Domestic mortgage outsourcing brings efficiency to credit union industry
DENVER, May 18, 2010 – CAMPUS USA Credit Union has tapped the underwriting reviews and quality control audit services of LenderLive Network Inc., a provider of business process outsourcing and technology to the financial industry, enabling the state-chartered institution to meet the underwriting requirements of government-sponsored enterprises (GSEs).
CAMPUS USA, which has more than 65,000 members worldwide, offers multiple loan products, including mortgage and home equity loans. First mortgages that the credit union sells to the secondary market account for approximately 20 percent of its mortgage business. By leveraging the services of LenderLive, CAMPUS USA is able to sell loans directly to the GSEs and retain the servicing of those loans.
“With significant changes to the mortgage industry, credit unions have emerged as a trusted provider of mortgage loans and continue to increase their market presence,” said Rick Seehausen, CEO of LenderLive. “We are positioned to help them further expand their offerings to better serve the needs of their members and capitalize on available growth opportunities, all without incurring significant overhead costs.”
When CAMPUS USA initially partnered with LenderLive in June 2009, the credit union had just begun selling loans on the secondary market while retaining the servicing rights. The shift required CAMPUS USA to quickly develop expertise in this area. LenderLive, with its rapidly scalable infrastructure and specialized training, provided that knowledge immediately, without the learning curve and compliance concerns.
“The relationship with LenderLive has been very educational, including having some new underwriting guidelines being brought to our attention, which is very helpful and improves our own internal skills,” said Shelly Calhoun, director of real estate at CAMPUS USA. “We continue to work closely on perfecting the overall workflow processes and having its quality control auditors help us to enhance our processing and closing skills as well.”
About LenderLive Network Inc.
LenderLive is a Denver-based mortgage service provider. Since 1999, the company has offered the single-family mortgage loan industry with private-label service and technology solutions to originate, process, underwrite and close loans on behalf of its lender clients. This continued support to lenders and servicers brought LenderLive recognition in 2009 as a Top 50 Mortgage Service Provider by Mortgage Technology Magazine. Through comprehensive solutions or component services, LenderLive offers the people, technology and processes that allow its clients to focus on their core business while LenderLive provides their mortgage loan fulfillment needs. The company provides services to global financial institutions and local community banks and credit unions. With tens of millions of transactions processed through its expansive service offering, LenderLive offers the vision, experience and leadership financial institutions can rely on.
About CAMPUS USA
CAMPUS USA Credit Union, founded in 1935, is a state-chartered credit union offering a diverse range of financial products. CAMPUS USA Credit Union provides its 190 employees with top-of-the-line benefits. For more information, visit www.campuscu.com.