Mortgage Lending Activities Policy (MLAP)

MLAP will provide your credit union with the competitive edge it needs to run ahead of the pack and potentially increase profit with a higher volume of loans combined with expedited processing.

This policy insures credit unions against employee/human error while processing a loan, opening the way for you to utilize title information already obtained through your loan underwriting process and avoiding a costly, time consuming title search. Here are just a few ways MLAP will benefit your credit union:

• MLAP is less expensive. The cost is approximately 20-30% less than the cost of a “search only” title service.
• MLAP will streamline operations. “Search only” services develop information that is already secured through other underwriting tools. “Search only” services are also very cumbersome to administer.
• MLAP provides valuable protection when compared to “search only” services. It provides insurance protection where “search only” products do not.
• MLAP will speed up the mortgage approval process and help the financial institution become more competitive. The blanket approach is simple, easy to administer and helps the lender decrease the time required to approve second position mortgages to less than the average three days.