escrow services for $1.15 million, plus contingency payments of up to $1.35 million over the next 12 months.

  • CMBS Trading Heads Depart Goldman, Citigroup

    The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

  • Amherst Examines BofA Settlement’s Impact on Securities Valuations

    A new report by Amherst Securities Group examines how the recent Bank of America settlement has the potential to significantly impact Countrywide securities that comprise the Covered Trusts. Although the market seems to treat these securities in the same way, Amherst said that the impact will vary from security to security.

  • CMBS Defaults Rising and Survey Shows Conservative Investor Outlook, Says Fitch

    U.S. senior fixed-income investors are taking a more conservative view of cross asset credit conditions on the back of recent macroeconomic concerns, according to a Fitch Ratings fixed-income forum survey of fixed income professionals, conducted in June.

  • Judge Dismisses NCUA Case Against WesCorp Directors

    In a major defeat for the National Credit Union Administration, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate credit union, all of them prominent figures in the credit union movement.

  • Texas Tech FCU Inks Deal For MRG’s Mortgage Doc Solution

    Texas Tech Federal Credit Union in Lubbock has chosen MRG’s Miracle Online platform for its mortgage document preparation needs.

  • Ariz. State CU Signs Up For Fannie Mae’s HomePatch REO Loans

    Arizona State CU has begun offering its members low-down payment, low-rate loans to buy homes currently owned by Fannie Mae, the Phoenix-based credit union said.

Leave a Reply