WSECU Passes $1 billion Mark in Mortgages Serviced
OLYMPIA, Wash. - About 30 years after it began offering and servicing mortgage loans, Washington State Employees CU has passed $1 billion in first mortgages services. WSECU, with more than $1 billion in assets and over 128,000 members, has more than 8,800 first mortgages currently on its books. The CU says it's the second largest credit union servicer in the Northwest U.S, and the eighth largest CU servicer west of the Rocky Mountains. According to WSECU Service Company President Tristram Coffin, loans made by WSECU through partner CUs represent about 5% of WSECU's total mortgage servicing portfolio. WSECU Service Company currently has 15 CU clients signed up. The CU says the number of mortgage loan applications it reviews has increased to almost 500 with one-quarter of new applications originating from partner credit unions.