myCUmortgage Honors Credit Union Partners for Mortgage Lending
FAIRBORN, Ohio -- myCUmortgage(R) recently recognized three credit union partners in four categories for excellence in mortgage lending at its annual Partner Conference. Dynamic Federal Credit Union, Credit Union of Ohio and DESCO Federal credit union each received recognition for outstanding results in helping members with homeownership.
Dynamic Federal Credit Union was named "Originator of the Year" in the smaller credit union category. This award is based on the highest number of closed mortgages during a one-year period. The $12 million credit union located in Celina, Ohio made 36 loans for over $3 million to its members, generating significant revenue for the credit union and providing a valued service to members.
Credit Union of Ohio was recognized for its efforts in achieving the largest percentage increase for a myCUmortgage partner credit union. The $92 million Hillard, Ohio credit union put stronger emphasis on mortgage lending and added a staff person to help with loan processing. The CU increased the number of mortgage loans more than 250% over the prior year and had nearly $7 million in first mortgage financing.
DESCO Federal Credit Union was named "Originator of the Year" in the larger credit union category for the highest number of closed mortgages and received the "New Partner of the Year" award for the highest closed loan volume among new partners. The Portsmouth, Ohio credit union has over $200 million in assets and began working with myCUmortgage in late 2006. In 10 months, DESCO closed 140 loans for over $11 million.
"We commend these credit unions for their efforts to help members with home ownership. In a time when the housing news always seems to be negative, these credit unions have stepped up their home financing efforts in a significant
manner," said Tim Mislansky, president of myCUmortgage. "Helping members buy homes and save money on refinances is a great way for credit unions to generate additional revenue and create amazing loyalty among their members."
The awards represented mortgage activity from July 1, 2006 to June 30, 2007, and were presented at myCUmortgage's third annual Partner Conference held here October 10--11.
myCUmortgage is a division of Wright-Patt Credit Union's wholly-owned CUSO, Wright-Patt Financial Group, Ltd., and helps 49 credit unions, comprising more than 510,000 members and nearly $3 billion in total assets, with mortgage lending.