Members Complete Solution
With this solution, we handle the entire home loan process for your member and your credit union. Because your credit union can use our CUSO’s brand, Members Home Advisor, the entire transaction keeps your member mentally attached to your credit union.
Transaction Flow
- Your credit union markets home lending and real estate services to your members using either your own marketing materials or the prepared templates provided by Members Home Advisor. When an inquiry is received, the call is transferred to the direct line of a Loan Officer in our Austin office who has been specifically assigned to work with your credit union members.
- The loan is originated, processed, underwritten, and closed within the Members Home Advisor CUSO office.
- In order to share income with your credit union, we must close the loan with your funds.
- Once closed, we will sell the loan and the servicing rights to one of our correspondent lenders.
- We will pay your credit union .50 basis points on the loan amount for your participation in the loan, plus interest from the day of funding to the date the funds are wired back to your institution.
- Within one week of closing, we will send a survey to the borrower and provide feedback to you.
Members Partnership Solution
With this solution, we partner with your personnel and our systems and people to provide a wide spectrum of mortgage solutions to your members.
Transaction Flow
- You select an employee with consumer and/or home equity lending experience and appoint them as a Mortgage Loan Officer. Provide lobby area office or desk space.
- Members Home Advisor will provide three days of mortgage training in our offices in Austin, and continuing telephone and on-site support.
- Loan origination software will be provided at our monthly and per transaction cost. The Encompass system used by Members Home Advisor is completely paperless and totally secure. It is also the only loan origination system that is Gramm-Leach-Bliley compliant for complete protection of your members’ non-public information.
- Your credit union markets home lending and real estate services to your members using either your own marketing materials or the prepared templates provided by Members Home Advisor.
- When an inquiry is received, your Loan Officer, with the tools we provide, will qualify the borrower, originate the loan, and gather required documentation.
- The loan is then electronically accessed and processed, underwritten and closed within the Members Home Advisor CUSO office.
- In order to share income with your credit union, we must close the loan with your funds.
- Once closed, we will sell the loan and the servicing rights to one of our correspondent lenders.
- We will pay your credit union 100 basis points on the loan amount for your participation in the loan, plus interest from the day of funding to the date the funds are wired back to your institution.
Members Support Solution
Members Home Advisor provides the back office functions of underwriting, closing, sale, and shipping.
Transaction Flow
- Your credit union provides personnel for both the Loan Officer and the Loan Processor function.
- Loan origination software will be provided at our monthly and per transaction cost. The Encompass system used by Members Home Advisor is completely paperless and totally secure. It is also the only loan origination system that is Gramm-Leach-Bliley compliant for complete protection of your members’ non-public information.
- Once the loan is originated and processed to the point of underwriting submission, the loan is then electronically accessed, underwritten, and closed within the Members Home Advisor CUSO office.
- The loan is closed with your funds, and then sold with servicing rights to one of our correspondent lenders.
- Your credit union receives all income produced from the loan and pays Members Home Advisor 50 basis points for the back office functions.
