The $1.5 billion ORNL Federal Credit Union and the $731 million Y-12 Federal Credit Union have teamed up to launch a title company to assist their housing finance programs.

The new company, CU Community Title Company LLC, will be a subsidiary of the credit unions' current CUSOs, CU Community and Credit Union Services of East Tennessee.

ORNL FCU and Y-12 FCU are both based in Oak Ridge, Tenn.

A spokesman for the credit unions said they had been working on forming the company since February and decided to move forward when it became more clear how useful a title company could be.

“Title companies are a natural extension of the mortgage business,” Ron Honeycutt, chairman of Credit Union Services of East Tennessee, said.

Y-12 FCU and ORNL FCU are two of the area's largest and most successful mortgage providers, he added.

“Forming a title company gives us added flexibility in meeting the mortgage needs of our respective membership, while ensuring they receive the best value, convenience and peace of mind,” Honeycutt said.

Collaboration between two of the state's largest credit unions represented the next step in the financial cooperative, according to Larry Jackson, president of CU Community.

“As credit unions, we innately understand the value proposition to the consumer,” Jackson said. “And as cooperatives, we understand the power of collaboration for the greatest possible good for the membership. It's all about people helping people.”

Mark Ziegler, president/CEO of Y-12, said, “Our credit unions provide the absolute best mortgage services available in the marketplace and adding title services allows us to take full ownership of our members' experience.”

Chris Johnson, president/CEO of ORNL, added, “By forming our own title company, we now can be sure the same outstanding service is provided all the way through closing.”

Instant Insights /

Tennessee Credit Unions Launch Title Company

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