TAMPA, Fla. – MEMBERS Trust Company, founded and originally owned by Suncoast Schools FCU, has made its mark since it was founded in 1987 by providing trust and asset management services to members. Now, the multi-owned CUSO is considering starting a CUSO that, according to MEMBERS Trust President/CEO Tom Walker, would solely handle reverse mortgages and "centralize the loan process."
Walker said the CUSO would operate as a subsidiary of MEMBERS Trust. It would offer the Home Equity Conversion Mortgage (HECM) as well as MEMBERS Trust's proprietary reverse mortgage model.
The CUSO president said he's already done a feasibility study among about 65 credit unions about forming the reverse mortgage CUSO and there is an interest.
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