Virginia Credit Union Services Announces New Partnership with Credit Union Mortgage Association

Partnership Enables Virginia-Based Credit Unions to Offer Wide-Range of Mortgage-Related Products, Services at Rates Competitive with Largest National Banks

CONTACT:
David Deacon
Vice President
Virginia Credit Union Services Inc.
800.768.3344, ext. 634
ddeacon@vacul.org

Virginia Credit Union Services, Inc., the wholly owned subsidiary of the Virginia Credit Union League, is proud to announce its new partnership with Credit Union Mortgage Association (CUMA). The partnership will enable credit unions to offer mortgage loan products to their members.

CUMA is owned and operated by credit unions and boasts a 40-year track record of providing best-in-class mortgage-related services to credit unions of all asset sizes. CUMA services include origination, processing, underwriting, servicing, closing and secondary market access.

“We’re proud to bring CUMA’s exceptional service, extensive mortgage product line, and unmatched experience to Virginia’s credit unions,” said Virginia Credit Union Services Vice President David Deacon. “CUMA’s seasoned mortgage professionals deliver a mortgage experience that mirrors the same great service members have come to expect from your credit union, while eliminating many of the more time-intensive tasks faced by your staff.”

Among CUMA’s many benefits:

• State-of-the-art web technology allowing members to apply for a mortgage online and receive a decision in as little as 10 minutes.
• Wide variety of loan products and programs, including FHA/USDA, VA and Reverse Mortgages.
• Correspondent relationships with five of the nation's largest wholesalers.
• Approved partner with Fannie Mae.

“CUMA is an excellent mortgage loan partner for our credit union, one we know we can trust to deliver an exceptional experience for our members,” said NextMark Credit Union President/CEO Joe Thomas. “Through CUMA, credit unions of all sizes are able to offer a variety of low-cost mortgage products to members at the same competitive rates as the largest national banks. Thanks to CUMA’s cooperative structure, we also share in the participation dividends based on our loan volume, providing yet another important benefit for our credit union.”

“We are excited to have the Virginia Credit Union League join the CUMA family,” said CUMA President/CEO Scott Toler, “and we look forward to helping Virginia-based credit unions meet the mortgage needs of their members. Our partner credit unions find our extensive product offerings to also be incredibly flexible, meaning credit unions can tailor their partnership with us in a way that best meets their needs and members’ expectations.”

The partnership is effective immediately and credit unions can contact the League’s David Deacon for additional information at 800.768.3344, ext. 634 or ddeacon@vacul.org.

About Credit Union Mortgage Association
The Credit Union Mortgage Association (CUMA) was established in 1978 to provide mortgage services to local area credit unions. CUMA is exclusively owned by 49 credit unions throughout Virginia, Maryland, Washington D.C., North Carolina, and Pennsylvania, and provides complete support in the areas of mortgage loan origination, processing, underwriting, closing, servicing, and secondary sales. Learn more online at cumortgage.net/

About Virginia Credit Union Services Inc.
Virginia Credit Union Services has a full range of products and services available to credit unions through partnerships with the most trusted and experienced providers in the financial services industry. A wholly owned subsidiary of the Virginia Credit Union League, the statewide trade association for Virginia-based credit unions, the organization’s goal is to help credit unions serve their members, improve operations, and save money. View our offerings online at vacul.org/business-solutions