The real estate market nationwide might continue in the doldrums, but the $3.5 billion Kinecta Federal Credit Union is preparing to open a 9,500-square-foot mortgage processing center in Newport Beach, Calif.
“While other financial institutions are exiting the real estate arena in Orange County, Kinecta is entering the market to serve the unique needs of area residents looking for a financial institution with a strong track record,” said Brian Robinett, chief credit officer at 225,000-member Kinecta in Manhattan Beach, Calif.
“Unlike most financial institutions, Kinecta is not-for-profit: we work for the benefit of our member-owners. That truly sets us apart from the competition,” Robinett said.
“We are excited to be able to create jobs and provide economic benefits to the local community, which creates a win-win situation for homeowners, business partners, the city of Newport Beach and Kinecta” said Mike McCarthy, director of retail loan production at the CU.
Kinecta said it has begun to hire the 30 professionals that will staff the new center, which will offer both commercial and residential mortgage lending, as well as loans backed by government program such as FHA, and jumbo loans.
Kinecta reported that it originated over $2.7 billion in residential mortgage loans in 2010, to roughly 6,000 members in 25 states.