CU America, an Illinois based mortgage CUSO with over 50 member CUs reported that it had a record year in 2010, helping its members book roughly $100 million in mortgage loans.
This means CUs affiliated with the CUSO have booked almost $1 billion in residential first mortgage loans since the CUSO was launched into business in 1994, the CUSO said.
Anthony DiSalvo, spokesman for the CUSO, reported that roughly 30% of the CUSO's loans last year were so-called purchase money loans and that the CUSO member CUs had begun to see members approaching for mortgages to finance purchases of short sales or otherwise distressed properties
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