The real estate market nationwide might continue in the doldrums, but the $3.5 billion Kinecta FederalCredit Union is preparing to open a 9,500-square-foot mortgageprocessing center in Newport Beach, Calif.

“While other financial institutions are exiting the real estatearena in Orange County, Kinecta is entering the market to serve theunique needs of area residents looking for a financial institutionwith a strong track record,” said Brian Robinett, chief creditofficer 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 usapart from the competition,” Robinett said.

“We are excited to be able to create jobs and provide economicbenefits to the local community, which creates a win-win situationfor homeowners, business partners, the city of Newport Beach andKinecta” said Mike McCarthy, director of retail loan production atthe CU.

Kinecta said it has begun to hire the 30 professionals that willstaff the new center, which will offer both commercial andresidential mortgage lending, as well as loans backed by governmentprogram such as FHA, and jumbo loans.

Kinecta reported that it originated over $2.7 billion inresidential mortgage loans in 2010, to roughly 6,000 members in 25states.