CU Members Mortgage, a division of Colonial Savings F.A., has named the winners of its annual Credit Union Elite Partners Club program for the 2016/2017 fiscal year.
Winners in the “Direct Lending” category are:
- $1.5 billion-asset Austin Telco Federal Credit Union (based in Austin, Texas)
- $1.6 billion-asset Texans Credit Union (Richardson, Texas)
- $1.4 billion-asset Credit Union of Texas (Dallas)
Winners in the “Fulfillment Services” category are:
- $1.6 billion-asset Arizona Federal Credit Union (Phoenix)
- $222 million-asset Benchmark Credit Union (West Chester, Pa.)
The $1.5 billion-asset Elements Financial FCU won in the “Correspondent” category, while the Cornerstone Credit Union League won in the “League” category.
According to the Dallas-based CUSO, the winning credit unions’ achievements were based on CU Members Mortgage’s own scorecard process that evaluates its partners’ mortgage department annual performances. This scorecard process was developed to “emphasize how credit unions evaluate the progress, effectiveness, and quality of their mortgage programs.”
The scorecard takes into account factors such as the ratio of purchase loans compared to refinanced home loans, average borrower FICO scores, a low percentage of early payoffs, and a minuscule default ratio. Also, credit unions score points for “innovative marketing initiatives” and for attending educational training sessions.
“It’s always very exciting to announce our annual scorecard winners,” Keith Kasmire, VP of sales for CU Members Mortgage, said in a statement. “It shows us that the market is brimming with loan activity and credit unions are right there in the mix helping their members become financially stable homeowners.”