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CU System
New mortgage co. opens in Central States offices
MILWAUKEE, Wis. (3/31/09)--AmeriCU Mortgage, a Troy, Michigan-based provider of mortgage services to credit unions, has opened an operations center in Wauwatosa, Wis.--in the offices formerly held by the now-defunct Central States Mortgage Co. AmeriCU said Sunday that it had received approval from the state Department of Financial Institutions on March 18 and immediately began operations. Within 72 hours, it had hired 45 staffers and worked with local credit unions to close 15 loans for homeowners who were in danger of losing funding. "AmeriCU hit the ground running as fast as it possibly could," said Dean Wilson, president/CEO of Focus CU, Menomonee Falls, Wis. "They were able to support many families that had closed on their mortgages but were still in the rescission period, by processing and financing these loans. "Their willingness to step in and work with data that came from applications that had been processed by another company as well as computer systems that were not their own helped many families realize their dreams of home ownership," Wilson added. According to AmeriCU CEO Don Calcaterra Jr., "We believe the most effective lending is done locally, through people in the community who understand the unique needs of its residents. We find those people by working with credit unions." The center is currently staffed by 13 employees. AmeriCU also hired 27 mortgage professions throughout Wisconsin and is looking for additional staff for its operations center. AmeriCU Mortgage is a division of Towne Mortgage Co., a privately held mortgage banking company providing residential and commercial real estate financing in a number of states. It provides mortgage origination and servicing support, membership and income growth strategies, mortgage loan asset valuations and sales, and default management services. See the related story, "Central States Mortgage files for receivership."
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