eCU Mortgage Introduces Third Party Mortgage Origination Service for Credit Unions
HOUSTON, June 21, 2017 – eCU Mortgage, the CUSO mortgage company that serves credit unions throughout Texas, has introduced a third party mortgage origination service that streamlines the mortgage process and delivers more revenue to credit unions when loans are sold on the secondary market.
The mortgage origination solution supplements a credit union’s existing loan efforts through a RESPA-compliant structure in which the credit union initiates the loan while eCU Mortgage handles all the closing and funding. It is designed to maximize a credit union’s control over its member’s loan experience and assure compliance throughout the entire process.
eCU Mortgage processes and underwrites the mortgage loans, closes and funds them, and sells the closed loans on the secondary market, returning revenue back to the credit union that is well above the industry average.
“Member relationships are the core of any credit union’s business, and this third party origination system is designed with that in mind,” said Jackie Adams, Vice President of eCU Mortgage. “We help credit unions leverage those relationships and deliver top-flight service without the expense of building their own loan origination systems.”
eCU Mortgage’s third party origination keeps credit unions involved in the process so they don’t lose touch with their members, Adams explained. eCU Mortgage further adds a high level of service that includes minimizing the time between application and loan closing while maximizing the transparency of the entire process.
Credit unions can work with eCU Mortgage by simply transferring all the necessary documentation or they can choose to take a more active role by opting for a seat on the eCU Mortgage system.
“By giving a client credit union a seat on our system, they see what we see. They can track the progress of every loan and know exactly what is going on at any point in the origination process,” said Adams. “It allows them to control pricing and the locking of the loan, so they can work on behalf of their members every step of the way.”
The eCU Mortgage third party origination offering can also be used by larger credit unions that have their own mortgage infrastructure but want a partner to handle FHA, VA, and other government loans, Adams noted.
eCU Mortgage, a subsidiary of First Service Credit Union of Houston, also offers Texas credit unions a broad range of other mortgage services that allow the credit unions to deliver thorough loan disclosures to their members, assure compliance, and retain their unique branding to assure a close member relationship.
About eCU Mortgage
eCU Mortgage LLC is a licensed mortgage company offering a full range of mortgage solutions to Texas credit unions. Our mission is to provide outstanding service to members and clients with a team of experienced mortgage professionals who are dedicated to providing customized, comprehensive financing and personalized service. eCU Mortgage, NMLS# 1071847, is a subsidiary of First Service Credit Union of Houston and is located at 16430 Park Ten Place, Houston, TX 77084. Visit us at www.ecumortgage.com or call 877-541-1810.