GREENVILLE, Tenn.–Consumer Credit Union said it has finalized an investment in CU Community, LLC, dba 7 Mortgage, a Knoxville-based CUSO.
According to CCU, the investment will make it a minority owner in 7 Mortgage. 7, LLC, the wholly owned holding company of the $3-billion ORNL FCU in Oak Ridge, Tenn., will remain majority owner.
Consumer Credit Union reported it has been a client of 7 Mortgage since 2007, joining as one of the first partner credit unions of the CUSO. Established in 2003, 7 Mortgage is licensed in seven states and provides mortgage services to its partner credit unions, with a goal of helping credit unions like CCU become full service providers to their members, the organizations said.
"Consumer Credit Union has been one of the longest tenured clients of 7 Mortgage and we are thrilled to have them now join us as owners to further the mission of helping credit unions deliver much needed mortgage services to credit union members throughout the Southeast,” said Wendy Robinson, president of 7 Mortgage.
Exec to Join Board
The credit union reported that Stephen Cutshall, SVP & chief mortgage officer of CCU, will join the board of managers of 7 Mortgage.
“7 Mortgage provides services that allow Consumer Credit Union to become more efficient in its lending process through scale. In a business where relationships matter, we are pleased in partnering with 7 Mortgage. As owners, we look forward to the continued success together with them,” said Cutshall.
The $557-million Consumer CU has more than 36,000 members.
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