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.
