N.Y.'s SEFCU Buys Mortgage Originator
The $2 billion SEFCU credit union, headquartered in Albany, N.Y., has purchased an area mortgage origination firm to expand its mortgage offerings.
The credit union announced it purchased Home Funding Finders, a mortgage originator headquartered in Cohoes, N.Y. The credit union will operate the firm as a wholly owned subsidiary.
"We are pleased to welcome Home Funding Finders' employees and clients to the SEFCU family and look forward to the opportunity to serve their needs," said SEFCU CEO Michael J. Castellana. "In addition, this growth will allow us to expand our home loan products and services to current and future SEFCU members throughout our markets."
Castellana explained that SEFCU bought the firm to serve as a CUSO and that it would abandon the firm's previous state charter as a mortgage bank. He also explained that the firm has a record as a strong record of mortgage origination with the Federal Housing Administration, an area where SEFCU has not been as active.
The two organizations also meshed well in terms of locations, Castellana said.
"We recognize the changes that have occurred in the banking industry and believe that for the good of our staff and the clients we serve, joining the SEFCU family, not only makes sense, but is a natural partnership based on how well our corporate and community philosophies align," said Kenneth M. Raymond, principal at Home Funding Finders and Coldwell Banker Prime Properties.
Home Funding Finders is a 26-year-old mortgage firm with four offices and 59 employees in the area. As part of the deal, the credit union said it would retain the firm's employees.