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Costco terminates membership benefit for mortgage program




Costco no longer offers a mortgage program for its members.

According to the wholesaler, the changes took effect on Sunday, May 1st.

“Members with questions regarding the current mortgage application and loan should contact the lender they have been working with,” the company wrote, adding a list of lenders and phone numbers.

Costco was affiliated with eight lenders, including Box Home Loans, CrossCountry Mortgage, Lending.com, Mutual of Omaha Mortgage, NASB, NBKC Bank, Real Genius and Strong Home Mortgage.

A request for comment from Costco was not immediately returned.

Costco was not a lender and did not have a direct role in the mortgage process, according to Eat This, Not That !, but offered a ceiling on the lender̵[ads1]7;s fees related to the loan transaction.

Another department store, Walmart, entered into an agreement with Lenders One Cooperative in March.

Lenders One rents space at Walmart stores to sell mortgage products and services.

“Members can benefit from running ‘shop-in-shop’ branches, offering mortgage solutions including purchases, refinancing and equity lines to customers. We now have three locations under lease with many more options pending,” Lenders One wrote in a release .

“I could not be happier with the direction the cooperative is heading,” Justin Demola, president of Lenders One, said in a statement. “I’m proud of the work the team has done to get L1 Credit, LOLA and the Walmart opportunity over the finish line; we already see the enormous value these solutions create for our members. “

“It is our mission to help members improve profitability and compete better with larger, well-funded mortgage lenders, and I am pleased to release new and innovative solutions to achieve this mission,” he added.



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