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