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CUMAnet stands for Credit Union Mortgage Alliance Network. CUMAnet
is a 100% credit union owned service organization dedicated to providing the
credit union community with national real estate financing support systems
and controls for residential mortgages and home equity loans.
CUMAnet is not a lender. We are a service company formed to support your credit union. CUMAnet is dedicated to the credit union community with credit union people who specialize in real estate transactions.
CUMAnet is the only real estate financial service company who, through affordable pricing, gives your credit union, regardless of asset size, its own mortgage department. Through our transparent process, investment in professional, non-commissioned staff and state-of-the-art technology, your credit union can employ the product advantage and pricing of today's largest real estate providers. Most importantly, your credit union remains the focus of the financial and operational benefits of being a direct home financing provider. Since we are credit union people, your members remain in the credit union community for service.
CUMAnet customized statement stuffers, lobby posters, postcards, mortgage expo's and home buying seminars are all available at your request. CUMAnet's marketing support services are expedient and
provide a wide scope of choices.
CUMAnet offers unique ways of saving on internal operational costs. However, CUMAnet can easily subsidize the credit union's current mortgage programs, member service levels and aid in multi-state lending and servicing. Please inquire on how we can help you grow your operation to serve your member's needs.
The loan is funded by the credit union - regardless of your next decision to portfolio or sell the loan by CUMAnet to a secondary market investor. Please note whether portfolio or sale, your credit union always maintains the servicing recognition on every real estate loan.
CUMAnet is a direct secondary market approved seller/servicer (i.e., Fannie Mae). Through CUMAnet, credit unions can sell loans on the secondary market as easily as portfolio transactions. We have a complete, competitive menu of real estate products which enables the credit union to offer a diverse selection every day.
CUMAnet's state-of-the-art technology and professional credit union assistance staff are at your command to implement immediate management of loan investment decisions. We will show you exactly how to manage changing rates, mortgage product diversification, asset and liability strategies with mortgage loans and how we can manage these transactions.
CUMAnet will service the loans in the credit union's name. CUMAnet has a full staff of experienced mortgage servicing professionals, state-of-the-art loan servicing technology and is dedicated to compliance, to assure that our members remain comfortable with their credit union's ability to serve their housing affordability.
The credit union receives the monthly principle and interest payments, along with a complete accounting of member transactions in clear, easy-to-read formats that you help design.
CUMAnet simply becomes your real estate department. Through linked computer systems, on-site update meetings and our frequent presence in the credit union, our turn-key system requires little to no support from your staff. However, in the spirit of our ability to serve all members, we train your staff on home affordability for cohesive member service.
Simply call CUMAnet today for an informative package and to learn more about this unique service only available to the credit union community. We offer convenient, on-site presentations for as many people as you choose. For more information contact Leo O'Donnell by calling 800-571-6988 ext. 7104.
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This is the interest rate on the loan plus any points and closing costs, calculated over the term of the loan. This should be used as a guide for shopping for a mortgage, since it may show hidden fees. It is not the same as the interest rate on which your mortgage payments are calculated.
This is a mortgage with a rate that is fixed for a specific initial period, but which adjusts at a specific frequency based on the given index. ARMs are usually expressed as the following examples:
- 1/1 ARM - A mortgage with a fixed rate for one year that adjusts annually thereafter.
- 3/1 ARM - A mortgage with a fixed rate for three years that adjusts annually thereafter.
- 3/3 ARM - A mortgage with a fixed rate for three years that adjusts every three years.
- 5/1 ARM - A mortgage with a fixed rate for five years that adjusts annually thereafter.
- 7/1 ARM - A mortgage with a fixed rate for seven years that adjusts annually thereafter.
- 10/1 ARM - A mortgage with a fixed rate for ten years that adjusts annually thereafter.
An opinion of the market value of a property, made by a qualified appraiser.
Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in a contract.
A provision of an ARM limiting the interest rate or mortgage payment's increase.
A short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses.
The ratio, expressed as a percentage, which results when the borrower's monthly payment obligation on long-term debts is divided by his/her gross monthly income.
Federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.
A mortgage in which the interest rate is set for the term of the loan.
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm, etc.
A policy that combines liability coverage and hazard insurance.
A type of insurance that covers repairs to specified parts of the house for a specified period of time.
The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her gross monthly income.
The portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.
A published interest rate against which a lender measures the difference between the current interest rate on an adjustable rate mortgage and that earned on other investments, which is then used to adjust the interest rate.
A loan amount that is higher than the standard secondary mortgage market "conforming" loan amount as determined by FNMA (Fannie Mae) and FHLMC (Freddie Mac).
The relationship between the amount of the mortgage loan and the appraised value of the property, expressed as a percentage.
Monet paid to insure the mortgage when the down payment is less than 20 percent. It protects a lender against a loss if the borrower defaults.
A privilege in a mortgage permitting the borrower to make payments in advance of their due date.
Money charged for an early repayment of debt.
One point equals 1% of the mortgage amount. This is a closing cost and may be tax deductible (have members consult their tax advisor). Typically, the more points paid at the time of closing, the lower the interest rate on the mortgage.
A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often paid for by the purchaser and/or seller.
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges.
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