Press
myCUmortgage Sets New Record for Helping Credit Unions with Mortgage Lending
FAIRBORN, Ohio (Nov. 14, 2012) — myCUmortgage®, a credit union service organizationthat empowers credit unions to help members with homeownership, announced that its partner credit unions established a new record for mortgage lending in October 2012. The credit unions generated and closed over 1,200 loans for $165 million in one month. Year- to-date in 2012, myCUmortgage partner credit unions have now helped over 9,000 members attain nearly $1.2 billion in mortgage loans.
Over 25% of the mortgage lending was to help members become home owners. In this period of historic low interest rates, mortgage lending has been dominated by refinance volume.
“For our credit union partners to be able to make 1-in-4 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.”
“We’re extremely pleased to be able to help our partner credit unions serve their members; whether by saving them money with a refinance or bringing them the American Dream. This accomplishment showcases the efforts of our credit unions,” added Mislansky.
myCUmortgage is Wright-Patt Credit Union’s wholly-owned CUSO. myCUmortgage empowers more than 160 credit unions to help members with homeownership through quality, cost-efficient, service-driven mortgage solutions to benefit all sizes of credit union mortgage lenders. Visit http://www.mycumortgage.com/ for more information or contactTim Mislansky at (937) 912-7853 or Tmislansky@mycumortgage.com.