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Thirteen credit unions serving more than 700,000 members signed with myCUmortgage as new partners in 2023, including a San Francisco Bay Area giant with more than $9 billion in assets and three with less than $100 million in assets.

Beavercreek, Ohio-based myCUmortgage is a Credit Union Service Organization (CUSO) that partners with mortgage technology providers to help credit unions originate, underwrite and service conventional and government-backed FHA, VA and USDA home loans.

By utilizing the latest technology, processes and systems, myCUmortgage says credit unions can not only provide mortgages more quickly and efficiently but stay in the loop as the loan servicer, and win more repeat business when borrowers are ready to refinance or buy their next home.

Having signed nine credit unions as new partners in 2022, myCUmortgage says it’s now providing mortgage technology, analytics, reporting and communications solutions to nearly 200 credit unions.

“We serve credit unions of any size, but we’ve found that those who have the greatest success with us have at least one of the following things in common: Senior leadership committed to mortgage lending, a strong interest in government lending, and dedicated resources and consistent marketing support,” the company says in a pitch to prospective customers.

Formed in 1999, myCUmortgage claims to be the largest CUSO VA lender in the U.S. The company is licensed to operate in 47 states and sponsors 11 mortgage loan originators, according to records maintained by the Nationwide Multistate Licensing System.

The 13 new credit union partners myCUmortgage onboarded in 2023 include four signed in the fourth quarter, four in Q3, and five in Q1 and Q2.

New myCUmortgage partners (ranked by assets)

  1. Patelco Credit Union (Dublin, California); 490,897 members, $9.513 billion assets
  2. Valley First Credit Union (Modesto, California); 78,471 members, $1.024 billion in assets
  3. Adventure Credit Union (Grand Rapids, Michigan); 31,866 members, $425 million assets
  4. Wauna Credit Union (Clatskanie, Oregon); 25,462 members, $415 million assets
  5. Members First Credit Union of Florida (Pensacola, Florida); 20,195 members, $288 million assets
  6. Compass Community Credit Union (Eureka, California); 6,273 members, $177 million assets
  7. Railway Credit Union (Mandan, North Dakota); 8,056 members, $170 million assets
  8. Natco Credit Union (Richmond, Indiana); 17,002 members, $149 million assets
  9. Cornerstone Credit Union (Freeport, Illinois); 9,588 members, $148 million assets
  10. Circle Federal Credit Union (Niles, Michigan); 5,869 members, $102 million assets
  11. Members Choice WV Federal Credit Union (Charleston, West Virginia); 6,287 members, $93 million assets
  12. HealthShare Credit Union (Greensboro, North Carolina); 5,877 members, $52 million assets
  13. Baptist Health Federal Credit Union (Little Rock, Arkansas); 8,022 members, $44 million assets

According to the National Credit Union Administration, the 13 credit unions serve 713,865 members and have $12.6 billion in assets under management.

Maxwell, Rocket and Better offer competing solutions

Denver-based mortgage technology provider Maxwell also partners with small to midsize lenders, promising it can help their loan officers close 15 percent more loans each month and spend more time counseling borrowers and strengthening their networks instead of performing administrative tasks. Maxwell says it’s intent on becoming a one-stop shop for more local lenders during a cyclical market downturn, after acquiring LenderSelect and Revvin last year.

A 2022 partnership between Rocket Mortgage and Q2 Software Inc. gives any bank or credit union the ability to “launch, replace, or augment” their lineup of home loans by integrating Rocket Mortgage’s digital mortgage application. Last year, Rocket announced that Nashville-based Fourth Capital Bank had become the first bank to offer home loans from Rocket Mortgage using the Q2 Innovation Studio’s Marketplace Program.

Technology-based mortgage lender Better, which has had a strategic partnership with Ally Bank since 2019, launched a white-labeled “mortgage-as-a-service” platform with Infosys in November to power mortgages for more lenders. Bengaluru, India-based Infosys is a digital services and consulting firm that helps mortgage lenders and servicers deploy automation and AI to digitize their processes.

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