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BCU Hits $1 Billion in Mortgages

BCU Hits $1 Billion in Mortgages

For immediate release:
August 26, 2009

Contact: Astrid Perez
(847) 522-8723
astrid.perez@bcu.org

August 26, 2009—Vernon Hills, IL— After just eight years in the mortgage banking business, Baxter Credit Union (BCU) announced today that it has reached a significant milestone, servicing over one billion dollars in mortgage loans.

Mortgages are critical to financial institutions, and given the economy, BCU has proven its commitment to its members and the community by thriving in a market where many consumers have found it to be difficult to obtain loans. "Mortgage lending is paramount to BCU and our vision of becoming the primary financial institution for our members," says Mike Valentine, President/CEO. "As a cooperative, this success proves that our members place their trust in us, as we do them, and we look forward to meeting their needs for many years to come."

To accommodate this growth BCU’s mortgage program has been through many changes, such as moving away from a centralized origination system to having it available at each branch, consolidating platforms, and utilizing the assistance of various business partners to add to our capabilities. Those partners, American Credit Union Mortgage Association (ACUMA), Fannie Mae (FNMA), Midwest Loan Services, Prime Alliance, and Strategic Mortgage Solutions have all played instrumental roles in achieving these results.

"Over the years our mortgage lending strategy has evolved. Beginning as a mostly outsourced referral program, we gradually began to add portfolio capabilities and eventually developed a full mortgage banking platform," according to Herb Behrens, Vice President Mortgage Lending. "Our expectations are that our mortgage servicing portfolio will eventually surpass the asset size of the credit union assuming a strong secondary market remains in place."

About BCU
With over $1.4 Billion in assets, BCU currently serves more than 140,000 members throughout the United States and Puerto Rico. Formed in 1981 and headquartered in Vernon Hills, Illinois, BCU is a not-for-profit, member-owned credit union known for competitive rates, low fees, and state-of-the-art services. Membership is open to several prestigious companies around the country, as well as anyone who lives or works in the Illinois counties of McHenry, Lake, DuPage, Kane, Cook (north of Rte. 58) and the village of Schaumburg. Call 1-800-388-7000 or visit www.BCU.org for more information.