MANHATTAN BEACH, Calif. – Kinecta FCU, already the biggest check cashing outlet in Southern California, said it is opening a new mortgage center in nearby Newport Beach to fuel its expanding home loan business.
The $3.5 billion credit union has purchased a 9,500-square-foot office where it plans to staff 30 positions and offer a variety of residential and commercial mortgages, including government programs (FHA loans, HomePath by Fannie Mae), conforming mortgages, super jumbo mortgages, and commercial lending. The credit union is hiring new loan officers to staff the project.
Kinecta said it originated more than 6,000 mortgages worth $2.7 billion in 25 states last year.
The project is another sign of the turnaround among some big troubled credit unions, as Kinecta is rebounding from tough years in 2008 and 2009, to post positive income in both 2010 and the first quarter of 2011.
Kinecta, formerly known as Hughes Aircraft Employees FCU, is the biggest check casher in greater Los Angeles as the parent of Nix Check Cashing, which has more than 50 outlets.
The new mortgage center is another important step in the credit union’s plans to increase its footprint in Orange County. There currently are four Kinecta branches in the area (Brea, Fountain Valley, Tustin and Westminster).
“While other financial institutions are exiting the real estate arena in Orange County, Kinecta is entering the market to serve the unique needs of area residents looking for a financial institution with a strong track record,” said Brian Robinett, the credit union’s chief credit officer.
