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Mortgage Lending CUSO

Comprehensive Solutions

As your mortgage lending CUSO, MMS promises to act as an extension of your team – bridging resource gaps with experienced processors, underwriters, closers and services at a fraction of the cost it would take to build in-house. Your Credit Union can expect timely feedback and approvals, technology solutions that keep your name in front of your members, and compliance expertise that allows you to offer government lending without the typical red tape. MMS handles the back end of your mortgages so you can originate more loans and stay focused on your member relationships.

No two Credit Union partners are alike, but those who have the most successful mortgage lending program focus on:

  • Marketing Mortgage Loans – providing dedicated resources and consistent support for mortgage loan originators

  • Continued education – keeping up on the mortgage market and the products

  • Gaining strategic buy-in – senior leadership committed to allocating resources to the mortgage lending department

With competitive mortgage loan products, flexible service and a collaborative spirit the MMS goal is to see Credit Unions succeed and keep your members satisfied.

Processing and Closing

Using our efficient technology, the Members Mortgage Services’ team of dedicated and tenured mortgage processing associates will help you build pristine, paperless mortgage files.

The MMS team of mortgage processing associates gather information to help you get each loan file from pre-approval to closing. Our processors ensure proper loan information is entered into the system and that all loan documentation is complete. They partner with your loan officers to verify loan documents and prepare all documentation necessary for underwriting and closing. This helps ensure all things are a-go for your member’s journey to home ownership.

Processing is available to MMS affiliate partners.

Servicing

We take the hassle out of servicing your mortgage loans. We stay abreast of compliance changes. Our technology is best-in-class and our servicing team knows how to take care of your members after closing. You and your members will never have to wonder who to contact with questions about mortgage loans. Borrowers can ask questions to a real person with real expertise.

Most importantly, when Members Mortgage Services services your loans, we consider ourselves an extension of your Credit Union. Preserving your relationships with your members is one of the mortgage lending CUSO’s most important aspects. Your Credit Union has the power to access all member loan activity, including payments, escrow disbursements and more so you can answer member inquiries as desired or route them to one of our loan servicing specialists. The borrower makes payments and views their loan activity through the MMS website. Our co-branded monthly mortgage servicing statements keeps your name in front of your member each month. New loan and refinance inquiries are directed back to you.

Our comprehensive mortgage loan servicing department functions as your institution’s mortgage administrative and compliance including:

  • LOAN ADMINISTRATION – Customer care, website, escrow, payment/payoff

  • DEFAULT ADMINISTRATION – Collections, loss mitigation, foreclosures, electronic default reporting

  • BUSINESS ADMINISTRATION – Quality control and quality assurance

  • COMPLIANCE – Federal, state, local and investor regulations

Secondary Market Selling

Some Credit Unions have difficulty accessing the mortgage secondary market, and others prefer selling mortgages servicing released to a lender who will not cross-sell their members. A partnership with us accomplishes both. MMS purchases your loans, providing great fee income, while preserving liquidity on your balance sheet. We provide Credit Unions with access to a full-suite of FannieMae, FreddieMac, FHA, USDA and VA loans. With these partnerships, we are able to offer competitive pricing to you and your members, so that you can dominate your market with a Credit Union mortgage. When beneficial to our partner, MMS eliminates pair off risk by offering best efforts pricing for loans that do not close, effectively taking interest rate risk out of the equation on non-expired locks. In addition, MMS takes on the responsibility of hedging the interest rate risk and analyzing fall out. That can be a costly proposition to a seller.

MMS knows mortgages provide a strong foundation for a long-term member relationship. By partnering with a mortgage lending CUSO, your Credit Union has access to leading secondary market providers while maintaining your brand front-and-center with your member through our unique co-branding solution.

Underwriting

MMS leverages advanced technology to streamline the data validation process, yielding quality analysis and consistent loan closings. Our underwriting criteria meets all secondary market guidelines to make selling the loan seamless.

As the mortgage market becomes increasingly competitive, we know it is imperative to work through files quickly while maintaining quality in every layer of our work. MMS underwriting turn times typically come in well under the industry average for purchase loans.

Our mortgage underwriting support focuses on investor loan eligibility, offering professional and technological expertise through specialization in Fannie Mae’s Automated Underwriting System (Desktop Underwriter) and Freddie Mac’s Automated Underwriting System (Loan Product Advisor). MMS underwriters determine if a loan is eligible to be sold on the secondary market. The Credit Union retains the ability to approve or deny a loan to their member if the Credit Union plans to portfolio the loan.

Loan requirements can create time-consuming delays in the underwriting process and we are dedicated to addressing those requirements as efficiently as possible alongside your Credit Union. When information is missing or additional requirements are necessary, we initiate timely requests to your Credit Union to acquire information regarding gaps in employment, employment verification, late payments, etc.

MMS remains attentive to market trends and regulations to ensure the highest accuracy for all loan application, helping you with your underwriting needs so you can redirect your time and resources to growing your origination.

Underwriting is available to MMS affiliate and correspondent partners.

Quality Control

Processing loans without scrutinization can lead to loss. With a robust quality control protocol, the MMS quality control team evaluates the loan package for liabilities and ensure your loan meets GSE regulations in post-closing.

Other

TRAINING — It is impossible to overstate the amount of change that has occurred in the mortgage industry in the last decade. Staying abreast of the very latest regulatory and investor policy changes is a full-time occupation. Our dedicated training staff is here for you. Partnering with a mortgage lending CUSO gives you a deep bench of resources to keep your mortgage program humming.

  • Tailored onboarding training

  • Ongoing web-based training on products, regulations and technology upgrades

  • Annual training and meeting

TECHNOLOGY— With the cooperative buying power our mortgage lending CUSO delivers, your Credit Union has access to world-class technology that makes the mortgage process simple for you and your members. As our partner, you have access to secure and affordable technology for origination, processing, closing and document imaging, all on one simple-to-navigate platform. Ease regulatory worries with integrated compliance tools, supported by our experienced staff.

Your Credit Union has full access to your member servicing data — for read-only or transactional purposes. Even if you’ve sold the loan to us, your members can make their monthly payments through your tellers. Our goal is to make it easy for you and your members to conduct mortgage business.

STAFFING — We strive to be a true partner to our Credit Unions. Great products alone don’t sell mortgages. Our servicing team has decades of mortgage experience. We know what is going on in the industry and as your mortgage lending CUSO we are dedicated to keeping our Credit Union partners in the loop.

As technology changes, our staff works with yours to help you work faster and smarter, and get the most out of the data available. Our mortgage experts are dedicated to providing you the resources you need for a turn-key mortgage program. And we’re available to you when you need us!

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