CO-OP Financial Services, a provider of payment services for credit unions, has lauched a new suite of mortgage offerings
The CO-OP Mortgage Solutions suite includes four services: correspondent lending, loan servicing, origination services and settlement.
“Mortgage lending is a cornerstone product for credit unions, yet building the in-house capacity to support mortgage portfolios and keeping up with complex regulatory mandates can be difficult for many institutions,” said Stan Hollen, president of CO-OP Financial Services. “CO-OP Mortgage Solutions brings technology, expertise and availability to credit unions needing a comprehensive and cost-effective mortgage offering to grow and retain membership.”
CO-OP Financial will operate services via CO-OP Member Center, a wholly owned subsidiary of CO-OP Financial Services based in Fort Worth, Texas. CO-OP Member Center provides call center support to credit unions for member and lending services.
CO-OP’s mortgage services include:
A correspondent lending program aimed at providing a conforming loan purchase program for the mortgages credit unions may not want to hold on their balance sheets: Benefits to credit unions could include reduced operational costs, remaining compliant and avoiding buybacks.
Loan servicing for compliant, high-touch subservicing of performing and nonperforming loans: Includes technology applications that provide credit union managers with real-time views into loan performance and a service team dedicated to saving credit unions time and money, while protecting their investments.
Origination services designed to provide domestic support in the processing, underwriting and closing of residential mortgages: This service includes comprehensive fulfillment solutions that are SAFE Act-compliant and include loan origination system software that is designed for ease of use.
Settlement services aimed at providing nationwide access to a complete array of title insurance, uninsured title products and timely closing services. This service is designed to help credit unions close more loans faster, and with greater control of the settlement process.
