FAIRBORN, Ohio (11/16/12)--myCUmortgage, a credit union service organization that offers mortgage solutions for credit unions, announced that its partner credit unions closed more than 1,200 loans totaling $165 million in October, a one-month record for the company.
Year-to-date, myCUmortgage partner credit unions have helped more than 9,000 members attain nearly $1.2 billion in mortgage loans.
More than 25% of the loans helped members purchase homes. In a period of historic low interest rates, mortgage lending has been dominated by refinance volume, the company said.
"For our credit union partners to be able to make one in four loans a purchase mortgage shows their commitment to purchase lending," said Tim Mislansky, president of myCUmortgage. "Over time, rates will move up, and credit unions that have a purchase money plan will be the ones that remain successful."