Campus USA Credit Union has selected LenderLive Network's underwriting reviews and quality control audit services to meet the underwriting requirements of government-sponsored enterprises (GSEs).
Campus USA offers multiple loan products, including mortgage and home equity loans. First mortgages that the credit union sells to the secondary market account for approximately 20% of its mortgage business. By leveraging the services of LenderLive, Campus USA will be able to sell loans directly to the GSEs and retain the servicing of those loans.
Rick Seehausen, CEO of LenderLive, said: “With significant changes to the mortgage industry, credit unions have emerged as a trusted provider of mortgage loans and continue to increase their market presence. We are positioned to help them further expand their offerings to better serve the needs of their members and capitalize on available growth opportunities, all without incurring significant overhead costs.”
Shelly Calhoun, director of real estate at Campus USA, said: “The relationship with LenderLive has been very educational, including having some new underwriting guidelines being brought to our attention, which is very helpful and improves our own internal skills. We continue to work closely on perfecting the overall workflow processes and having its quality control auditors help us to enhance our processing and closing skills as well.”