CapCom FCU Buys Two Mortgage Firms
ALBANY, N.Y. – Capital Communications FCU has acquired two mortgage service companies based here.
The credit union’s wholly owned CCFCU Funding LLC has acquired Mortgage Processing Assistance Center Inc. (MorPAC), and its sister company, Advantage Mortgage Services.
The $875 million credit union’s subsidiary has received approvals to become a licensed mortgage broker by the New York state Banking Department, as well as from the U.S. Department of Housing and Urban Development.
CapCom has acquired a majority interest in Old Heritage Realty Services LLC, a title insurance agency also based in Albany.
“We expect that the acquisition of MorPAC and Old Heritage will provide our members and prospective members with more affordable mortgages that can bring their dream of home ownership to life,” said Cap Com President and CEO Paula Stopera.
Terms of the deals were not disclosed.