NEW BRIGHTON, Minn. (2/1/12)--Citing strong growth in ancillary services such as correspondent lending, CU Companies, a New Brighton, Minn.-based credit union service organization (CUSO), is reporting strong year-to-date earnings in the first five months of its fiscal year.
"We've always had the mindset of looking for ways to build economies of scale," said Brad Crandall, CU Companies CEO. "As a CUSO, that initially meant having multiple organizations come together to provide one service for all. Today that also means providing additional services that leverage our mortgage expertise."
Crandall credited the CU Companies' new secondary market solution, Correspondent Lending, for helping the organization create those economies of scale.
"We've been doing retail mortgage lending for nearly 25 years," he said. "We saw adding this new way of funding mortgages as a means to better manage the ebbs and flows of the industry while providing a solution for a growing need."