Minnesota credit unions have the opportunity to strengthen their internal mortgage programs thanks to a newly-formed partnership between the Minnesota Credit Union Network (MnCUN) and AmeriCU Mortgage. Building upon credit unions' existing mortgage products and services, AmeriCU Mortgage enables Minnesota credit unions of all sizes to offer members affordable mortgage financing while maximizing income.
AmeriCU Mortgage's unique service model allows credit unions to choose the level of support that works best for them and their members. With options ranging from correspondent services to complete outsourcing, credit unions can be involved in the mortgage financing process as much – or as little – as desired.
AmeriCU Mortgage believes that lending should remain community-based. They provide varying levels of support, enabling credit union personnel to determine the level of involvement they wish to have – from taking member loan applications to collecting monthly payments.
- Correspondent: The credit union originates and processes the loan then AmeriCU closes and services the loan on the credit union's behalf.
- Wholesale: The credit union originates and processes the loan then AmeriCU underwrites, closes and services the loan on the behalf of the credit union.
- Servicing: The credit union performs all aspects of the mortgage process and AmeriCU services the loan on the behalf of the credit union.
- Outsource: AmeriCU performs all aspects of the mortgage process on the credit union's behalf.
AmeriCU Mortgage offers a dozen mortgage products, including conventional, FHA, Homepath and Reverse Mortgages. Their complete list of products includes:
- HARP Programs
- HUD $100 Down
- 203 (k) Full
- 203 (k) Streamline
- HomeStyle Remodeler
- Rural Development
- Homepath Renovation
- Reverse Mortgages
Additionally, AmeriCU Mortgage lessens the burden on credit unions by offering loan and private label servicing. These options are customized to complement credit unions' financial offerings, parallel the services they provide, and strengthen the relationship between the credit union and its members.
About AmeriCU Mortgage
AmeriCU Mortgage is a family-owned, full-service real estate financing firm that specializes in working with credit unions to help members buy, build and improve homes and investment properties. The organization's innovative marketing and compliance support plays a vital role in helping credit unions maximize mortgage lending income.
To learn more about AmeriCU Mortgage and to sign up for its services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
AmeriCU Mortgage News
MnCUN partner AmeriCU opens new office to better serve Minn. CUs
Displaying its commitment to serving the state’s credit unions, AmeriCU Mortgage is expanding its presence in Minnesota. The Minnesota Credit Union Network strategic partner recently announced that it has hired locally and appointed Bradley Smeed to manage its newly formed branch office in St. Paul, Minn. This local office gives AmeriCU the ability to better accommodate its credit union partners – in Minnesota and nationwide – and the 268,400 members they serve.
"Having an office in Minnesota and a lending professional embedded in the community is a formula for our continued success,” said Mark Bigelow, AmeriCU National Sales Manager.
AmeriCU offers credit unions the ability to ensure that affordable mortgage financing is available to all their members, without having to expend resources to keep up with marketplace changes or take on additional financial risk. AmeriCU strives to provide superior member service, as well as innovative marketing and compliance support to their credit union partners through a variety of relationship options. This includes helping credit unions maximize income from mortgage lending activities, while retaining member contact through its servicing options.
The company’s mortgage programs include:
- Fixed and Adjustable Rate Mortgages (ARMs)
- Purchase and Refinance Loans
- USDA Rural Housing Loans
- 203k Home Improvement Financing
AmeriCU Mortgage’s unique service model allows credit unions to choose the level of support that works best for them and their members. With options ranging from correspondent services to complete outsourcing, credit unions can choose their level of involvement in the mortgage financing process.
AmeriCU Mortgage also helps lessens the burden on credit unions by offering white or private label servicing. These options are customized to complement credit unions’ financial offerings, aligning with the services they provide, which helps to strengthen the relationship between the credit union and its members.
"AmeriCU Mortgage’s expertise is an asset to our credit unions as they navigate the processes and procedures of real estate financing. Now that AmeriCU has a Minnesota presence, it will allow our credit unions to get the assistance they need locally, while serving their members more efficiently,” said Minnesota Credit Union Network Vice President – Network Service Corporation John Ferstl. "AmeriCU’s loan experts are valuable resources that help credit unions maximize service while minimizing expenses.”
HomeTown CU, AmeriCU team with unique tactic to build lending
A partnership between HomeTown CU and AmeriCU Mortgagehas opened the door to new lending relationships in the credit union's community. The two organizations recently organized an event to help the credit union build, strengthen and improve its loan portfolios.
HomeTown CU and AmeriCU partnered to organize an open house at the Owatonna credit union for Realtors in the area. The event enabled those in the housing industry to meet and network with the credit union's loan officers. The open house also provided the credit union with the opportunity to educate Realtors on available programs and to develop relationships with real estate organizations.
AmeriCU Mortgage is a strategic alliance partner of the Minnesota Credit Union Network. The Network forms endorsement relationships with various vendors to help credit unions like HomeTown CU compete in the financial marketplace. Through MnCUN's Network Service Corporation, credit unions have access to an array of products and services that AmeriCU and MnCUN's other strategic alliance partners offer.
"This open house event presented a unique opportunity for the credit union to begin to diversify its mortgage lending beyond refinancing and demonstrate that building relationships with real estate agents and organizations is a key step in finding additional loan sources,” said MnCUN Vice President-Network Service Corporation John Ferstl. "The hope is that, through this event, we can create awareness that our strategic alliance partners are willing to work with credit unions and customize ways to improve their bottom line.”
AmeriCU Mortgage enables Minnesota credit unions of all sizes to build upon existing products and services to offer members affordable mortgage financing, while maximizing income. AmeriCU's motto is building relationships and creating opportunities. It provides varying levels of support, enabling credit unions to determine the level of involvement that works for them.
To learn more about AmeriCU Mortgageand the products, services and expertise it can offer your credit union, contact MnCUN Vice President – Association Services John Ferstlby email or at (651) 288-5505.
AmeriCU Mortgage provides update on RESPA/TILA proposed rule
As an organization dedicated to helping credit unions navigate the housing and mortgage market, AmeriCU Mortgage recently provided an overview of a pending compliance rule. The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule that would simplify and combine the Real Estate Settlement Procedures Act's (RESPA's) required Good Faith Estimate (GFE) and the Truth in Lending Act's (TILA's) required Truth in Lending Disclosure (TIL).
The new initial disclosures will know be known as the "Loan Estimate” and the "Closing Disclosure.” These are intended to present the costs and risks associated with a mortgage loan in clearer terms, allowing the consumer to make a more informed decision. Some key improvements the CFPB was looking to make include:
Simplification of the forms;
Highlighting key information;
Clearer warnings about risks;
More time to review and consider options; and
More limits on closing cost increases.
Since this proposed rule will have a direct impact on credit unions, AmeriCU Mortgage is encouraging individuals to review and comment on this proposed rule. To learn more about AmeriCU Mortgage and the products, services and expertise it can offer your credit union, contact MnCUN Vice President – Association Services John Ferstl by email or at (651) 288-5505.
AmeriCU Mortgage helps credit unions break into the purchase market
While credit unions have fought for and gained a larger share of the mortgage market, they have continued to struggle to break into the purchase money market. The biggest hurdle for any type of mortgage lender attempting to earn more purchase money business has long been earning referrals from real estate agents. AmeriCU Mortgageprovides credit unions tips on how they can more effectively work with real estate agents.
Research shows that real estate agents influence the choice of lender in more than two-thirds of all purchase transactions. To be successful purchase lenders, credit unions need to understand the needs of the real estate community. Agents are looking for lenders to have the following characteristics:
- Expertise – Knowledge of the lending process, products and marketplace
- Products – A variety of lending options to service different borrower and property profiles
- Availability/Communication – A contact to speak to when issues arise and a consistent flow of communication throughout the buying process
AmeriCU Mortgage suggests that credit unions put together an action plan for communicating the advantages of their lending programs. Some ways to do this include looking through membership rosters for agents that are members and reaching out to them, inviting local agents to the credit union for an informational seminar about what the credit union offers, hanging a banner outside and much more.
To learn more about AmeriCU Mortgageand the products, services and expertise they can offer you credit union contact, MnCUN Vice President – Association Services John Ferstlby email or at (651) 288-5505.