We have just learned that the San Antonio Credit Union is acquiring the Chase Manufactured Housing office in Federal Way, Washington and will begin making chattel and mortgage loans on manufactured homes by the end of June.  That office is deep in talent and experience, and is led by Bill Strunk, a respected industry veteran.

San Antonio Credit Union, under it's subsidiary CU Factory Built Lending, LP, is a manufactured home lender already doing business in 20 Midwest and South Eastern states.  In addition to their headquarters in San Antonio, Texas, they have branches in Houston and a large manufactured home loan processing center in Greensboro, North Carolina.  With interest rates as low as 7.25% for home-only loans and 6.75% for land-home mortgages, they appear to be a serious about our industry. 

CU Factory Built Lending was looking to expand into the western United States when the Chase office became available.  At this time it is reported that they will be hiring nearly all of the current Chase/Federal Way employees, giving CU Factory Built Lending a ready-made platform for generating new and pre-owned manufactured home loans and refinancing.  In addition to tradition chattel and land-home products, CU Factory Built Lending specializes in Ginnie Mae (Government National Mortgage Association) and other quasi-governmental non-conforming loan products, bringing to this marketplace a greater selection of manufactured home loan programs for buyers that don't have an "A+" profile, large down payment or fit the revised Fannie Mae guidelines. 

This is great news for our industry!  We welcome San Antonio Credit Union's subsidiary, CU Factory Built Lending, LP, to the Pacific Northwest and congratulate them on their wise choice to acquire the Chase/Federal Way offices and hire its staff.

Greg Harmon - President
Commonwealth Real Estate Services
E-mail: greg@cwres.com
Telephone 503.244.2300 Ext. 101