| Tel. 877-266-7722 |
Fax 518-690-4219 |
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Become a Partner with MorPAC
"Dedication to Your Members is our Core Philosophy"
"For years we have tried to stay on top of the 1st Mortgage product. Each year, with all of the new offerings that have come out, this became increasingly difficult to stay abreast of the competition including new product offerings, staff education, varieties of mortgage offerings, rates and regulation changes. Finally, we realized that the best way to offer the 1st Mortgage product was to partner with MORPAC. This partnership allows us to focus on other financial service offerings that we need to stay abreast of and ahead of the competitive marketplace.
The staff at MORPAC have the same outstanding commitment to service as we do. Their knowledge is among the best in the industry. They personalize their service to meet the different needs of every family they work with. Our members and staff are extremely
satisfied with this partnership. MORPAC receives a 10 out of 10 in the ratings book with us! This is a partnership that I would strongly recommend."
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-Paula Stopera
President/CEO
Capital Communications FCU
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| MorPAC Mortgage Benefits Are Risk-Free For Credit Unions
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| MorPAC, Mortgage Processing Assistance Center Inc., is specifically designed to aid credit unions and their members (including those who may have damaged credit or no equity in their homes) in an attempt to obtain affordable mortgage and home equity financing. The credit union does not fund the loan and therefore assumes NO RISK. MorPAC has raised the bar of individual member service in the mortgage lending community. The following are a few of the many features and benefits of MorPAC services: |
| Competition - In today's competitive banking environment, many large lenders in your vicinity have alternative finance divisions. When your credit union turns down a member, many times your competitor is able to obtain financing for that individual. Since the bank then cross-sells other bank services, "your" member is no longer "your" member. Where is the member's loyalty: with the credit union that turned them down or the bank that was able to arrange funding? By using MorPAC, your member never reaches your competitor.
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| Diversity - Our broker status allows your MorPAC Representative to offer your members the most complete line of mortgage products. From Conventional and Government loans (FHA & VA), to Non-Conforming (for those with damaged credit, including Bankruptcy) there is sure to be a program to assist your member. Our experts in alternative lending work specifically with the hard-to-finance member. Other loan types include Vacation/Second Homes, Construction, No Income Verification, 2nd Mortgages up to 100% LTV and High LTV Investment Property Financing.
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| Flexibility - With our flexible Portfolio Advantage Program, the credit union can decide on an individual basis to "hold" certain mortgages or to simply have MorPAC place the loan with another investor. This allows the credit union to strengthen its portfolio with platinum loans, yet not turn away those members with special financial or credit needs. The credit union is not required to fund loans on mortgages that it will not retain.
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| Simplicity - With MorPAC, we do not expect your employees to be mortgage experts in every program available through our investors. Our qualified staff will help direct the member to the loan that fits their needs.
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| Convenience - A MorPAC Representative can meet with your customer at the credit union, our MorPAC offices or at any location convenient to your member. For members out of the area, MorPAC is equipped to communicate with your member via telephone, fax or e-mail. For the convenience of the member, most applications are handled over the phone in 10 - 15 minutes.
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| Affordability - As a mortgage broker, we have over 50 different investors to fund a mortgage. By shopping rates among so many different investors, the MorPAC Representative can pick the most attractive rate and terms for your member.
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| Service - The personalized service that your member receives can not be matched. Your member will receive the same treatment that they have come to expect as a member of your credit union.
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| Information - We will provide the credit union with status reports of all members referred to MorPAC so that the credit union can also track our performance. This also allows the credit union to follow up with their member in an attempt to refinance at a later date or to simply follow the progress of the loan. It also maintains the members' perception that the credit union helped point them in the right direction. We attempt to keep the focus on the credit union rather than our company.
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Reference List
| Capital Communications FCU |
18 Computer Drive East, Albany, NY 12205
Diana VanAmerongen
518-458-2195
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| Hudson River Credit Union |
312 Palmer Avenue, Corinth, NY 12822
Cathy Straight
518-654-9028
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| Sea Comm FCU |
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30 Stearns Street, Massena, NY 13662
Jerry Manor
315-764-0566
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| Sidney FCU |
42 Union Street, Sidney, NY 13838
Phyllis Nordberg
607-967-7101
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Contact List
| Representative |
Ext. |
E-Mail |
| Josh Hebert |
302 |
JHebert@MorpacAdvantage.com |
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| Chris Berti |
316 |
CBerti@MorpacAdvantage.com |
| Ginny VanAmburgh |
321 |
Ginny@MorpacAdvantage.com |
| Mike Rourke |
323 |
MRourke@MorpacAdvantage.com |
| Chris McKenna |
313 |
Chris@MorpacAdvantage.com
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| Dave Stagnitti |
312 |
Dave@MorpacAdvantage.com |
| Chrystal Muir |
304 |
Chrystal@MorpacAdvantage.com |
| Sarah Foote |
305 |
SFoote@MorpacAdvantage.com |
Brief Product Descriptions
As A Mortgage Broker, We Are Able To Arrange Funding For Members With Over 30 Different Investors.
Conforming Mortgages - Standard 1st mortgage loans designed for the purchase or refinance of your home. Although there are many programs variations, most conforming mortgages require a minimum of 5% down. Rates are typically locked for
60 days.
FHA & VA Loans - Perfect for first time home buyers, members with low down payments or those with less than perfect credit. FHA loan highlights include down payments as low as 2 1/4% with sellers able to contribute up to 6% toward closing costs and prepayables. VA loans allow for 100% financing of the appraised value. Both programs require the house to be owner occupied.
Non-Conforming (damaged credit) - We regularly arrange 1st and 2nd mortgage funding for members with damaged credit. Rates are normally determined by a combination of the member's credit, income and equity in the home (down payment in the case of a purchase).
Home Equity Loans - The MorPAC Representative has investors that will lend up to 90% of the value of the member's home. Again, rates are determined by both credit and income.
No Income Verification Loans - Also referred to as "stated income loans", these loans are perfect for self-employed
or members who claim very little income.
Construction Loans - Construction loans can be arranged for those members that own their own land or are building in
a development. Rates and fees vary based on credit and income.
10% Down Investor Loans - Allow for low down payment on investment properties. Good credit is normally required.
Low Down Payment 1st Mortgages - Loan product that allows up to 97% LTV. Primary Residence Purchases Only!
Single Family and Condos, with loans up to $417,000. These programs require good credit.
There are many other loan programs available!
Portfolio Advantage
Portfolio Advantage was developed by MorPAC to assist credit unions in building their loan portfolios. Similar to MorPAC's additional
programs, the process is extremely simple and customizable.
- The credit union representative completes the one page "Preliminary Mortgage Request Form"
and faxes it to MorPAC.
- A MorPAC Consultant then reviews the member's loan data and compares it to the credit union's
pre-set criteria for portfolio loans.
- Should the loan criteria match, the member's loan will be underwritten by MorPAC to secondary
market standards (or to standards set by the credit union).
- An approval or denial recommendation will then be provided to the credit union. MorPAC can
not actually approve or deny the loan request. The credit union will always have the ability to
override MorPAC's recommendation.
- All necessary paperwork will be provided to the credit union by MorPAC and our attorney.
- The loan will be closed and funded in the credit union's name.
- Should the credit union decline the loan or the member not match the criteria, MorPAC
will simply attempt to find the best program to fit the member's need through one of our
investors.
MorPAC can notify the credit union daily of the portfolio advantage interest rate (typically .25% lower than the published fixed rate) or the credit union can set the rate. MorPAC will also register every loan request with the credit union upon learning that the member fits the credit union's criteria.
Portfolio Advantage - Just another way of helping you serve your membership.
For more information, please contact,
Chris McKenna toll free at 877-266-7722 ext. 313 or
Michael Rourke toll free at 877-266-7722 ext. 323
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