Irwin Financial, Former CU Mortgage Partner, Considering Sale
COLUMBUS, Ind. - Irwin Financial Corp., parent company of Irwin Mortgage which until last year had mortgage relations with 50 credit unions, is considering several options for its conventional first mortgage business, including a possible sale. According to the Associated Press, the company said its decision to consider selling the mortgage business was due to customers becoming more savvy, as well as aggressive pricing from larger lenders. In 2005, after five years of building up its credit union lending business, Irwin Mortgage announced it was ending its relationships with CUs. At the time, an Irwin Mortgage spokesperson said the CU business was not the company's primary area of expertise, and the divestiture would allow Irwin Mortgage "to direct more of its resources to developing more profitable, faster growing wholesale, correspondent and consumer direct lending operations and improve performance in our remaining retail production channels." Irwin Mortgage wound up selling the credit union portion of its business to American Home Mortgage Corp.