Credit Union Selects LenderLive For Underwriting Reviews, QC Audits

Posted by Orb Staff on May 18, 2010 No Comments
Categories : Residential Mortgage

Gainesville, Fla.-based CAMPUS USA Credit Union has tapped the underwriting reviews and quality-control audit services of LenderLive Network Inc. to meet the underwriting requirements of the government-sponsored enterprises (GSEs), LenderLive reports.

The credit union, which has more than 65,000 members worldwide, offers multiple loan products, including mortgage and home equity loans. First mortgages that CAMPUS USA sell to the secondary market account for approximately 20% of its mortgage business. By leveraging the services of LenderLive, CAMPUS USA is able to sell loans directly to the GSEs and retain the servicing of those loans, the company explains.

When CAMPUS USA initially partnered with LenderLive in June 2009, the credit union had just begun selling loans on the secondary market while retaining the servicing rights. The shift required CAMPUS USA to quickly develop expertise in this area.

"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," says Shelly Calhoun, director of real estate at CAMPUS USA. "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."

SOURCE: LenderLive Network Inc.

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