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.
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.
