“Proven Performance inthe Credit Union Space”“Proven Performance inthe Credit Union Space”
Your Partner, not Your Competitor !Your Partner, not Your Competitor !
Who Are We andWhat Do We Do?Who Are We andWhat Do We Do?
A mortgage solutions provider –A mortgage solutions provider –
A “Plug and Play”A “Plug and Play”
Mortgage Fulfillment CenterMortgage Fulfillment Center
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OriginateOriginate
Process /UnderwriteProcess /Underwrite
FundFund
Sell / Deliverto InvestorSell / Deliverto Investor
ServiceService
What LoanProducts Do WeOffer?What LoanProducts Do WeOffer?
•FNMA / FHLMC Fixed Rate andARM Loan Programs•FNMA / FHLMC Fixed Rate andARM Loan Programs
•Jumbo Fixed Rate and ARMLoan Programs•Jumbo Fixed Rate and ARMLoan Programs
•FHA / VA Fixed Rate and ARMLoan Programs•FHA / VA Fixed Rate and ARMLoan Programs
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Where Do WeOperate ?Where Do WeOperate ?
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CompanyBackgroundCompanyBackground
•CUSO Mortgage (privately owned)•CUSO Mortgage (privately owned)
–Established in 1986 in Sacramento, CA–Established in 1986 in Sacramento, CA
–Acquired by Wescom in October 2006–Acquired by Wescom in October 2006
•CU West Mortgage (owned by California CreditUnion League)•CU West Mortgage (owned by California CreditUnion League)
–Established in 2004–Established in 2004
–Acquired by Wescom in July 2007–Acquired by Wescom in July 2007
•Companies were integrated operationally in 2007•Companies were integrated operationally in 2007
•Companies were officially merged in June 2008•Companies were officially merged in June 2008
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What is Our ValueProposition ?What is Our ValueProposition ?
•Non-interest income from mortgageorigination without the compliance, recourse,interest rate and overhead risks.•Non-interest income from mortgageorigination without the compliance, recourse,interest rate and overhead risks.
•Access to secondary mortgage markets andproducts without the need for staff orexpertise.•Access to secondary mortgage markets andproducts without the need for staff orexpertise.
•Low cost mortgage servicing with high touchmember service. Clients get the comfort ofknowing their member’s mortgages areserviced with “high touch” member facingstaff and that all state and federal regulationsare being complied with so that they will notbe subject to sanctions and penalties.•Low cost mortgage servicing with high touchmember service. Clients get the comfort ofknowing their member’s mortgages areserviced with “high touch” member facingstaff and that all state and federal regulationsare being complied with so that they will notbe subject to sanctions and penalties.
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What does it Costto OutsourceOrigination to CMI ?What does it Costto OutsourceOrigination to CMI ?
•No Cost to Start•No Cost to Start
•No Monthly or AnnualMaintenance Fees•No Monthly or AnnualMaintenance Fees
•No Set Up or ImplementationFees•No Set Up or ImplementationFees
•No Minimum VolumeRequirement•No Minimum VolumeRequirement
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Two OriginationChannels toChoose FromTwo OriginationChannels toChoose From
•Level A – Outsource all loanofficer and fulfillmentfunctions•Level A – Outsource all loanofficer and fulfillmentfunctions
•Level B – Keep loan officerresponsibility and outsourceall fulfillment functions•Level B – Keep loan officerresponsibility and outsourceall fulfillment functions
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Level AOriginationChannelLevel AOriginationChannel
•CMI takes application, discloses, processes,underwrites, draws loan docs , facilitates funding•CMI takes application, discloses, processes,underwrites, draws loan docs , facilitates funding
•Partner wires funds to closing agent, CMI buysloan after funded or delivers to partner – CMI orpartner can service•Partner wires funds to closing agent, CMI buysloan after funded or delivers to partner – CMI orpartner can service
•Partner has first right of refusal on all loans•Partner has first right of refusal on all loans
•Partner is provided CMI’s Web Based Point ofSale Application Technology ( AccentureMortgage Cadence)•Partner is provided CMI’s Web Based Point ofSale Application Technology ( AccentureMortgage Cadence)
•CMI offers branded and/or custom marketingcounsel and services at discounted pricing•CMI offers branded and/or custom marketingcounsel and services at discounted pricing
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BenefitsLevel A ChannelBenefitsLevel A Channel
•Toll free calls to professional Loan Originatorslicensed through NMLS•Toll free calls to professional Loan Originatorslicensed through NMLS
•Online Member Application and Approvals 24/7•Online Member Application and Approvals 24/7
•Processing To Closing at Industry Average or Less•Processing To Closing at Industry Average or Less
•Option to retain or sell each mortgage originated-50- 125 basis points loan sale participation•Option to retain or sell each mortgage originated-50- 125 basis points loan sale participation
•RESPA compliant volume rebate ( Tier Pay ) –earn additional loan sale premiums•RESPA compliant volume rebate ( Tier Pay ) –earn additional loan sale premiums
•Non interest income without the attendantexpense•Non interest income without the attendantexpense
•Free technology ( origination and servicing ) thatenhances image•Free technology ( origination and servicing ) thatenhances image
•No repurchase risk•No repurchase risk
•No solicitation of your members•No solicitation of your members
•No risk of sanction or fine for compliance withlending regulations•No risk of sanction or fine for compliance withlending regulations
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Level BOriginationChannelLevel BOriginationChannel
•Partner loan officer takes application, discloses,locks and uploads supporting credit packagedocuments•Partner loan officer takes application, discloses,locks and uploads supporting credit packagedocuments
•CMI processes, underwrites, draws loan docs ,facilitates funding•CMI processes, underwrites, draws loan docs ,facilitates funding
•Partner wires funds to closing agent, CMI buysloan after funded or delivers to partner – CMI orpartner can service•Partner wires funds to closing agent, CMI buysloan after funded or delivers to partner – CMI orpartner can service
•Partner has first right of refusal on all loans•Partner has first right of refusal on all loans
•Partner is provided CMI’s Web Based Point ofSale Application Technology ( AccentureMortgage Cadence)•Partner is provided CMI’s Web Based Point ofSale Application Technology ( AccentureMortgage Cadence)
•CMI offers branded and/or custom marketingcounsel and services at discounted pricing•CMI offers branded and/or custom marketingcounsel and services at discounted pricing
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BenefitsLevel B ChannelBenefitsLevel B Channel
•Online Member Application and Approvals 24/7•Online Member Application and Approvals 24/7
•Processing To Closing at Industry Average or Less•Processing To Closing at Industry Average or Less
•Option to retain or sell each mortgage originated– 75 - 125 basis points loan sale participation•Option to retain or sell each mortgage originated– 75 - 125 basis points loan sale participation
•RESPA compliant volume rebate ( Tier Pay ) –earn additional loan sale premiums•RESPA compliant volume rebate ( Tier Pay ) –earn additional loan sale premiums
•Non interest income without the attendantexpense•Non interest income without the attendantexpense
•Free technology ( origination and servicing ) thatenhances image•Free technology ( origination and servicing ) thatenhances image
•No repurchase risk•No repurchase risk
•No solicitation of your members•No solicitation of your members
•No risk of sanction or fine for compliance withlending regulations•No risk of sanction or fine for compliance withlending regulations
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Our OriginationSolutions Provide FreeWeb Based LoanApplication TechnologyOur OriginationSolutions Provide FreeWeb Based LoanApplication Technology
Robust andUser Friendly
Branded
Secure 24/7Access
Instant Credit
OnlineApprovals inMinutes
With Online Access forPipeline ReviewWith Online Access forPipeline Review
Enter our secure websiteand view your pipeline ofloans 24/7Enter our secure websiteand view your pipeline ofloans 24/7
See summary and detailedinformation of yourcomplete pipelineSee summary and detailedinformation of yourcomplete pipeline
Our ServicingSolutions Provide24/7 Online AccessSelf Service and HighTouch StaffInteractionOur ServicingSolutions Provide24/7 Online AccessSelf Service and HighTouch StaffInteraction
Compliance TestedAdministration,Reporting andRemittanceCompliance TestedAdministration,Reporting andRemittance
24/7 Web BasedAccess to YourPortfolio24/7 Web BasedAccess to YourPortfolio
24/7 Member Access toAccount Info– Can MakePayments Online24/7 Member Access toAccount Info– Can MakePayments Online
Our Solutions ProvideMarketingCollaboration andConsultationOur Solutions ProvideMarketingCollaboration andConsultation
The key to success withany marketing program isquality, frequency andconsistency. CUSO iscommitted to working withyou to help promotemortgages to yourmembers.The key to success withany marketing program isquality, frequency andconsistency. CUSO iscommitted to working withyou to help promotemortgages to yourmembers.
We provide a variety ofmarketing materialsdeveloped by us that maybe branded. By keeping anongoing branded campaignin place, interest in yourmortgage loan programswill be assured..We provide a variety ofmarketing materialsdeveloped by us that maybe branded. By keeping anongoing branded campaignin place, interest in yourmortgage loan programswill be assured..
Launch Your Programwith a ProfessionallyDesigned Kick OffCampaignLaunch Your Programwith a ProfessionallyDesigned Kick OffCampaign
Keep It Going with aPre-Developed 12Month CampaignKeep It Going with aPre-Developed 12Month Campaign
SUMMARY OFBENEFITSSUMMARY OFBENEFITS
•CMI partners earn non interest income and incurno expense – CUSO takes on all overhead risk•CMI partners earn non interest income and incurno expense – CUSO takes on all overhead risk
•CMI partners have no interest rate risk orrepurchase risk on loans sold – CUSO takes onboth•CMI partners have no interest rate risk orrepurchase risk on loans sold – CUSO takes onboth
•CMI partners have no compliance risk - exposureto fines and regulatory sanction is avoided –CUSO takes on the compliance risk•CMI partners have no compliance risk - exposureto fines and regulatory sanction is avoided –CUSO takes on the compliance risk
•CMI partners are able to offer mortgages tocustomers when liquidity is limited – CMIprovides access to the secondary mortgagemarkets•CMI partners are able to offer mortgages tocustomers when liquidity is limited – CMIprovides access to the secondary mortgagemarkets
•CMI provided technology provides robustmember facing interaction and enhances ourpartner’s image with their members•CMI provided technology provides robustmember facing interaction and enhances ourpartner’s image with their members
•CMI provides its partners professional marketingand consultation with discounted pricing•CMI provides its partners professional marketingand consultation with discounted pricing
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Questions?Questions?
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