MARLBOROUGH, Mass.–MemberClose, a supplier of a bundled home-equity settlement solution to credit unions, reports it has added Community Powered Federal Credit Union (CPFCU) in Bear, Del., as its newest client. MemberClose is offered by Members Insurance Agency, a subsidiary of the Cooperative Credit Union Association, and is utilized by more than 200 credit unions of all asset sizes in 19 states.
MemberClose said it will work with CPFCU to create a customized website that will serve as a centralized order and delivery portal for easy access to a wide variety of products and services ranging from credit to closing.
“Home-equity lending is extremely competitive with most lenders paying for all of the associated processing costs,” said Bob Delaney, chief operating officer for MemberClose, founded in 2004. “That reality, along with thin interest margins, makes it crucial that the lender achieve maximum efficiency in its internal operations. That is exactly what MemberClose was designed to accomplish. We look forward to serving the lending needs of Community Powered Federal Credit Union.”
CPFCU, with five branches throughout New Castle County, Delaware, serves more than 9,000 members and holds $117 million in assets.
“Community Powered Federal Credit Union was looking for a program that would help us increase the efficiency of our home-equity lending operation,” said Joel Romaine, vice president of operations for CPFCU. “When we saw what MemberClose could provide, we knew it was exactly what we were looking for—a one-stop home-equity shop with all the bells and whistles at a competitive price.”