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Correspondent Lender Offers Performance Incentives

CU Members Mortgage launches program

Oct. 4, 2013

By Mortgage Daily staff

A correspondent lender has launched a new program that provides its clients with lower fees and better pricing based on the execution of their submissions.

The correspondent lender is Dallas-based CU Members Mortgage. The subsidiary of Colonial Savings announced the incentive program Friday.

CU Members is a credit union service organization, or CUSO, that says it provides mortgage fulfillment services to more than a thousand credit unions.

The new program is dubbed the Credit Union Elite Partners Reward Program.

In order to qualify, clients need to maintain a 65 percent pull-through rate.

Clients also must not exceed a 120 percent underwriting resubmission rate.

Minimum originations are $1 million per month or $3 million per quarter.

If a credit union meet the required thresholds during a given quarter, then they see the benefits during the following quarter.

The benefits include a 25-basis-point improvement on pricing, which is reflected on the rate sheet adjustment.

In addition, the administration fee is discounted by $200.

"Our Elite Partners program is geared toward rewarding our top-performing partners," CU Members Mortgage Vice-President of Correspondent Lending Randy Shannon said in the announcement.

CU Members says it originates $2 billion annually and services $20 billion in home loans.

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