Colonial Savings is a popular financial institution that was originally founded in 1952, and it offers its customers an exceptional range of banking services and products. Over the years, Colonial Savings founded CU Members Mortgage as a means to extend its lending services to other financial institutions. For more than 30 years, CU Members Mortgage has been providing loan funds that credit unions, CUSOs and others have used to extend residential mortgages to their members, and it currently lends more than $3 billion annually through these credit unions and other lending institutions. It is one of the largest and most reputable private lending firms in the country
How the Company Offers Loans to the Public
CU Members Mortgage is not a direct lender, and instead, it extends financing to credit union members through affiliated financial institutions. The entire loan process is simplified because of automated features CU Members Mortgage offers. This includes online platforms for Freddie Mac’s Loan Prospector and Fannie Mae’s Desktop Underwriter. The use of this and other technology enables credit units to more quickly and easily serve their customers. Keep in mind that individual loan applicants cannot apply directly with CU Members Mortgage.
Loan Programs for All Your Customers’ Needs
Credit union members have a diverse range of financial needs through mortgages, and CU Members Mortgage allows credit unions and others to meet those needs through an extensive selection of lending products. This includes programs for owner-occupied homes, first-time homebuyers and second homes. It also includes reverse mortgage programs, FHA, USDA, VA, conventional and juambo mortgages. Loan amounts available vary considerably, and this further extends the ability of CU Members Mortgage to facilitate lending through credit unions and other financial institutions.
Loan Servicing Options
CU Members Mortgage typically services many of the loans that its partnered credit unions and other financial institutions originate for their diverse range of loan programs. There are multiple payment options available for homeowners to consider, and this includes making payments by mail, over the phone or through the website. Those who choose to make online payments can create a login ID and password, and theya can easily locate information about their account each time they log in. This includes the last payment received, billing invoices and other documents. They can also make and confirm online payments through the website.
If you are a member of a credit union and are interested in applying for a mortgage, there is a good chance that your loan may be originated through CU Members Mortgage. Perhaps your loan is currently being serviced by CU Members Mortgage. Through this reputable lending institution, you can expect to receive friendly, reliable service with flexible options for contacting the company directly.