News
July 15, 2015Sunmark Federal Credit Union to Offer Lending Solution to Columbia-Greene Federal Credit Union Members
Sunmark Federal Credit Union, the third largest credit union in the greater Capital Region with more than $470 million in assets and 48,000+ members, has created a business-to-business partnership with Columbia-Greene Federal Credit Union in Hudson, NY to help provide Columbia-Greene’s members with a better home equity loan solution.
“As we celebrate our 40th year of serving members, it is important for Columbia-Greene FCU to meet the evolving needs of our members of more efficient and varied lending products since we are looking forward to meeting their expectations for many more years to come,” said Victoria Marrone, Ph.D., president/CEO of Columbia-Greene FCU. “By partnering with Sunmark, we’re able to offer more competitive products with faster processing times along with utilizing Sunmark’s compliance staff to ensure our products meet regulatory needs. Partnering with Sunmark allows us to expand and improve our Home Equity Loan offerings without leaving the comfort of working within the credit union community.”
This is the first credit union partnership in New York State that is based on home equity lending.
“Through the Incidental Powers provision, we, at Sunmark, saw an opportunity to help one of our fellow credit unions. By serving as the ‘processing center’, we’ve allowed Columbia-Greene FCU to expand home equity loan options to their members, improving their existing home equity platform.” said Alissa Sykes, Sunmark’s vice president of lending. “This is a win-win-win–for us, for Columbia-Greene FCU, and for their members. It is really a testament to the cooperative nature of credit unions.”
As the correspondent partner, Sunmark is responsible for compliance, disclosure, documentation, underwriting (with final approval by Columbia-Greene FCU), and the closing documents. Columbia- Greene is responsible for maintaining Nationwide Mortgage Licensing System (NMLS) registrations, performing closings, servicing the loans, along with sales and marketing to its members.
As part of the Federal Credit Union Act, an activity under the Incidental Powers provision is one that enables a credit union to effectively carry on the business for which it was incorporated, is the logical outgrowth of activities that fall within the mission or business of the credit union and involves risks similar in nature to those already assumed as part of the business of that credit union.
