San Antonio Federal Credit Union of Texas has acquired Mountainside Financial, the largest broker for mobile and manufactured home lending in the U.S.
As a result, Mountainside has been added to SACU's CU Factory Built Lending division, which provides loans to homeowners in communities who wish to build on private land. The company supports retailers and brokers with new and used home purchases, refinancing and other loan products for the manufactured home owner.
Financial terms of the deal were not disclosed. The manufactured housing market, though, has struggled for several years with many mortgage bankers unwilling to extend credit or asking for hefty down payments.
SACU president and CEO Jeff Farver said the acquisition of Mountainside is a good fit for the credit union. Over the past 10 years, the company has developed name recognition and reputation for excellent customer service.
"We are pleased to bring MSF employees with their experience into our organization. There are advantages to both MSF and SACU, due to the changing regulatory environment in the manufactured housing industry," Farver said in a statement. "The real winners will be our current and prospective members, because they will have continued access to manufactured housing, a lower-cost, high-quality alternative to traditional site-built construction."
SACU is a $2.8 billion credit union, with 19 locations in San Antonio and one location in Houston. Mountainside has offices in Aurora, Colo. and Fairfax, Vt.
