FAIRBORN, Ohio (3/1/11)--Credit union partners of myCUmortgage closed 7,800 loans, resulting in nearly $1 billion in total loan volume for 2010, the credit union service organization (CUSO) of Wright-Patt CU, Fairborn, Ohio, announced last week. That meant a 24% increase in loan activity and 22% in loan volume, with myCUmortgage paying a record $3.6 million to its partners for loans closed last year. The CUSO attributed the results to the addition of new credit union partners, an increase from 100 partners beginning in 2010 to 127 partners representing more than two million members and $18 billion in assets. New partners include:
* West Virginia National Guard FCU, Charleston, W. Va.; * Travis CU, Vacaville, Calif.; * Tiffin St. Joseph FCU, Tiffin, Ohio; * Medina County FCU, Wadsworth, Ohio; * Seven Seventeen CU, Warren, Ohio; * McGraw-Hill FCU, East Windsor, N.J.; and * BFG FCU, Akron, Ohio.
"myCUmortgage's focus of offering more revenue to our credit union partners at lower costs to their members enabled us to experience tremendous growth," said Tim Mislansky, president of the CUSO. "We believe credit unions work best when credit unions work together and the payment of $3.6 million to our partners in a challenging financial year is a testament to this collaboration." The CUSO attributed its 24% loan volume hike to historically low mortgage interest rates, more awareness of credit union mortgage products, greater market penetration and active credit union partners. "Before myCUmortgage, we only offered a 15-year term mortgage," said Susie Breitmeyer, chief lending office at $142 million asset Class Act FCU, Louisville, Ky. In the nine months Class Act has been working with the CUSO, it has closed 22 loans totaling more than $2.7 million in 20- and 30-year terms. "This partnership is helping our credit union grow as we provide a product for our community wants and needs," Breitmeyer said.