Recent offerings by wholesale mortgage lenders include nonprime programs, loans that don’t meet Qualified Mortgage standards, and loan-to-value ratios up to 120 percent.
Credit unions can now turn to eCU Mortgage LLC for third-party origination services, according to a June 21 news release. The firm is a subsidiary of First Service Credit Union.
Credit unions initiate the loans, while the Houston-based credit union service organization processes and underwrites the loans and handles the closings and fundings.
Source: Mortgage Daily