PASADENA, Calif. -
Wescom CU will make the purchase through Wescom Holdings, its LLC CUSO. The $3.9-billion credit union said the addition of CU West Mortgage will expand its clientele and broaden its ability to offer mortgage loan origination and servicing to other credit unions. The deal also will lead to greater efficiencies, Wescom said.
CU West Mortgage had been the preferred mortgage company of the California Credit Union League. Wescom said when the transaction is complete, CUSO Mortgage will become the CCUL-endorsed mortgage services company for California and Nevada credit unions.
"CU West has been built on a strong foundation of service to our industry and this purchase will allow us to leverage our infrastructure in a way that will benefit credit unions across the country that are looking for mortgage services," Peter McNulty, president of CUSO Mortgage and senior vice president of real estate lending for Wescom, told Credit Union Journal. "Wescom's acquisition of CU West ensures that credit unions will continue to have a credit union-owned mortgage services solution that is philosophically aligned with the credit union movement."
Wescom said all 11 CU West employees, including CEO Mark Hiatt, will remain with the company and relocate to Wescom's operations center in Anaheim, Calif. Hiatt will report to McNulty.
"By joining forces with CUSO Mortgage, we will be better able to serve new and existing clients and strengthen the important business of assisting credit unions nationwide with mortgage originations," Hiatt said in a statement.
Established in 2003 and headquartered in Rancho Cucamonga, Calif., CU West is owned by the CCUL, Orange County Teachers Federal Credit Union, WesCorp, and a small number of other credit unions. Wescom said CU West serves more than 50 credit union clients in California, Nevada, Oregon and Washington.
Wescom is one of the largest credit unions in the country. It serves more than 300,000 members at 49 branches throughout Southern California. Membership is open to people living and working in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura counties.
Wescom was established in 1934 as a credit union for telecommunications employees.
