May 18, 2012 ● Volume 01, Issue 20
View 05-18-12 issue of The Pulse
Products & Services News
Fiserv and CUNA Mutual Group agreement advances CUs' mobile lending reach
CUNA Mutual Group recently announced an agreement with Fiserv, which will make mobile lending technology available to approximately 350 credit unions and potentially more than 2.5 million members. This arrangement enables credit unions to meet the ever-growing demand for mobile banking technology.
The agreement between CUNA Mutual Group and Fiserv will create a pilot program that enables users of the Portico® account processing solution to integrate CUNA Mutual Group's Smartphone Loan technology with Fiserv's account processing and loan origination solutions. Members of credit unions participating in the pilot program will have access to enhanced mobile lending capabilities, including pre-fill of their member data and faster decision making. When members of participating credit unions log on to the loan applications from their smartphones, they can connect to CUNA Mutual Group's loanliner.com mobile technology.
The two organizations' software will interface with Fiserv's Access Advantage services to obtain member data, pull the desired credit bureau report, and evaluate the collected data against credit union-defined underwriting rules. The loanliner.com smartphone technology can use the underwriting response to return a response to the member/applicant in seconds. From there, the loan application may be sent to Fiserv's Loancierge™ system for finalization, loan document preparation, booking and funding.
To learn more about this new technology and the other innovative products and services offered by CUNA Mutual Group, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.
AmeriCU Mortgage helps CUs take advantage of savings offered through FHA
Since 2009, the Home Affordable Refinance Program (HARP) has helped millions of homeowners take advantage of historically low interest rates. This June, consumers with Federal Housing Administration (FHA) insured loans can also save thousands through a new program. Through AmeriCU Mortgage, credit unions can help members take advantage of these savings.
Earlier this year, FHA announced modifications to their existing streamlined refinance program to further assist homeowners with mortgages originated prior to May 31, 2009. The streamline program has long been available without a requirement for a new appraisal, allowing underwater borrowers to participate. However, recent increases to the mortgage insurance premium structure made it nearly impossible to provide a refinance with a tangible benefit to the borrower.
The new FHA program now makes it possible for borrowers to successfully refinance. It was announced that the Upfront Mortgage Insurance Premiums (UFMIP) reduced from 1.0 percent to 0.01 percent and the monthly Mortgage Insurance Premium (MIP) changed to a static 0.55 percent, regardless of loan amount, term or loan to value. These changes enable a consumer with a $100,000 mortgage to save approximately $65 per month and more than $22,000 in finance charges. These modifications finally allow homeowners with FHA loans to do what their neighbors with Fannie Mae- and Freddie Mac-owned loans have been doing for three years.
Credit unions have the opportunity to help members take advantage of this program – and AmeriCU Mortgage can help them do that! For more information about the program and AmeriCU Mortgage's offerings, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.