Low Rates Boost Mortgage Apps
Members continue to turn to credit unions for mortgage and refinance opportunities as evident at myCUmortgage.
The mortgage CUSO in Fairborn, Ohio said it processed 2,450 loan applications in August and closed 764 loans for $103 million in one month.
"Based on our 17% increase year to date in applications, it proves that members are turning to credit unions for their refinancing and mortgage needs," said Tim Mislansky, president of myCUmortgage. "We are extremely pleased to offer this service to credit unions to help them earn more revenue and gain market share."
The primary factor leading to the increase is refinancing of homes encouraged by low interest rates, according to the CUSO. The $64 million Hopewell Federal Credit Union in Heath, Ohio, closed more than $3.5 million in August, said Jim Johnson, president/CEO.
"Through our partnership with myCUmortgage, Hopewell Federal Credit Union has been able to provide very competitive mortgage lending solutions to help our members get ahead financially," Johnson said.