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LoanCare Teams Up with a Credit Union Mortgage Provider.(LoanCare Servicing Center)
Aimbridge Home Loans, a provider of mortgage outsourcing to the credit union industry, has formed a relationship with LoanCare Servicing Center to offer a private label loan servicing option to credit unions.
LoanCare is a national loan subservicer that currently serves more than 100 companies with approximately $5 billion of loan balances under management.
The affiliation means that credit unions can transfer their current loan servicing portfolios to Aimbridge Home Loans/LoanCare who, on a contract basis, will perform servicing functions such as payment processing, investor reporting, escrow administration, mortgage insurance administration and default management.
Keith Brown, president of Aimbridge Home Loans, said the dual subservicing program between Aimbridge and LoanCare offers credit unions lower servicing costs and reduced operational risk.
He said that LoanCare's servicing platform has critical mass and can pass on cost benefits that come with economies of scale to both the credit union and its members.
He noted that Aimbridge has been referring servicing business from credit unions to LoanCare, based in Virginia, for a couple of years, so the two firms have experience working together informally.
Now that the relationship has been formalized, Aimbridge is able to bring the benefits of aggregation to its credit union clients that are seeking help from a subservicer, he said. Those benefits include the waiver of monthly minimum fees and other enhancements that individual credit unions might not be able to win on their own.
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