CU West Mortgage Celebrates Three Milestones

RANCHO CUCAMONGA, Calif. – CU West Mortgage, a mortgage lending company formed in December by the California Credit Union League and Orange County Teachers FCU, is celebrating several notable milestones. Earlier this month, the company was approved to make loans through the California Public Employee Retirement Systems (CalPERS), which provides retirement and health benefit services to more than 1.4 million California employees, retirees, and their families. That means that anyone participating in CalPERS can apply for a mortgage through CU West Mortgage. In addition, six more CUs signed contracts with CU West Mortgage, and Western Corporate FCU became a minority investor in CU West Mortgage. Lastly, the company sold its first loan on the secondary market to Fannie Mae, and was approved by correspondent lenders E-trade and Charlie Mac, a subsidiary of U.S. Central CU, to purchase CUWM’s jumbo mortgages of $333,700 and above. CU West Mortgage has applied to become a California Housing Finance Agency lender, and to the U.S. Department of Housing and Urban Development to become a Federal Housing Administration lender.