RCCU Has Big Plans For New Mortgage Company
The $550-million Riverside County's Credit Union has established RCCU Mortgage, LLC, as a new CUSO.
It plans to launch services in January 2004 with David Constantino as president/COO. Constantino currently is VP/Chief Mortgage Officer. The credit union said that since 2001 it has had a mortgage lending department, but has chartered RCCU Mortgage to diversify its mortgage product line and allow it to enter the market offering conforming, non-conforming, niche, adjustable rate mortgages, CalPERS, FHA and sub-prime loans.
RCCU said its 2004 business plan outlines calls for placing mortgage loan consultants inside real estate offices. "This inside track will also aid the organization in its expansion to local counties, Northern California and finally, in 2005 a multi-state operation," the credit union said.