Sources: CU National Mortgage Closes

CU National Mortgage, a private label funder that served the nation's smaller credit unions, closed its doors recently, according to industry sources. As MortgageWire went to press, CUNM officials could not be reached for comment. A subsidiary of U.S. Mortgage Corp. of Pine Brook, N.J., the company was founded 13 years ago. USMC officials also could not be reached for comment. According to The Credit Union Journal, CUNM had 50 offices and 200 employees. CUMAnet, in Basking Ridge, N.J., told the newspaper that it would assist CUNM's credit union clients. "There are many, many good people at CU National and our hearts go out to them during this difficult time," said CUMAnet president Daniel von Schaumburg. "Even though they are our direct competitor in the credit union space, we do respect them for their work in providing credit unions with mortgage lending packages to members who want to become homeowners."