PORTLAND, Ore. — OnPoint Community Credit Union, which formed a joint venture with Countrywide Financial Corporation in February 2007, dissolved the partnership five months ago, said Mary Jane Campbell, senior vice president of marketing for the $2.6 billion institution.
"When Countrywide started having problems late last year, they came to OnPoint wanting to renegotiate the contract," Campbell said. "We opted not to, choosing to rebuild our mortgage origination program instead."
OnPoint isn't worried about the lawsuits filed by three states Wednesday against Countrywide, Campbell said, nor the current FBI investigation into the dealings of the nation's largest mortgage lender.
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"Really, it's kind of been a non-event," Campbell said. "We never made subprime loans, not as OnPoint or through the joint venture, so when we brought things back in house, it was pretty much business as usual."
Campbell said OnPoint entered into the 50/50 partnership with Countrywide in order to quickly staff a mortgage sales force throughout its branching network, and more easily expand its selection of mortgage products. But, OnPoint had always planned to bring mortgage origination back in house eventually, she said.
In fact, when OnPoint broke ties with Countrywide on January 31, it offered jobs to the joint venture sales force, and still maintains real estate reps in its branches.
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