TMG Financial Services, Des Moines, said its credit union Structured Finance CUSO will finance mortgage lending for credit unions through myCUmortgage, a program put together by the Wright-Pratt Credit Union of Ohio.
CU Structured Finance will provide third-party, arms-length monitoring of the mortgage loan and collateral. These two 'credit union service organizations' (CUSOs) have raised more than $13 million from nine credit union clients to help fund the short-term mortgages that each CUSO will write.
"We were challenged to find a cost-effective and operationally-efficient method to obtain warehouse lines of credit. We're excited to be able to develop a collaborative solution within our industry and to work with CU Structured Finance," said Tim Mislansky, president of myCUmortgage.
TMG Financial is an affiliate of the Iowa Credit Union League, which was created last year to provide financing alternatives for credit unions.
