The $705 million Michigan First Credit Union said it purchased a mortgage originator to launch a mortgage CUSO.
On Aug. 29, the 97,000-member credit union in Lathrup Village, Mich., said it bought Watson Group Financial to form Michigan First Mortgage.
"We knew this partnership would be the right fit, because all involved are focused on serving the customer first and providing a truly superior, personal level of support throughout the mortgage process," Michigan First President/CEO Michael Poulos said. "Structurally, Michigan First Mortgage will provide a full range of mortgage loans, including leveraging portfolio lending through the credit union, which gives us more flexibility in working with families than traditional mortgage companies."
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