Do you wish you could provide many of the mortgage options for your members that your competitors can? Are you tired of losing that connection with your members when your third party mortgage provider sells the servicing of your members’ mortgages?
Neighborhood Mortgage Solutions (NMS) allows you to keep that important connection. With NMS your credit union keeps the servicing even though your members' mortgages may be sold on the secondary market. For you, this means that you will not be allowing your members' information to be sold to a competitor, who can in turn solicit your members, for other products and services. For your members, this means after the loan is closed, their loan repayment and escrow balance history will be accessible to them through your credit union. It would appear to your members like any other loan they have at your credit union.
Mission Statement
Our mission is to enhance the mortgage product offerings for all Credit Unions, be it owners or affiliates, by way of the diverse mortgage products offered and by keeping each Credit Union's mortgage origination and servicing income in the communities they serve.
Neighborhood Mortgage Solutions (NMS) is a Credit Union owned Credit Union Service Organization (CUSO) providing Mortgage services to fellow Credit Unions. Neighborhood Mortgage Solutions is headed by a 30+ year veteran in the financial services industry. Greg and his team bring the expertise needed to work with Fannie Mae, Freddie Mac and government sponsored loan programs. NMS, together with Prime Alliance (processing system), offer the convenience required to be an option in the Mortgage business, resulting in a seamless mortgage offering to your members.
What's in the Name?
This mortgage CUSO is named Neighborhood Mortgage Solutions because the main objective is to keep more of your members’ dollars in the communities and neighborhoods your credit union serves. NMS’ servicing partnership option enables the cash flow from servicing and escrow deposits to flow back to the communities from which they were originated; thereby, retaining more income and deposits.
Neighborhood Mortgage Solutions has established relationships with federal agencies and can help your credit union offer mortgage products that include 30-year loans with as little as no money down. On all purchases, Neighborhood Mortgage Solutions allows the seller to contribute up to 3% of closing costs and escrow deposits.
Neighborhood Mortgage Solution’s mortgage product offerings include ARM, VA, FHA and almost any other mortgage available on the secondary market.
Other features include:
- In many cases, all mortgage functions, including servicing, will be kept in the credit union with the exception of FHA or VA loans, meaning members can make their payments at the credit union or online.
- Approval within minutes of submitting the application.
- Web applications with instant underwriting feedback 24 hours a day, 7 days a week.
- Realtor use of website Mortgage Qualification Calculators.
- Lower up-front closing costs in keeping with the member-friendly approach of credit unions.
The key factor to remember is that your member will be dealing with your credit union and the Neighborhood Mortgage Solutions personnel from the application process through the loan payoff.
The range of service can vary according to individual credit union capabilities. Our model will do the following:
Credit union which does not have their own web application and processing system:
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NMS on behalf of the credit union will do the following:
- Take the application in the name of NMS
- Process and close the loan in the name of NMS and sell the loan back to the credit union
- If the credit union wishes to sell into the secondary market, NMS will coordinate Fannie Mae approval and act as the credit union’s agent in selling and delivering the loan into the secondary market
- If the loan is sold into the secondary market, NMS will perform all servicing functions with Fannie Mae
- If the loan is kept in house, NMS will still provide all servicing functions unless the loan goes into foreclosure
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The credit union will do the following:
- Price the loan on the secondary market in conformance to their desired profit level
- Set their own up-front fees for processing, underwriting, etc.
- Pay to NMS the fees earned for processing and underwriting
- Pay to NMS 50% of the service fees generated
- Retain all late fees collected
- Retain on deposit all escrow balances connected to the servicing portfolio (these can be invested in overnight funds for interest income)
If the credit union has its own web application and processing system, then the following would apply:
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NMS on behalf of the credit union will do the following:
- Underwrite the loan and help deliver into the secondary market
- Oversee all servicing functions with Fannie Mae
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The fees for NMS involvement are as follows:
- Securing Fannie Mae approval and set up of systems ($1,000-one time fee)
- Underwriting fees ($200 per loan)
- Processing fees ($250 per loan to include the closing package)
- Servicing functions (50% of servicing fees generated with a minimum of $5 per month)
Mortgage Training Links
| Mortgage-U.com Product Training mortgage-u.com |
Servicing Quality Control wetzeltrott.com |
| Approved Appraiser List gonms.org [PDF] |
Other Mortgage Links
| Rural Development for Income & Property Eligibility eligibility.sc.egov.usda.gov |
FHA Website for Q&A and Additional Resources portal.hud.gov |
| Prime Alliance Login mortgages.lendervp.com |
Fannie Mae LLPA Matrix efanniemae.com [PDF] |
| Mortgage Calculator ginniemae.gov |
Servicing Quality Control wetzeltrott.com |
Founding Members
Neighborhood Mortgaage Solutions Team
For more information or to set up a consultation, please contact us.
 Greg Wischmeyer CEO (989) 497-1651 ext. 589 gwischmeyer@gonms.org
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 Troy Trudo Processor (989) 497-1651 ext. 587 ttrudo@gonms.org
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 Shari Barker Servicing Manager (989) 497-1651 ext. 685 sbarker@gonms.org
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 Kristy Rahn Underwriter (989) 497-1651 ext. 655 krahn@gonms.org
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 Jamie York Office Manager (989) 497-1651 ext. 596 jyork@gonms.org
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 Cathy Nihranz Production/Secondary Market Coordinator (989) 497-1651 ext. 687 cnihranz@gonms.org
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 Meg Wendland Underwriting Manager (989) 497-1651 ext. 641 mwendland@gonms.org
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 Debbie VanWormer Underwriter (989) 497-1651 ext. 686 dvanwormer@gonms.org
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 Kelcie Laleman Servicing Agent (989) 497-1651 ext. 567 klaleman@gonms.org
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 Leigh Lawe Servicing Agent (989) 497-1651 ext. 654 llawe@gonms.org
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