Centennial Lending pride ourselves on providing continuous and measurable value to our credit union partners, their members, and our customers. As a result, Centennial Lending remains profitable and continues to grow.
In a cooperative environment, success is always the result of collaborative effort, and with effort comes rewards.
In recognition of the cooperative ideal and our collective efforts, Centennial Lending is launching two rewards initiatives.
Processing Fee Reduction:
We are reducing our processing fees from $995 to $500 on all new mortgage applications submitted between October 9th and December 31st. We expect this initiative to result in more than $200,000 in value.*
The savings don’t end on December 31st. Starting in 2022, Centennial Lending’s new processing fee will be $750.
Servicing Fee Discount:
We are returning all loan servicing fees to our credit union partners. We expect this initiative to add $375,000 to the bottom lines of our credit union partners. While these savings may not be passed directly to credit union members and borrowers, the cooperative structure of our industry ensures when credit unions win, members and borrowers also win.
Centennial Lending expects to return more than $500,000 in cash and direct value to our credit union partners, their members, and our borrowers.
*Based on the average number of loans submitted during the promotional period.
** Based on an estimate of October, 2021 partner servicing portfolios.