MILWAUKEE – Michigan-based AmeriCU Mortgage announced Sunday it has been approved by state regulators to provide mortgage origination services for credit unions in Wisconsin, where credit unions are still calculating their losses from the collapse of Central States Mortgage Co.
AmeriCU Mortgage is a wholly owned subsidiary of privately held Towne Mortgage Company, based in Troy, Mich., and provides mortgage origination and servicing and default management services for credit unions.
The company was approved on March 18 by the Wisconsin Department of Financial Institutions to begin operations and has already hired 45 staff members and worked with local credit unions to close 15 loans for homeowners who were in danger of losing funding.
AmeriCU is expected to fill the void of Central States, a mortgage originator for 250 credit unions which closed earlier this month, leaving many borrowers and credit unions in the lurch.
"AmeriCU hit the ground running as fast as they possibly could," said Dean Wilson, president of Focus CU, who was chairman of the Central States board. "They were able to support many families that had closed on their mortgages, but were still in the rescission period, by processing and financing these loans. Their willingness to step in and work with data that came from applications that had been processed by another company as well as computer systems that were not their own helped many families realize their dreams of home ownership."
