Home >> News >> Origination >> Short Term Mortgages Get a Boost
Print This Post Print This Post

Short Term Mortgages Get a Boost

Short-term mortgages are getting a boost in the form of collaboration between two credit union service organizations (CUSOs), ""myCUmortgage.com"":http://www.mycumortgage.com/ and CU Structured Finance LLC.

[IMAGE]

The companies have teamed up to develop a line of credit funded by credit unions, as a mechanism to provide funding to the mortgage CSUO's growing market.

[COLUMN_BREAK]

CU Structured Finance LLC is a newer entity, formed last September by TMG Financial Services, to accommodate the lack of funding for CUSOs following the loss of several traditional sources in the past two years.

The agreement indicates that CU Structured Finance LLC will be responsible for third-party, arms-length monitoring of the transaction and collateral for the $13 million raised from nine credit union clients of myCUmortgage.com, helping fund the short-term mortgages that the CUSOs write.

President of myCUmortgage.com, Tim Mislansky, said of the project, ""We were challenged to find a cost-effective and operationally-efficient method to obtain warehouse lines of credit. We're excited to be able to develop a collaborative solution within our industry and to work with CU Structured Finance.""

myCUmortgage.com specializes in empowering credit union mortgage lenders of all sizes; it is owned by Wright-Platt Credit Union in Fairborn, Ohio and has around $2 billion in assets.

About Author: Abby Gregory

x

Check Also

More Than Half of Americans Feel Homeownership Is Unattainable

A new survey from Home Bay takes the pulse of how Americans feel about homeownership—and how far out of reach many feel it may be.Â