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BMI FCU Triples Mortgage Portfolio in Five Years

BMI FCU here is celebrating the success of a mortgage program it started in the 1970's, said president/CEO Sharon Custer. And it's also proud that, like other credit unions, it didn't go astray into foolish lending and end up holding losses for which it could only blame itself.

By Staff Writer | Updated on February 05, 2008

COLUMBUS, Ohio — BMI FCU here is celebrating the success of a mortgage program it started in the 1970′s, said president/CEO Sharon Custer. And it’s also proud that, like other credit unions, it didn’t go astray into foolish lending and end up holding losses for which it could only blame itself.

“We didn’t do crazy no-doc mortgages that have led to this subprime debacle,” Custer said. “And historically, credit unions don’t do that sort of thing, period. When we launched our program we made good, solid loans to our members.” Doing the smart thing for both the CU and its members has resulted in BMI tripling its mortgage program to $136 million from $46 million in five years. BMI has assets of $288 million and just over 28,000 members.

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