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A Credit Union Service Organization or CUSO is a unique financial organization structure that offers beneficial services to credit unions. Through a CUSO, credit unions are able to consolidate their resources to achieve various business goals. In fact, many CUSOs are founded to address certain challenges that the credit union movement faces.
Many CUSOs specialize their services for specific sectors, such as commercial real estate. According to the Credit Union National Association, the top CUSO categories include member services, lending and insurance or brokerage services.
When searching for a CUSO to partner with, it is important to keep these categories in mind. Perhaps you’re interested in finding a CUSO that specializes in lending for a particular sector. By understanding various CUSO categories, you can narrow down your search for the right partner.
To help you find the right CUSO partner for you, we’ve compiled a list of the top Credit Union Service Organizations.
First on our Credit Union Service Organization list is Extensia Financial. Specializing in commercial real estate, Extensia’s team has an in-depth understanding of the changing industry landscape. Thanks to the firm’s national presence, Extensia helps clients diversify their portfolio by expanding their lending footprint. In addition, Extensia offers detail-oriented underwriting services and loan servicing from origination to payoff. Clients who partner with Extensia gain a team of trusted industry advisors who tailor their services to your specific needs.
Centennial Lending is a CUSO specializing in lending services, including residential mortgages, commercial & construction loans and loan servicing. The CUSOs relationships with its credit union partners help provide flexible and competitive solutions to its clients. With a client-focused approach, Centennial Lending provides timely loan care services to each client.
Michigan Business Connect or MBC was formed by several Michigan credit unions to provide quality lending programs to credit union members. The CUSO specializes in various commercial lending and business services. Some of these services include loan servicing and underwriting, portfolio management, periodic loan reviews and more.
CUSO Financial Services or CFS is a leading broker-dealer organization that helps financial institutions expand their investment offerings. CFS uses a holistic approach when creating the right growth plan for a client. These plans include accumulation, income protection and wealth transfer products and services.
MBFS specializes in developing business loan programs that align with a credit union’s existing structure and culture. The CUSO aids clients through policy development, employee training and strategic development. MBFS also offers credit unions credit services, such as credit analysis when underwriting new loan requests.
CU Realty Services is a technology-based CUSO with services that focus on the real estate sector. The firm connects credit unions with homebuyers. Several Michigan credit unions formed this CUSO through its marketing platform, HomeAdvantage. Along with automated lead generation, HomeAdvantage also connects credit unions with local real estate agents to nurture long-lasting industry relationships.
As an industry leader in access and convenience products, CO-OP has partnered with credit unions for over 30 years. Credit unions that partner with CO-OP are able to further member engagement through the firm’s resources. CO-OP’s suite of resources include payment processing, mobile and virtual services, CO-OP Shared Branching and call center services.