| Credit Union : | CoVantage Credit Union |
|---|---|
| Assets : | $739,816,000 |
| Address : | 723 Sixth Avenue | Antigo, WI 54409 |
| Open / Closed End : | Closed |
Loan Underwriting Qualifications :
Rescue Refinance is designed for any member who is in danger of losing their home to foreclosure.
Rates, Fees, and Terms :
- Up to 90% LTV without PMI if necessary, unless member qualifies for PMI
- Debt to income ratio of 38% of gross income or with a strong cosigner
- Risk Based Pricing applies
- A 10/1 ARM is used
- Automatic transfer of mortgage payments is required
- Mandatory Escrow Account with automatic transfer
- Credit Committee approval is required
Target Market :
Those members in danger of losing their homes to foreclosures due to a family crisis or an extreme rate increase from an Adjustable Rate Mortgage (ARM).
Marketing Strategy
- Word-of-mouth
- Referrals by loan officers or collection staff when signs of distress appear
Program Results/Statistics :
As of 12/31/09, 6 loans totaling $583,000 have been completed under this program.
Additional Information :
Vendors/Systems/Technology Used
No special technology is required.
