Capitola, CA – September 19, 2016 – Bay Federal Credit Union and CUSO Mortgage, Inc. have entered into a partnership to offer Credit Union members access to Federal Housing Administration and Veterans Affairs mortgages in a competitive Tri-County market.
“We have members who need more options in order to purchase a house and remain in their hometown,” said Carrie Birkhofer, President and CEO of Bay Federal. “This partnership with CUSO Mortgage, Inc. is a strategic decision to offer members broader selection of Home Loans products so they have the choice to live where they want to live.”
Birkhofer recently joined the Board of Directors for the Monterey Bay Economic Partnership to help advance its mission of fostering a high quality of life in the region, and Bay Federal is taking a proactive approach to ensure that same end.
The partnership with CUSO Mortgage, Inc. follows the Credit Union’s unveiling of 5/1, 5/7, and 5/5 Adjustable Rate Mortgages earlier in 2016 under the direction of Megan Rhodes, Vice President of Lending, and Jasiri Daire, Director of Mortgage Production. Each Home Loan product released this year has a unique set of terms designed to help get Credit Union members into the homes they want.
FHA Home Loans allow low down payments, and in the case of VA Home Loans, no down payment is needed. Underwriting criteria is also more forgiving, which means some members who may have not qualified for a home loan with the Credit Union in the past may now qualify.
About CUSO Mortgage, Inc.
CUSO Mortgage, Inc. is a full-service mortgage banking company established in 1986 to serve credit unions. It specializes in cost-effective, customized mortgage solutions that enhance member relationships. It is headquartered in Anaheim, California, where a core group of managers and operations staff conduct origination and servicing.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves more than 60,000 members and 1,000 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $800 million in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Since 2002, 100% of all employees have given their own money and volunteered for numerous local schools, nonprofit organizations, and community events.
Contact: Amy Ivey, VP Marketing and Development
Bay Federal Credit Union