Frequently Asked Questions

Yes! Correspondent credit unions receive a premium on every closed loan. In addition, your credit union can choose to collect from your members a one-half or one percent origination fee. The income generated from mortgage lending can provide better rates to your members on other products in your portfolio.

After your credit union integrates with Alaska USA's correspondent mortgage lending services, your members can apply for a mortgage online, by phone, or in-branch. Loan information is transferred directly to the Mortgage Production Group where processing and underwriting begins immediately. Representatives from the Mortgage Production Group will contact your member with any questions or additional documentation requests. The Mortgage Production Group can also counsel your member to identify the mortgage type that will best meet their mortgage lending needs. The process is handled seamlessly all the way through closing. Your credit union staff may monitor loan status and productivity online every step of the way. Loans are funded on behalf of your credit union through a warehouse line of credit, and then promptly purchased by Alaska USA.

Correspondent mortgage lending services are all the services necessary to offer mortgage lending to your members. These services include loan origination, processing, underwriting, closing, quality control, and post closing. Correspondent mortgage lending services from Alaska USA provide a way to add mortgage lending to your credit union's product portfolio, without the risk and expense of adding in-house underwriting and processing expertise and the necessary supporting technology.

All participating credit unions are supported by the Mortgage Production Group, the behind-the-scenes mortgage operation providing the right solutions for every step of the mortgage lending process. Members receive requests for information, updates, and notifications throughout the application process, while the credit union has access to the Mortgage Production Group's online loan status information. Mortgage Production Group experts provide accurate, timely, and professional support to members and your credit union staff, ensuring the successful processing of each mortgage application.

In addition to expanding your cross-selling opportunities, mortgage lending greatly increases your credit union's ability to establish itself as its members' primary financial institution. If your credit union does not take the opportunity to become your member's full-service financial institution, your members will look elsewhere to fulfill mortgage financing needs.

When your credit union participates in Alaska USA's correspondent mortgage lending services, you need only host the online application portal, establish fees, and market mortgage products to your members. Alaska USA handles the rest: coordination of online resources, point-of-sale support, establish the warehouse line of credit, underwriting and processing services, rate lock services, compliance, reporting, and purchase of the loan.

With Alaska USA's correspondent mortgage lending program, credit unions that do not have the volume or knowledge necessary to provide a full-scale mortgage department in-house can now offer home loans to members at competitive rates with plenty of options. By not adding dedicated staff, costly technology, or extensive infrastructure, your credit union can still have a revenue generating source and add valuable cross-selling opportunities. Your members benefit as they can get an affordable loan from the credit union they trust without sacrificing selection and service.

Most credit unions find it difficult to offer competitive pricing and a full product selection without also having originated a large volume of mortgage loans. Additionally, duplicating the expertise and infrastructure of a full-service mortgage lender can be prohibitively costly and time consuming. Correspondent mortgage lending services from Alaska USA are designed so that your credit union can respond to member demand for mortgage services without adding internal production resources or extensive infrastructure. We have made integrating the mortgage lending process simple and seamless.

Alaska USA has 30 years experience in mortgage lending. As a mortgage leader among credit unions, we have the capacity and expertise necessary to provide a full-scale mortgage operation in-house and for correspondent credit unions. We recognize the unique position credit unions have in providing services that can benefit not only members, but solidify the strength of credit unions nationwide. Alaska USA provides a private-label website for capturing application information, a dedicated team of support experts, diverse mortgage lending product options, and reduced overall costs of third party services - a savings for your members.