Frequently Asked Questions

Related Web Sites

Home Loan Industry Updates

 

 

Resources

Frequently Asked Questions

Home Loans Frequently Asked Questions

Q: Why should my credit union choose to service my mortgage portfolio with Symbionce Financial Solutions, LLC?

A: Being 100% credit union owned and operated, Symbionce not only insures that your member’s home loan will be serviced with the same level of member service as if the credit union were servicing their loan in-house but each loan is serviced in your credit union’s name for the life of the loan. This benefit applies to both Sold Loans and loans held in your portfolio.

< back to top >

Q: I have a full mortgage staff. How can I utilize Symbionce Financial Solutions, LLC without affecting my internal staff?

A: We offer various levels of services designed to compliment your internal staff’s efforts. We will design with you a home loan program that enhances your current staff’s productivity and efficiency.

< back to top >

Q: How is Symbionce different from other mortgage lenders?

A: In the field of credit union home loan financing, Symbionce stands head and shoulders above others. Some examples of why we are:

  • We deal exclusively with the Credit Union industry NATIONWIDE and therefore recognize firsthand the importance of building and keeping your member’s trust as well as their business.
  • Symbionce Financial Solutions, LLC is fully owned and operated by credit unions. There are NO mortgage companies or banks involved in any way with the home loan services we provide.
  • Each member of our management team has an average of over 12 years of direct credit union lending experience!
  • We work with closely with you to insure you maximize your home loan offerings while staying within your ALM goals. As credit union professionals, we understand that such goals change from time to time so our programs allow you complete flexibility in that regard!
  • We pledge to exceed your member’s expectations so that they continue to turn to you for all their financial needs.
  • We will never sell information to a third party or solicit your members for products that your credit union doesn’t offer.
  • Symbionce is truly committed to working together with you to benefit all!

< back to top >

Q: If the credit union holds the loan in portfolio, who services it?

A: Symbionce will service all loans in the name of the credit union for the life of the loan.

< back to top >

Q: Who funds the loan?

A: The credit union funds all loans. Those mortgage loans sold into the secondary market will earn interest at the interest rate at which the loan, payable to the credit union from Symbionce within 5 business days of our receipt of the remittance from the secondary market investor.

< back to top >

Q: What if the credit union chooses to portfolio some loans?

A: The choice to hold or sell mortgage loans (all home equity loans must be held in portfolio by the credit union) is entirely up to the credit union. The credit union can opt to hold or sell specific types of mortgage loans and Symbionce will be flexible and respond quickly to changes in the credit union’s hold/sell policy as they occur.

< back to top >

Q: Are there any costs to the credit union when we kick off our home loan program with Symbionce Financial Solutions, LLC?

A: Beginning your home loan program with us is easy! There are absolutely no start-up costs; nor are there any monthly or annual maintenance fees incurred by the credit union. We will provide you with an on-line home loan center that matches the look and feel of your current web site. We even keep your web site’s internal navigation links in tact throughout the home loan center and provide you with a customized toll free number for your members to call your new “home loan department”. All of these state of the art on-line tools are at no charge to you or your members!

< back to top >

Q: What will the credit union earn?

A: The credit union determines what fees and/or rate structures to charge in order to generate income for the credit union. We will work closely with you to develop a competitive and profitable home loan program!

< back to top >

Q: How are the offered interest rates determined and communicated to our members?

A: Symbionce’s home loan program is truly YOUR program to direct as you see fit. Therefore you can choose to set your own mortgage rates for portfolio held mortgages or instruct us to follow secondary market mortgage rates. All rates are published daily on the credit union’s on-line home loan center and are available for your staff as well as members to view.

< back to top >

Q: How do we get started?

A: Contact us (866-398-1556) and ask for our no obligation “needs analysis” to review your credit union’s goals and how Symbionce can best help you meet those goals. From the date of the fully executed service agreement between the credit union and Symbionce, it usually takes 6 to 8 weeks to be fully up and running.

 

Home Loan Related Web Sites:

< back to top >







 

 

 

 

 

 

When credit unions consider and utilize CUSO solutions, they keep credit union money in the credit union family, for the benefit of their members and all concerned. Don’t confuse a CUSO with a Vendor. CUSOs are credit union industry professionals serving credit unions.