THE ADVANTAGE
Your monthly recap of the most important
mortgage-related news, perspective, and advice
July 2022
A Mortgage Product Members Can’t Ignore
4 minute read
Think about your membership for a second.
Do the bulk of your members share a similar background? Do they work at the same type of company? Are they in the same phase of life as it pertains to their financial goals?
Your credit union’s untapped potential lies in the common thread woven throughout your membership’s lifestyle. We believe if you look, you’ll find it. Once you do, Member Advantage Mortgage (MAM) can support a custom mortgage product —that you design— to help members buy homes in your community.
If you get stuck, think about the economic trends happening in your area. Perhaps there’s a company moving to town and they’ll be building a new local office. How could you tap into that future opportunity?
Custom mortgage products features
Next, you’ll need to think about some of the features that your custom mortgage product should have to be most beneficial to your membership.
Examples include:
- Reduced or lower minimum down payment
- Allowing 100% of the down payment and closing costs to come from gift funds
- Waiving Private Mortgage Insurance (PMI)
- More expansive or flexible credit score requirements
Then you just need to give your new loan a name, and let your members know it exists.
We can help with any and all of the above. We’ve helped many credit unions design compelling but compliant mortgage programs that help them stand out from the typical programs available from investors like Fannie Mae and Freddie Mac. We’ve got the product templates, sample guidelines, and lending policy insights to help you rapidly develop and deploy your programs.
Either way, we’re here to support you every step of the way and we can even help you create and execute a marketing campaign to get the word out to your members and your community.
At MAM, when we say we “partner with credit unions”, what we mean is we’re ready to roll up our sleeves and work incredibly hard to help our partnering credit unions hit their mortgage volume goals.
Helping you create and market custom mortgage products is just one of the many ways we live up to that promise. So give us a call to brainstorm a custom mortgage product for your members, and learn how we can help you tap into your unique local opportunities.
You can reach us at 1-866-482-1414.
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Who Is MAM?
Member Advantage Mortgage (MAM) is a Credit Union Servicing 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 Del Smith, our Senior VP of Business Development, 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.
Member Advantage Mortgage LLC (MAM) is a subsidiary of CUSO Development Company (CDC), which is owned and operated by credit unions for the benefit of credit unions and their members. Member Advantage Mortgage, LLC NMLS #1557. Visit www.nmlsconsumeraccess.org for complete licensing information.