Discover the benefits of partnering with a Credit Union owned mortgage CUSO that shares your core values and understands your needs. At Member First Mortgage, we are focused on bringing innovative mortgage solutions to our Credit Union partners to enhance your member’s experience and enable you to achieve your goals. Member First Mortgage (MFM) offers a variety of partnership options designed to fit the unique needs of Credit Unions. Customize your CU’s experience with multiple Affiliate, Wholesale and Correspondent partnerships available.
We offer 3 Affiliate partnership models which position the Credit Union as lender, and provide control of revenue earned with the ability to set rates and fees. Credit Unions have the option to outsource as little or as much of the mortgage process as desired!
- Affiliate 1 partners will receive the highest level of assistance in the mortgage process, with Member First Mortgage handling the majority of origination functions. Credit Unions have the option to assist with the application and collect basic information from members, or allow MFM to handle the application process from start to finish. Affiliate 1 partners also have the ability to invest in loans and set custom margins and fees to maximize income potential.
- Affiliate 2 partners will handle all upfront origination responsibilities, including taking the application, preparing initial disclosures, collecting documentation from the member, and communicating with all parties throughout the process. Affiliate 2 partners also have the ability to invest in loans and set custom margins and fees to maximize income potential.
- Affiliate 3 partners will handle the majority of the origination process and depend on MFM for underwriting and closing. Great for Credit Unions with some mortgage lending experience - CU partners will be responsible for taking the application, preparing initial disclosures and processing. Affiliate 3 partners also have the ability to invest in loans and set custom margins and fees to maximize their income potential.
We offer 3 Wholesale partnership models depending on the level of Credit Union staff expertise and how much the CU would like to be involved in the mortgage origination process. Our Wholesale partnerships offer the CU excellent income potential and more customization in the amount of fulfillment and member contact. MFM can also sponsor Wholesale Credit Union partners that would like to offer Government programs like FHA and VA to their members!
- Wholesale Lite 1 partners will receive the highest level of assistance in the mortgage process, with Member First Mortgage handling the majority of origination functions. Credit Unions will be responsible for taking the application and performing five RESPA functions. MFM will take care of the rest - preparing initial disclosures, processing and underwriting. MFM will also close/post-close, fund and prepare loans for sale on the Secondary Market.
- Wholesale Lite 2 partners and Member First Mortgage will work together during the mortgage process, with the Credit Union responsible for origination and processing functions - including preparing initial disclosures utilizing MFM's state-of-the-art LOS. Once a loan is ready for closing, MFM will close/post-close, fund, and prepare for sale on the Secondary Market.
- Great for Credit Unions with mortgage lending experience, Wholesale Full partners will handle the entire origination process, utilizing the CU's own loan origination system (LOS). Member First Mortgage will be responsible for underwriting and compliance review, as well as closing/post-closing, funding and preparing loans for sale on the Secondary Market.
MFM offers Correspondent solutions for both delegated and non-delegated partners. Correspondent partners will originate the loan, take the application using their own LOS, prepare initial disclosures, process and underwrite (if non-delegated). We offer a full product line with aggressive pricing options to maximize revenue for the Credit Union!
Great for Credit Unions with little to no mortgage lending experience, our Lead Agreement partnership enables Credit Unions to offer a complete suite of mortgage programs to their members - without the costs, technology and training that would typically be required. Credit Unions receive income for offering mortgage financing and sending interested members to Member First Mortgage to apply, then we work with your members from application all the way to closing!