Bank-Fund Staff FCU Partners with CUMAnet

Leverages Existing Relationships with Mortagebot to Expand National Service Offering

Basking Ridge, N.J., August 8, 2007 – Bank-Fund Staff FCU (www.bfsfcu.org), headquartered in Washington, D.C., has partnered with the Credit Union Mortgage Alliance Network, or CUMAnet, (www.cumanet.com) to act as their National Mortgage Center, thus expanding their national reach and allowing them to retain their members for life.

This innovative partnership was the result of existing relationships both organizations enjoyed with Mortgagebot (www.mortgagebot.com) of Mequon, WI, which is the leading provider of online mortgage orientation technology. Mortgagebot services 41 of the top 100 credit unions.

Bank-Fund Staff Federal Credit Union (BFSFCU), a full-service financial cooperative, was organized and chartered in 1947. The Credit Union serves primarily the staffs of The World Bank Group and the International Monetary Fund.

According to Daniel von Schaumburg, president of CUMAnet, BFSFCU will continue to originate, process and close loans in their immediate geographic area (DC, MD, DE, VA and WV) via their existing relationship with Mortgagebot. CUMAnet will act as their “National Mortgage Center,” and handle loans for the remainder of the nation via Mortgagebot software, plus taking nationwide applications by phone.

According to Dan Welbaum, chief marketing officer of Mortgagebot, “Via their new National Mortgage Center, BFSFCU can now offer loan applications by phone in all 50 states and take full advantage of Mortgagebot's technology. The key advantage is that it is completely transparent to members, who never feel they are leaving the hands of their trusted FCU. This also resolves an issue that many CUs have in not being able to lend nationwide. Moreover, since CUMAnet and BFSFCU were both already partnering with us, the transition was seamless all the way around.”

Janet Corrigan, the director of lending services for Bank-Fund Staff FCU said, “We are very strong on ‘Once a Member, Always a Member,‘ so we wanted to ensure that as members left this area we could continue to provide services not just for them, but for their family members as well, because they are eligible for membership. The ability to complete an application online, from anywhere in the world—and our members are in many different countries—was a critical factor for us.”

Previously, mortgage applications from outside BFSFCU's immediate area were not handled by a CUSO (Credit Union Service Organization), and lacked a member-oriented sensibility. Moreover, previous partners did not provide the transparency afforded by CUMAnet.

“This new avenue for lending also allows us to keep our loans within the CU family and maintain and build our member base,” notes Corrigan. “We no longer have to leave the CU world to help our members, and outside institutions no longer mine our proprietary data and cross sell our members with products of their own.”

By joining CUMAnet, BFSFCU members have access to a variety of loans in their credit union's name, and can be assured that their loan will always be serviced in the credit union's name. Most importantly, it allows BFSFCU to follow its members as they retire or relocate outside its geographic parameters, thus promoting the concept of a member for life.

About Bank-Fund Staff FCU
Bank-Fund Staff Federal Credit Union, a full-service financial cooperative, was organized and chartered in 1947. A few individuals recognized that employees of the newly formed World Bank and International Monetary Fund required a convenient source of credit and a secure place to save. They went about the task of organizing the Credit Union with these purposes in mind and with a strong commitment to serving their colleagues and future Credit Union members.

Because the Credit Union serves primarily the staffs of The World Bank Group and the International Monetary Fund, the management of these institutions facilitated its development. This support contributed to the Credit Union's success and it has grown to be one of the most financially sound credit unions in the United States, currently ranking in asset size among the top 35 of over 10,000 federally chartered credit unions.

About Mortgagebot
Mortgagebot (www.mortgagebot.com) is the leading provider of Internet-based loan origination solutions for the mortgage lending industry. A pioneer in the fast-growing online mortgage-lending arena, Mortgagebot combines its mortgage banking experience with leading-edge technology to create robust, configurable, and affordable Internet solutions for over 700 mortgage lenders nationwide. Mortgagebot PowerSite is a configurable and completely private-labeled web-enablement solution that gives lenders the ability to fully leverage their brand and customer relationships. Mortgagebot provides its award-winning technology as an application service.

About CUMAnet
CUMAnet is a 100% credit union-owned, full-service, real estate organization, providing residential mortgage and home equity loan products and related services to credit unions exclusively nationwide for 11 years. With its transparent service, CUMAnet allows credit unions the ability to offer members the real estate products and pricing needed to compete in today's financial marketplace, plus the personal, superior service expected in the credit union industry.