Alabama Credit Union Joins the 7 Mortgage Network

Posted on June 12, 2023 by BigWheel

Alabama Credit Union has executed a service agreement with 7 Mortgage to originate, process, underwrite and close secondary market mortgage loans. Of the recent partnership, Vice President of Business Development, A.J. Holst said, “This opportunity is extremely exciting for our organization as Alabama Credit Union was seeking a solution to offer mortgages to their members outside of their footprint. Our ability to originate in AL, FL, GA, KY, MS, TN and VA was a good fit with the added benefit of retained Fannie Mae servicing to create a wall of credit union influence around their members. We appreciate the trust of the ACU team, President and CEO Steve Swofford, CLO Benson Bolling, Mortgage Lending Manager Sandra Jones and Senior Mortgage Officer Mike Ivey, to allow us to serve their credit union and members.” Alabama Credit Union has been a partner of 7 Family of CUSOs since 2020 through 7 Insurance. Special thanks to Alabama CU Services leadership Tommy Cobb and Joe Hardy for your continued business and support.

About 7 Mortgage: a mortgage CUSO subsidiary of 7, LLC and $3.2B Oak Ridge-based ORNL Federal Credit Union. Founded in 2003, 7 Mortgage currently serves 36 credit unions with business fulfillment to a full turn-key remote mortgage department solution.

About Alabama Credit Union: a $1.7B Tuscaloosa-based credit union serving the University of Alabama and almost 140,000 members since 1956.

New Location and New Faces for 7 Title

Posted on April 12, 2023 by BigWheel

7 Title has announced it will open its third location on Monday, April 17, 2023 in the Bearden area. The Knoxville-based title company, which specializes in the settlement of residential and commercial transactions, will be located at 5507 Kingston Pike.

“7 Title is one of the largest and most reasonably-priced title companies in East Tennessee,” said Chris Outland, President of 7 Title. “Our main office is at Northshore Town Center and in 2021, we opened a location in Morristown. This new office in the Bearden community will offer even more convenience to our partners.”

7 Title also announced two new hires to its staff. Whitney Lippert will serve as the 7 Title Office Manager at the Bearden location, while Anna Farley will join the company as the Business Development Executive. Lippert has over 12 years of title experience serving in various roles, with the last few years spent as a senior closer for a local title company. During her time in the industry, she developed a great reputation of giving exceptional service while cultivating many relationships in the local real estate market. A veteran of the United States Army National Guard, Lippert obtained both her Bachelor of Business Administration and her Master of Business Administration degrees from King University in Knoxville with a focus on paralegal studies, business management, and human resource management.

Farley has over 20 years’ of experience in the title and real estate sectors. Because of her extensive background in the industry, she is in a unique position to share new ideas and programs from her previous successes. Farley is new to the East Tennessee area, moving from California with her family in late 2022. She studied at Fresno City College and previously held licenses in real estate and title marketing in California.

7 Title has served the Knoxville and surrounding area for over 20 years with a focus on low fees, exceptional service, and being mobile for the convenience of its clients. For more information, please visit 7.coop/title.

Media Contact:

Chris Outland

coutland@7.coop

t: 865.560.7478

New President of 7 Mortgage Announced

Posted on June 21, 2022June 21, 2022 by BigWheel

Knoxville, TN. – 7, LLC has appointed Travis Morrow as President of 7 Mortgage, a jointly owned credit union service organization of ORNL Federal Credit Union (ORNL FCU) and Consumer Credit Union (CCU). Morrow replaces Wendy Robinson, who retired earlier this year. Morrow assumed his role effective May 29th, 2022.

Morrow began his career with ORNL FCU in 2012 when he joined the Mortgage Lending Department as a Mortgage Loan Originator. In 2017, he transitioned to the role of Mortgage Sales Manager at ORNL FCU and oversaw the production staff for the Mortgage Department. In 2019, Morrow was promoted to AVP Mortgage Lending, and later assumed the position of VP Mortgage Lending in 2020. In his role as VP, Morrow was responsible for all activities related to mortgage lending for ORNL FCU including loan production, residential and construction loan portfolio management, and secondary market pricing and delivery.

“Travis has worked in the financial and mortgage industry for over 10 years and has the experience and knowledge needed to successfully transition into his new role as President of 7 Mortgage,” said Chris Boler, President & CEO of 7, LLC. “He is familiar with our culture and understands our mission to empower credit unions of all sizes to offer much needed mortgage solutions to their members.”

As President of 7 Mortgage, Morrow will be responsible for building upon the legacy the mortgage CUSO has built by growing and evolving the business to meet the changing needs of credit union clients throughout the Southeast. From origination through servicing, 7 Mortgage has tailored solutions to help credit unions lower costs, increase service levels, improve compliance, and maximize returns in their mortgage lending programs.

Morrow is a graduate of the University of Tennessee. Since 2019, he has served on the board of directors for the Home Builders Association of Greater Knoxville and participated in multiple advisory committees including Parade of Homes, Foundation House, and The Home Show. Morrow has also served on the board of managers for 7 Title since 2020.

Morrow resides in Powell, TN with his wife, Amy, and two children, Maria and Davis. He is an avid Tennessee football fan, and enjoys golfing and spending time with his family on the lake.

About 7, LLC and 7 Mortgage

7, LLC is a credit union service organization (CUSO) established in 2003 by ORNL Federal Credit Union with the fundamental purpose of developing an outstanding platform of mortgage services for the credit union industry. CUSOs are subsidiaries of their corresponding credit union(s) and strive to build collaborative partnerships with like-minded credit unions.

7 Mortgage is a CUSO that brings together a suite of mortgage lending services that allows cost-effective origination of residential real estate loans available to every credit union regardless of size and experience in mortgage lending. Sister companies, 7 Title and 7 Insurance, are jointly owned ventures with neighboring Y-12 FCU and offer clients credit union level financial products and member service.

7 Mortgage Welcomes New Investor

Posted on February 4, 2022February 4, 2022 by BigWheel

Consumer Credit Union (CCU) has finalized an investment in CU Community, LLC, dba 7 Mortgage, a credit union service organization (CUSO) based in Knoxville, TN. The investment from the credit union will make the organization a minority owner in 7 Mortgage. 7, LLC, the wholly owned holding company of ORNL Federal Credit Union, will remain majority owner.CCU, based in Greeneville, TN, has been a client of 7 Mortgage since 2007, joining as one of the first partner credit unions of the CUSO. Established in 2003, 7 Mortgage is licensed in seven states and provides mortgage services to its partner credit unions, with a goal of helping credit unions like CCU become full service providers to their members.

“Consumer Credit Union has been one of the longest tenured clients of 7 Mortgage and we are thrilled to have them now join us as owners to further the mission of helping credit unions deliver much needed mortgage services to credit union members throughout the Southeast,” said Wendy Robinson, President of 7 Mortgage.

Stephen Cutshall, SVP & Chief Mortgage Officer of CCU, will join the Board of Managers of 7 Mortgage. “7 Mortgage provides services that allow Consumer Credit Union to become more efficient in its lending process through scale. In a business where relationships matter, we are pleased in partnering with 7 Mortgage. As owners, we look forward to the continued success together with them,” said Cutshall.

About Consumer Credit Union

Consumer Credit Union is a non-profit, cooperative savings and lending organization chartered by the Tennessee Secretary of State in February 1953. With over $555 Million in assets, Consumer Credit Union serves 36,000 members who live, worship, volunteer, attend school in, or work for a business located in Anderson, Blount, Claiborne, Cocke, Greene, Hancock, Hamblen, Jefferson, Knox, Loudon, Sullivan, Union, and Johnson City, Tennessee. www.consumercreditunion.com

About CU Community, LLC dba 7 Mortgage

CU Community, LLC dba 7 Mortgage is a credit union service organization established in 2003 by ORNL Federal Credit Union with the fundamental purpose of developing an outstanding platform of mortgage services for the credit union industry. 7 Mortgage is licensed in Alabama, Georgia, Kentucky, Mississippi, Tennessee, Virginia, and Florida. Rooted in the seven cooperative principles, 7 Mortgage is made of experienced credit union people with the passion, insight, and skills to help credit unions and their members thrive. www.7.coop

7 Title Opening 2nd Location in Morristown

Posted on July 1, 2021July 1, 2021 by BigWheel

Knoxville, Tenn. — 7 Title has announced it will be opening a second location in Morristown, TN. 7 Title specializes in the settlement of residential and commercial transactions. Founded in 2003 and based in Knoxville, 7 Title has become one of the largest, most convenient, and reasonably-priced title companies in East Tennessee.

“Morristown is an attractive market due to its growth in jobs and housing,” said Chris Boler, President of 7, LLC. “Having grown up in Morristown, I am excited to bring our innovative and convenient approach to the Lakeway real estate community.”

The new Morristown branch of 7 Title will be located at 1730 West Andrew Johnson Highway. Construction site work is expected to begin in July and be completed in October. The location will be staffed by two industry veterans from Morristown, Tina Clevenger and Susan Carson.

“We’ve always done business in the Lakeway area and we are looking forward to having a physical presence to better serve our clients,” said Chris Outland, President of 7 Title. “Tina and Susan have a wealth of knowledge and a passion for serving clients in the Lakeway area. We couldn’t be more proud to have them on our team”.

Business Development Executive Joins 7, LLC

Posted on December 19, 2019December 19, 2019 by BigWheel

FOR IMMEDIATE RELEASE

7, LLC has announced A.J. Holst has joined the organization as its Business Development Executive. 7 is a wholly owned credit union service organization (CUSO) of ORNL Federal Credit Union (ORNL FCU) in Oak Ridge, Tenn. Holst assumed his role effective December 11, 2019.

As part of the business development team at 7, Holst will be responsible for developing partnerships with other credit unions to enhance available member services through multiple channel delivery. His role will also include increasing brand awareness and marketing efforts of 7’s business lines, including 7 Mortgage, 7 Insurance, and 7 Title. With over 30 years in the financial industry, Holst brings extensive knowledge and experience to the organization. He most recently held the role of Area Account Manager for CU Direct, one of the nation’s largest CUSOs. In his role, he was responsible for building relationships with dealerships and credit unions throughout the East Tennessee and Kentucky region, including ORNL FCU. “A.J. has a proven track record of building and enhancing relationships between organizations,” said Chris Boler, President & CEO of 7. “He understands the importance of credit union collaboration, our commitment to offering top tier products and services, and our promise to serve our members and our partner credit unions with unparalleled support.”

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CUSOs are subsidiaries of their corresponding credit union(s) and strive to build collaborative partnerships with like-minded credit unions. 7 Mortgage is a CUSO that brings together a suite of mortgage lending services that allows cost-effective origination of residential real estate loans available to every credit union regardless of size and experience in mortgage lending. ORNL FCU is one of 28 partner credit unions that use the services of 7. Sister companies, 7 Title and 7 Insurance, are jointly owned ventures with neighboring Y-12 FCU and offer clients credit union level financial products and member service.

ORNL Federal Credit Union is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. Established in 1948 with 10 founding members, ORNL Federal Credit Union’s assets have grown to over $2.25 billion and membership has grown to over 172,000. Open to businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee, ORNL Federal Credit Union currently serves members in multiple branches located throughout Anderson, Blount, Campbell, Hamblen, Knox, Loudon, Monroe, Roane, Sevier, and Union counties.

Giving Back is Contagious

Posted on September 13, 2018September 13, 2018 by Chris Boler

At 7 Mortgage, we understand the importance of giving back to our local communities. In fact, investing in our communities is one of our core beliefs. Spending time helping those in need, engaging with local volunteer organizations, and making our region a better place to live is critical to our success. To that end, we award 8 hours of paid volunteer time off to our employees to encourage participation in the volunteer activity of their choosing. Today we would like to share the story of Jane one of our Mortgage Loan Coordinators who volunteered at the Good Samaritan Center in Lenoir City, TN. The Good Samaritan Center of Loudon County (GSC) is a private, non-profit assistance ministry serving the emergency needs of those in Loudon County, Tennessee.

Jane helped bag groceries as orders came in, attended a staff meeting, helped with paperwork and did some housecleaning. She even went so far as to purchase dog food with her own money since the organization would not receive donated funds until the following week. Jane hopes that her volunteer spirit helped inspire her grandson Alex. At his recent 8^th birthday party Alex insisted that friends not bring gifts, but instead bring bags of dog food and treats for the local animal shelter. Because of Alex’s generosity, the Loudon County Animal Shelter received approximately 600 pounds of food and treats. Great job Jane and Alex!

This is just one example of the countless opportunities our fantastic employees take to make the communities we serve be the best they can be. We invest in our communities, so TOGETHER WE THRIVE!

Wendy Robinson

AVP Mortgage Services

7 Mortgage

HMDA 2018

Posted on May 15, 2018May 15, 2018 by Christian Hammond

LEI & ULI

Each financial institution obtains a unique LEI (Legal Entity Identifier) and each HMDA reportable loan application requires a ULI (Unique Loan Identifier)
LEI is a 20 digit alphanumeric identifier and is annually renewed by Lender
ULI is a maximum of 43 alphanumeric identifier consisting of LEI, loan application number and a 2 character check digit
HELOC applications are now required to be reported – previously was optional
Home Improvement applications not secured by real estate are no longer reportable
Application Channel & Initially Payable to financial institution indicators
Loan Purpose now includes refinances as being cash-out or refinance (replacing existing mortgage and include closing costs only)
Subject Property Address

Required data points increased

Loan Originator NMLS Identifier Number
Construction Method (Site Built, Manufactured Home)
If manufactured home, additional information required
Secured Property Type – MH and Land or MH and not Land
Land Property Interest – direct, indirect, paid leasehold, unpaid leasehold
Property Value
- Total Units
- DTI
- CLTV
- Credit Score Information
- Automated Underwriting System (AUS) information
- Interest Rate & Introductory Rate if an ARM
- Contractual Features – Balloon, Negative Amortization, Interest-Only, Other
- Total Loan Costs, pursuant to Closing Disclosures (CD) on Line D
- Borrower Paid origination charges, pursuant to CD Line A
- Discount Points
- Lender Credits, pursuant to Line J on CD
- Loan Term – in months
- Occupancy Type (Principal, Second, Investment)

Changes to Borrower Government Monitoring Information (also referred to as Demographic Information)

Ethnicity now has aggregate categories in addition to Hispanic or Latino
Race now has additional categories and aggregate categories
Only when application is taken face-to-face is Lender required to make selections if Borrower “Does Not
Wish To Provide This Information”
If borrower indicated do not wish to provide and application is face-to-face, Lender is required to inform borrower they have responsibility to make selections based on visual observation
Note that if member/borrower comes into Lender office after initial application taken other than face-to-face, the rule that Lender to make selection applies, same as if application was taken face-to-face
Borrower may select as many categories as desires/applies and Lender to report up to five of selected categories
Lender should not deleted/change any borrower selection, just that up to five can be reported on LAR

Type of Purchaser – now has a N/A value if loan is not sold to a GSE or private investor or financial institution or affiliate

Disclosure Statements & Modified LAR will be available on the CFPB website

What is TRID 2.0?

Posted on May 15, 2018July 23, 2018 by Christian Hammond

What is TRID 2.0?

It’s the final rule issued by CFPB containing several clarifying amendments and technical corrections to TRID

When was the final rule issued?

July 7, 2017

Who does it apply to?

All credit unions that originate covered transactions under TRID
For purposes of TRID, a covered transaction is defined as a closed-end consumer credit transaction secured by real property or a cooperative unit. However, the following transactions are exempt from TRID:
- HELOCs
- Reverse mortgages; and
- Mortgages secured by a mobile home or dwelling that is not attached to real property

Effective Date(s)?

The final rule is effective 60 days after publication in the Federal Register
The mandatory compliance date is October 1, 2018