WSECU’s One Washington Financial earns mortgage business of TAPCO and Cascade FCU
OLYMPIA, WA (August 7, 2014) — One Washington Financial, a wholly-owned subsidiary of WSECU, today announced it is now providing mortgage lending to two new partner credit unions: Tacoma’s TAPCO Credit Union and Cascade Federal Credit Union, with four branches in western Wash.
The partnerships are indicative of the way the credit union industry collaborates to achieve the greatest benefit for their members. The need for heightened regulatory oversight as well as processing and servicing expertise can come with significant costs. Under the new partnership, WSECU provides all the back-office support for mortgage lending so that smaller credit unions can capitalize on the benefit of economies of scale. The care of the member relationships remains squarely with the “home” credit union.
“We know how important it is for members to work with their local trusted credit union staff when going through something as significant as a mortgage purchase or refinance loan,” said Brian Duerr, One Washington Financial’ s Vice President of Business Development. “One Washington Financial is able to seamlessly provide the back-office support allowing the partner credit unions to put their resources where they belong – taking care of their members.”
There are clear divisions of duties and a revenue sharing relationship between One Washington Financial and the partners. Through relationships like this smaller credit unions can still provide full service offerings to their members without the heavy overhead investment that comes with having an internal department.
“One benefit that partner credit unions are attracted to is our local servicing team,” Duerr added. “We service all the loans locally in Olympia and we’ve found that members of credit unions prefer to have their loans serviced by credit union people, especially those right here in the Northwest.”
TAPCO has more than 24,000 members and $300 million in assets. Cascade Federal FCU has more than $250 million in assets and serves more than 10,000 members.
One Washington Financial also provides mortgage lending for Our Community Credit Union in Shelton, Wash.
In addition to partner mortgage lending, One Washington Financial has a small short-term loan product called Q-Cash that it offers to other financial institutions.
For more information on the business-to-business services of One Washington Financial for credit unions, please call 360.754.2110.