Let Old Republic Insured Credit Services (ORICS) show you the way to increase
member satisfaction for your home equity loan and line process. With our easy
"Quick Close" program, you can schedule a closing the very same day
your member applies - with funds available after the three day rescission period.
ORICS currently works with credit unions that take advantage of this program
to streamline their front-end process and decrease their charge-off risk. Now
YOU can say "no" to lost loans due to delayed closings, "no"
to wasted time researching incorrect title search items, and "no"
to nuisance foreclosures.
When you use your "Quick Close" program, if your member defaults,
ORICS will buy the loan from you for the balance at the time of default. This
program is specifically designed to help you streamline front-end processing
for smaller loan and line requests (up to a maximum of $35,000), and still effectively
manage your risk on the back-end.
Which would you rather have if your loan or line defaults: an appraisal and
title search to look at, or a check in your hand to pay off 100% of your balance
at the time of default? This program allows you to have a check in your hand,
giving you immediate redeployment of defaulted loan funds!
ORICS offers default insurance to allow you to utilize your members' stated
market value on their application for your property valuation, and to utilize
a good faith effort to document second lien position. Good faith effort consists
of using your credit report to look for other liens and your members' verbal
or written statement that there are no other liens on their home other than
their first mortgage. It's that simple for both your Credit Union and your members!
After you make a loan or line as described above, you retain the loan or line
in your portfolio. ORICS insures your loan or line against default. In the event
of default, you assign your note and mortgage to ORICS, and ORICS pays 100%
of the balance at the time of default (as long as your note is legally enforceable
and your policy provisions have been met). Best of all, "Quick Close"
is turnkey, so there are no systems integrations or computer interfaces necessary.
You can use quick close streamlining immediately once your policy is issued.
For 50 years ORICS has been helping Credit Unions increase member satisfaction.
Call us today at 1-800-621-7873, or visit our website www.oldrepublicics.com
to learn more about this program and other programs and benefits ORICS
can offer you. An ORICS representative will be glad to talk with you to discuss
your goals and how we can help you achieve them. We look forward to hearing
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.