One CUSO (Centennial Lending) AcquiresAnother (United Members Mortgage)

August 18, 2004, 1:00 a.m. EDT 1 Min Read

DENVER - (08/18/04) Centennial Lending, LLC, a CUSOproviding commercial, construction and mortgage lending services tonearly 30 credit unions in Colorado and Wyoming, has purchasedUnited Members Mortgage (UMM), a CUSO providing mortgage lendingservices to 49 Credit Unions in seven states. Centennial has alsopurchased United Members Title Company (UMTC), which will changeits name to Centennial Members Title. Centennial said the purchasewill allow more CUs to begin offering commercial and constructionloans. Centennial Lending said a slowdown in mortgage volume playeda role in UMMs agreeing to the purchase. The company iscurrently servicing $333 million in residential mortgage loans andmore than $90 million in commercial and constructionloans.

For reprint and licensing requests for this article, click here.

TRENDING

Earnings

Key is downbeat on U.S. economy, upbeat on its own outlook

The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.

By John Reosti

11h ago
Commercial lending

Texas Capital reports 53% jump in criticized loans, plans for more

The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.

By Allissa Kline

April 18
Earnings

How loan-hungry Ally is preparing for the Fed's upcoming speed limit

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

By Polo Rocha

April 18

MORE FROM AMERICAN BANKER

Earnings

Key is downbeat on U.S. economy, upbeat on its own outlook

The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.

By John Reosti

11h ago
Commercial lending

Texas Capital reports 53% jump in criticized loans, plans for more

The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.

By Allissa Kline

April 18
Earnings

How loan-hungry Ally is preparing for the Fed's upcoming speed limit

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

By Polo Rocha

April 18
House Financial Services Leadership

House banking panel advances measures to nullify credit card, ESG rules

The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.

By Claire Williams

April 18
Commercial lending

After bruising quarter, Synovus sees credit stability ahead

Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.

By Jim Dobbs

April 18
Payments

Discover cuts its profit to resolve its old merchant missteps

Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.

By Kate Fitzgerald

April 18