Black Knight, myCUmortgage vie to power credit unions’ home loans

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Black Knight’s not the only tech provider gunning for business from credit unions.

Nine credit unions serving more than 380,000 members signed with myCUmortgage as new partners in 2022, in the hopes of not only streamlining the mortgage process but winning repeat business as the loan servicer.

Beavercreek, Ohio-based myCUmortgage is a Credit Union Service Organization (CUSO) that’s partnered with mortgage technology companies including OpenClose, Black Knight and Intuvo.

MyCUmortgage, which is itself owned by Wright-Patt Credit Union, says it now provides comprehensive technology solutions, expert guidance and partner- and member-focused mortgage services to nearly 200 credit unions.

Servicing loans is about more than just collecting payments and helping distressed borrowers stay in their homes, myCUmortgage says in pitching prospective partners. It’s also an opportunity to win their business again when they’re ready to refinance their loans or buy their next homes.

Tonya Coon

“No matter the market conditions or circumstances, members will always need home loans and loan servicing, and the best place for a member to attain a mortgage continues to be through their trusted credit union,” said myCUmortgage President Tonya Coon in a statement. “We are proud and excited to partner with these nine credit unions and assist them as they help more of their members with homeownership throughout the entire mortgage lifecycle and back to their credit union for their next home loan.”

The nine credit unions partnering with myCUmortgage last year were:

1. Baylands Family Credit Union (West Point, Virginia) 5,898 members
2. Baxter Credit Union (Vernon Hills, Illinois) 341,314 members
3. ElecTel Cooperative Federal Credit Union (Raleigh, North Carolina) 7,487 members
4. Erie Community Federal Credit Union (Sandusky, Ohio) 3,437 members
5. Greater Wayne Community Federal Credit Union (Rittman, Ohio) 3,190 members
6. Liberty County Teachers Federal Credit Union (Liberty, Texas) 2,771 members
7. Lithium Federal Credit Union (Bessemer City, North Carolina) 1,427 members
8. MTC Federal Credit Union (Greenville, South Carolina) 16,977 members
9. Union Pacific Streamliner Federal Credit Union (Omaha, Nebraska) 2,302 members

According to the National Credit Union Administration, the nine credit unions represent more than 384,803 members and $6 billion in assets.

Formed in 1999, myCUmortgage is licensed to operate in 47 states and sponsors 12 mortgage loan originators, according to records maintained by the Nationwide Multistate Licensing System.

MyCUmortgage, which added 11 credit unions in 2021, also provides credit union members with access to their local multiple listing service and referrals to local Realtors who have agreed to provide commission rebates through the myCUmortgage HomeAdvantage program.

While myCUmortgage signed a seven-year contract with Black Knight in 2016 to use the technology provider’s mortgage servicing platform, its loan origination system (LOS) partner is OpenClose.

OpenClose and Black Knight are rival loan origination system providers, with Black Knight closing a string of deals with credit unions over the last year.

Black Knight announced in November that it had signed Daleville, Alabama-based All In Credit Union, which serves more than 161,000 members across Alabama and Florida, as a customer of its Empower loan origination system. Black Knight had previously signed nine credit unions serving more than 1.6 million members as Empower clients over a 12-month span.

A competing mortgage technology provider Maxwell is also targeting small- to midsize lenders, promising it can help their loan officers to close 15 percent more loans each month and spend more time counseling borrowers and strengthening their networks instead of performing administrative tasks.

And a partnership between Rocket Mortgage and Q2 Software Inc. announced last August gives any bank or credit union the ability to “launch, replace, or augment” their lineup of home loans by integrating Rocket Mortgage’s digital mortgage application.

Last month Rocket announced that Nashville-based Fourth Capital Bank has become the first bank to offer home loans from Rocket Mortgage using the Q2 Innovation Studio’s Marketplace Program.

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Email Matt Carter