PINE BROOK, N.J. — New York State area credit unions have a new mortgage option to offer their members–a new co-op lending program introduced by CU National Mortgage.
Through a relationship between US Mortgage Corporation, the parent company of CU National Mortgage and Chase Mortgage, credit union clients of CU National Mortgage are now able to offer co-op loans in New York's Nassau, Suffolk, Westchester and Rockland Counties, as well as the five boroughs of New York City.
The company's new co-op loan program works by using share loans to purchase a share or membership in a cooperative housing corporation. CU National says the loans are a unique form of financing that looks like a mortgage, but are "structurally different."
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