MANHATTAN BEACH, Calif. – Kinecta FCU, which turned a $71 million 2009 loss into a $15 million net for 2010, said yesterday it has opened a Midwest Operations Center in Rosemont, Ill., this month as part of the credit union’s expansion of its wholesale mortgage lending division.
The $3.5 billion credit union said it has seen steady growth in its wholesale mortgage operation and to better serve its Midwest brokers, the new 20,000-square-foot operations center will provide complete loan processing, underwriting, and funding services along with customer service for mortgage brokers.
“Kinecta’s wholesale mortgage lending division has been a fairly recent development and its positive results to date have added value to our asset base which benefits all of our credit union members,” said Brian Robinett, chief credit officer.
Currently operating in more than 17 states, Kinecta is a direct lender providing a range of fixed and adjustable home loans for purchase or refinance. It offers loan products through agency and portfolio lending, in addition to special loan programs offered in conjunction with leading mortgage insurance providers.
