Loan Origination
Loan Servicing and Collection
To succeed in today's competitive marketplace, you need a partner who you can consistently rely on for:
- Extraordinary customer service
- Knowledge, education, and training
- Competitive loan products & the latest technology tools
While other banking institutions are in business to make a profit at the expense of their customers, CMF takes a personal interest in each loan, and will counsel your members/clients throughout the process. Whether your member/client is searching for their first home, or is looking to save money by refinancing, CMF can help ease the home loan process.
CMF has all departments housed in one office, allowing for a quicker turnaround time from origination to funding. Our goal is to produce high quality loans which meet CMF guidelines while providing excellent customer service.
Some of CMF's key attributes are:
- CMF Mortgage Operation professionals have a consistent track record of providing loan officers and their borrowers with quick and efficient turn-around times.
- State-of-the-Art Online technology that provides remote access to CMF's Loan Origination System.
- Wireless remote access allows for the generation of faster pre-quals, applications, and ultimately pre-approval letters. The Pre-Qualification module gives loan officers the ability to collect qualifying information and search for programs that meet the borrower's criteria. The loan officer can:
- Order credit
- Run AUS/DU
- Calculate the maximum loan amount which the borrower may qualify
- Print out a Pre-approval letter
- GFE, TIL
- Qualification Analysis, and
- View and Print up to 3 loan scenario comparisons.
- An online web portal called "CMF Express", which allows credit union staff to view the mortgage loan pipeline loan statuses in real-time. This allows your staff to get instant access to any member loan account that is in the CMF pipeline.
- Training & support to cover the constantly changing lending guidelines, compliance, underwriting, and technology issues.
Since CMF is credit union-owned, you can be assured we understand the importance of building long- term relationships. Our success has been a direct result of practicing the credit union philosophy of returning value to members.
At CMF, our experienced home loan professionals understand the complexities of purchasing a home, and will guide your members/clients each step of the way. You'll be pleased with our personal service, plus the highly competitive rates and consumer-friendly terms of our home loans.
- Member/ Client Contact - the home loan process starts when either you refer your member/client to CMF, or they contact us direct.
- Home Loan Options - CMF's experienced home loan professionals can advise borrowers on the best loan program to suit their specific needs.
- Application - Borrowers have the option of completing an application either over the phone or online. The CMF online mortgage application is driven by advanced technology that responds to the applicant's personal information.
- Pre-Approval - Borrowers will receive a real-time, credit-verified pre-approval, not just a tentative pre-qualification, usually within 24 hours of completing the application. The "CMF Pre-Approval Letter" will demonstrate to sellers and real estate professionals that the borrower has a conditional loan agreement*.
* - Pre-approval requires a credit check and is a lending agreement contingent upon a property appraisal and other stated conditions. - Underwriting - CMF will underwrite the file to investor guidelines within 24 hours. The underwriter returns the file to the loan officer with a decision, and if approved, with stated conditions.
- Processing - Our team of CMF home loan professionals will work with the borrower to finalize the loan decision, and complete the loan package in a timely manner, meeting critical deadlines.
- Closing - Once a convenient time and location have been decided upon by the borrower, an appointment is set where loan documents are reviewed with the borrower, signed, and notarized. A Collateral package is prepared for funding and recording.
- Follow-Up Documentation - CMF will track all trailing items such as recorded deeds, title policies, and escrow funds.
Once a loan is closed, CMF will handle loan servicing, from member inquiries to annual escrow analysis. Plus, in the event of delinquencies, bankruptcies, or foreclosures, CMF represents your credit union and handles all legal notices, filings, and other necessary actions.
- Member Service Support - CMF will provide your member with a toll-free number to answer their questions related to payments, taxes, insurance, and other issues related to a member's home loan.
- Statements - CMF produces comprehensive monthly statements, and offers ACH payment plans, whereby the member can choose a payment date between the 1st and 15th of the month.
- Payment Processing - CMF conducts payment processing and reporting related to all impound accounts to ensure taxes and insurance payments are made on time.
- Payoff Requests - once a payoff is requested, CMF will calculate the payoff amount, and work to retain the member relationship in order to fulfill the next home loan purchase.
- Collections - In the event of delinquencies, bankruptcies, or foreclosures, CMF will represent your credit union and handle all legal notices and filings. CMF will counsel your member through the process to find the best repayment schedule, while protecting the investment of the credit union.
CMF welcomes the opportunity to discuss this information with you soon. Simply complete the "Contact Us" section, and a member of the CMF team will respond within 24 hours. The team at CMF looks forward to building a successful partnership with you and your credit union organization.
| Today's Featured Rates | ||
| 30 Year Fixed Rate | ||
| Rate | APR | Points |
| 4.125% | 4.364% | 0.625% |
| 15 Year Fixed Rate | ||
| Rate | APR | Points |
| 3.625% | 3.967% | 0.125% |
| 5 Year Adjustable Rate | ||
| Rate | APR | Points |
| 3.500% | 3.277% | 0.125% |
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