Does Wright-Patt Credit Union Turbocharges CUSO With Mortgage Company Buy?
To make it happen, the $1.6 billion Wright-Patt recently acquired Select Mortgage Group Ltd., a Centerville, Ohio-based firm that specializes in a range of loan services, including Federal Housing Administration and Veteran Affairs loans and warehouse credit lines to credit unions and banks. Financial terms of the transaction were not disclosed. Since opening in 1996, SMG has closed more than $750 million in loan volume, with last year’s volume at $91 million and projections for this year to exceed $100 million, according to the company’s Web site. SMG has roughly 60 contracts in place with credit unions, said Tim Mislansky, senior vice president of Wright-Patt CU and president of Wright-Patt Financial Group. The company is licensed in Ohio, Kentucky, Indiana, Tennessee, Florida, Michigan and West Virginia. Its vast lending network was one of the main reasons that drew the credit union to SMG. “This is a way for us to expand our footprint,” Mislansky said. “The majority of credit union
Even though Wright-Patt Credit Union experienced a 200% jump in loan growth over the past year through its mortgage CUSO, the financial … Sources: http://news.google.com/news/url?sa=t&ct2=us%2F0_0_s_0_0_t&usg=AFQjCNEqs27Z19Wi5Uw_rAaMdNtM5FmiuA&sig2=aWaqU7NfAS7wlamCOENP7g&cid=0&ei=9JEMS8j5I4248QTC7L6eAg&rt=SEARCH&vm=STANDARD&url=http%3A%2F%2Fwww.cutimes.com%2FIssues%2F2009%2FNovember-11-2009%2FPages%2FWrightPatt-Credit-Union-Turbocharges-CUSO-With-Mortgage-Company-Buy.
