THE ADVANTAGE
Your monthly recap of the most important
mortgage-related news, perspective, and advice
August 2023
3 minute read
We fully understand that as the financial landscape evolves, credit unions have to keep up with the latest technology updates to meet the changing needs of their members.
Member Advantage Mortgage is committed to that end, and we’re excited to announce we are rolling out some exciting technology updates that are sure to make a positive impact on your credit union and the relationship you have with your members.
New Calculators
We’re excited to announce three new calculators that our partners can use to help their members through the mortgage process.
1. How Much Income Do You Need
Members simply enter the purchase price and down payment amount to see the required annual income range necessary to buy that home. They’ll be presented with an easy to understand chart displaying interest rates, APRs, loan amount, and estimated monthly payments of various loan types.
2. How Much Can You Afford
Members can use this calculator to determine how much home they can afford based on their income, monthly household expenses, and down payment amount. The calculator will also show an estimated monthly payment if the buyer decides to purchase a home of that value.
3. Rent vs. Buy
Members can compare the cost breakdown of having a 30-year fixed-rate mortgage versus renting over that same period of time! This lets buyers see the financial savings potential of home ownership.
Access all the fully operational calculators:
It’s not a matter of if your members are looking for this information, it’s a matter of whether they get it from you—or one of your competitors. Our credit union partners all have the ability to embed these tools on their websites. Be sure to reach out to us to learn more!
New Mobile-Friendly Application Process
We understand that to stay competitive the process for obtaining a mortgage has to be simple and intuitive. The best solution for a purchase of this magnitude is the right blend of automated technology with personalized human touch.
Both sides of that coin are addressed with the latest update to our point of sale system. You can offer your members an easy-to-use, mobile-friendly system that streamlines the entire process, including document uploads and other necessary points of communication. The modern design ensures a seamless experience for members, which is nothing short of crucial in today’s world of mobile banking.
MAM understands the importance of providing members with resources and tools to help them make informed decisions about their finances. It’s not just about the technology itself—but also about the educational resources that come with it.
The halo effect of our member-first philosophy is that credit unions build a strong reputation and attract new members simply through partnering with MAM to give members access to the latest tools and resources they need when shopping for a mortgage.
Contact us today to learn more about these exciting technology updates and how they can benefit your credit union and its members.
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Who Is MAM?
Member Advantage Mortgage (MAM) is a Credit Union Service Organization (CUSO) that helps credit unions increase revenue by offering mortgage solutions to their members.
We achieve this by finding the mortgage solution that is in each individual member’s best financial interest.
What We Do
Since 2006, MAM has offered first and second mortgage origination and fulfillment services to credit unions. We also provide marketing tools (like our Mortgage Payment Calculator) to increase lead generation.
How We Can Help You
We’ll help you improve member satisfaction and deepen member relationships by offering or streamlining your mortgage delivery process. You’ll be able to serve current members so they don’t need to turn to the competition, all while increasing your mortgage revenue and generating non-interest income.
How You Can Learn More
This page goes into greater detail on exactly how we provide support and partner with credit unions.
You can also call Jim Mitchell, our Senior Vice President of Strategic Partnerships, to get answers to any questions about partnering with MAM.
Disclaimer:
This information is solely for credit union and mortgage professionals and should not be distributed or provided to consumers or the general public.
This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify. Member Advantage Mortgage, LLC is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Member Advantage Mortgage, LLC NMLS #1557. Alabama Consumer Credit License # 22717. Arkansas Combination Mortgage Banker-Broker-Servicer License # 104160. Colorado, Regulated by the Division of Real Estate, Mortgage Company Registration NMLS ID # 1557; check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. Connecticut Mortgage Lender License # ML-1557. District of Columbia Mortgage Lender License # MLB1557. Delaware Lender License # 011515. Florida Mortgage Lender License # MLD781. Georgia Residential Mortgage Licensee, License # 36659. Louisiana Residential Mortgage Lending License NMLS ID # 1557. Massachusetts Mortgage Lender License # ML1557. Maryland Mortgage Lender License # 06-19371. Michigan 1st Mortgage Broker/Lender/Servicer Registrant # FR020440. Licensed by the North Carolina Commissioner of Banks, Mortgage Lender License #167098. Licensed by the New Hampshire Banking Department. New Hampshire Mortgage Banker License # 14242-MB. Licensed by the New Jersey Department of Banking and Insurance. New Jersey Residential Mortgage Lender License NMLS ID # 1557. Licensed by Pennsylvania Department of Banking. Pennsylvania Mortgage Lender License # 33868. Rhode Island Licensed Lender, License # 20112778LL. South Carolina Mortgage Lender License #1557. Texas Mortgage Banker Registration NMLS ID # 1557. Licensed by the Virginia State Corporation Commission, Virginia Lender License # MC-5045, Virginia Broker License #MC-5045. NMLS ID # 1557.
Visit www.nmlsconsumeraccess.org for complete licensing information.