FAQs

How much will it cost my credit union to get started with OwnersChoice?

At OwnersChoice, we’re committed to making our services as convenient and accessible as possible. There are absolutely no up-front costs to get started with us.

How will my credit union earn income through the OwnersChoice program?

There are two ways your credit union can earn income from our program. By holding mortgage loans as assets on your books, you will earn the related interest income. If you choose to have OwnersChoice sell your loans into the secondary market, you will continue to earn interest until the sale, funding or return of the loan to the credit union is complete and will then generate revenue from the sale.

How long will it take to get set up with OwnersChoice?

Once you’ve signed the necessary agreements, you can expect to be up and running in just one week. We even offer a full range of marketing materials to help you introduce and promote the program to your members.

How do we determine our interest rates?

Typically, OwnersChoice will set the interest rates for you. If you choose to hold loans in your portfolio, however, you have the option of determining your own rates. We’re happy to provide market information and recommendations to assist you in the process.

If I have a member who would prefer to apply directly with a credit union employee, can we accept the application?

Absolutely! We understand the importance of serving your members and offer several options for the application process. Your employees can accept a member’s paper application, or walk the member through the online application process personally. OwnersChoice professionals are always available to assist with online applications should you need additional help.

Who services a loan when it is sold?

OwnersChoice services the loans your credit union sells. Because we service the loans transparently, your members will see your name when they make payments each month.

Do we have the option to sell loans later? For example, can we sell a loan two years after it is closed?

Yes. Unless you request otherwise, OwnersChoice will underwrite all loans to meet secondary standards, which allows you to sell them at a later date.