CU Members Mortgage is offering your credit union the chance to change the way you offer home loans with a promise of dedicated service, resources and education in home buying. It's a fresh approach to "People Helping People" in home lending.
Since 1982, CU Members Mortgage has served credit unions and members to build communities of homeowners across the country. Today, we are more committed than ever to ensure that every member has a smooth financing experience to make it the easiest home purchase ever and here’s our pledge to your members:
The CU Members Mortgage CU Home Promise is our pledge to close your member’s loan to purchase a home on or before the contract closing date or the member will receive a $500 check will be issued after closing. If the purchase loan is more than 7 days past the designated closing date, $1,000 will be refunded to the member.*
It's that simple. We are so dedicated to ensure we meet your member’s closing deadline, we’re willing to bet our money on it.
Eligibility Terms & Conditions:
Eligibility: To be eligible, the member must
- Complete a mortgage application within our online portal.
- Provide all requested supporting documentation including income/asset documents needed to make a loan decision and signed disclosures within 24 hours of our request (including weekends).
- Provide a fully-executed purchase contract which must include all pages, addendums, and required signatures.
- Closing Date: This offer is only available for new, residential first-lien loan applications. If obtaining conventional financing, the contract closing date must be at least 25 calendar days after receipt of a completed mortgage application, supporting documents, and a fully-executed purchase contract. If obtaining FHA or VA financing, the contract closing date must be at least 30 calendar days after receipt of a completed mortgage application, supporting documents, and a fully-executed purchase contract. For required FHA/VA final inspection for specific home repairs, CU Members guarantees closing within 5 business days from receipt of satisfactory final inspection or satisfactory proof of final repairs.
- Rate must be locked within 10 days of receiving the purchase contract.
Ineligibility: The CU Members Mortgage Guarantee will not apply to the following:
- Refinances or Condominiums.
- Member or seller-initiated changes to the original closing date documented in the purchase agreement.
- Information provided by the borrower(s) on the application could not be verified or was inaccurate or insufficient.
- The following member or seller-initiated changes within 10 days of closing: loan amount, product, contract terms, interest rate and initial rate locks.
- Closing date extensions due to a delay in completion of improvements or repairs being made to the subject property.
- Failure by either party to meet contract terms and requirements, including seller-related delays.
- Transactions involving Cooperative projects (Co-ops), Consolidation, Extension and Modification Agreements (CEMAs), or loan amounts $2M or greater requiring two or more appraisals.
- Delays due to force majeure events, including weather or natural disaster.
- Delays caused by third parties other than CU Members Mortgage.
- Delays due to member’s failure to respond to CU Members’ requests within 2 business days.
- Delays due to non-arm’s length transactions (a purchase transaction in which a direct personal, financial or business relationship exists among any of the parties to the transaction).
- CU Members Mortgage reserves the right to amend, terminate, or withdraw the CU Members Service Guarantee at any time without prior notice.
CU Home Advantage is our free real estate services program where credit union members across the country are connected with a Member Advocate who assists them in the purchase and/or sale of their home. Members can receive a 20% rebate from their real estate agent's fees. What's different about this program is the nationwide scope of real estate professionals participating and the service satisfaction ensured by partnership with one of the country's largest relocation management companies, Altair Global Relocation. Members receive a Member Advocate who will ensure satisfaction throughout the purchase and/or sale of their home and then be referred back to the credit union for the home loan transaction. The service is offered in all 50 states, however, some state laws prohibit real estate rebates in whole or by part.
CU Members Mortgage is committed to service excellence, to the home loan experience, and to each of our partners and the millions of members they represent for a future you can count on.