JUST SAY NO!

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.

 

By Old Republic Insured Credit Services, Inc.

 
Old-Republic

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 from you!

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 ads@creditunions.com or 1-800-446-7453.

 

Jan. 5, 2004


Comments

 
 
 
  • If it is too good to be true....
    Anonymous
     
     
     
  • Interesting.
    Anonymous
     
     
     
  • please call this sounds very interresting pamela getty lending manager 1-888-468-5826 ex 426
    Anonymous
     
     
     
  • please call this sounds very interresting pamela getty lending manager 1-888-468-5826 ex 426
    Anonymous
     
     
     
  • Can this program work for our credit union being that Guam is a US territory?
    Anonymous
     
     
     
  • Very Interesting
    Anonymous
     
     
     
  • This sounds great for the smaller loans, however our average home equity loan is $45k.
    Anonymous
     
     
     
 
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