Great Lakes Credit Union (GLCU), through its CUSO holding company GLCU Holdings LLC, has partnered with mortgage servicing technology provider Vertyx to form Vertyx CUSO LLC, a new credit union service organization focused on mortgage servicing technology for credit unions.
According to Ayo Opeyemi, co-founder of Vertyx, the launch followed a year of growth for Vertyx within the credit union market and formalized its commitment to providing mortgage servicing technology to credit unions through the CUSO.
"Mortgage servicing has traditionally been treated as a cost center and a source of friction for both members and operations teams," Opeyemi said. "Vertyx CUSO was created to change that dynamic by enabling credit unions to retain key member relationships while transforming servicing into a driver of loyalty, efficiency and portfolio growth."
The CUSO was structured to allow participating credit unions to share technology and expertise while assessing mortgage-servicing capabilities that may be difficult to develop independently.
Vertyx offers a mortgage-servicing platform that centralizes portfolio data, integrates compliance into daily workflows and features an API-first approach. The platform was designed to allow credit unions to connect with existing vendors and systems without custom integrations, supporting streamlined operations while reducing operational risk.
"Vertyx has been a phenomenal partner for Mortgage Forward, our wholly owned CUSO, in helping us elevate the mortgage servicing experience for our members," Michael Abraham, CEO of GLCU Holdings LLC and chief strategy officer at GLCU, said. "We are excited to deepen this partnership and continue to innovate on mortgage servicing solutions that provide real value to the credit union movement."
Founded in 1938 and headquartered in Bannockburn, Ill., GLCU has more than $1.4 billion in assets and serves 115,000 members in Chicagoland and the surrounding areas.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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