Last year, 27 new credit unions joined myCUmortgage, the mortgage issuing CUSO wholly owned by the $1.9 billion Wright-Patt Credit Union. They boosted the CUSO to nearly $1 billion in volume, the CU announced.
"[M]yCUmortgage's focus of offering more revenue to our credit union partners at lower costs to their members enabled us to experience tremendous growth," said Tim Mislansky, president of myCUmortgage. "We believe credit unions work best when credit unions work together and the payment of $3.6 million to our partners in a challenging financial year is a testament to this collaboration."
The 10-year-old CUSO and its credit union partners increased closed loan production by more than 24% between 2009 and 2010, the CU said. The volume increase came about due to historically low mortgage interest rates, more awareness of credit union mortgage products, greater market penetration and active credit union partners.
"Working with myCUmortgage has made it possible for us to offer our members more options," said Susie Breitmeyer, chief lending officer of Class Act Federal Credit Union, Louisville, Ky., with assets of $142.9 million. "Before myCUmortgage, we only offered a 15-year term mortgage; and in the nine months we've been working with the CUSO, we have closed 22 loans for a total of $2,737,621, all of which were 20- and 30-year terms. This partnership is helping our credit union grow as we provide a product our community wants and needs."
