OAK RIDGE, Tenn. – CU Community and Credit Union Services of East Tennessee (CUSET) are pleased to announce they have teamed up to launch CU Community Title Company, LLC, effective January 2, 2015.
The joint venture represents a groundbreaking collaboration between East Tennessee’s most successful subsidiaries of ORNL Federal Credit Union and Y-12 Federal Credit Union, both headquartered in Oak Ridge, TN, just outside of Knoxville.
“Title companies are a natural extension of the mortgage business,” said Ron Honeycutt, CUSET chairman. “Y-12 FCU and ORNL FCU are two of the area’s largest and most successful mortgage providers. Forming a title company gives us added flexibility in meeting the mortgage needs of our respective membership, while ensuring they receive the best value, convenience and peace of mind.”
“Our credit unions provide the absolute best mortgage services available in the marketplace and adding title services allows us to take full ownership of our members’ experience,” said Mark Ziegler, President and CEO of Y-12 Federal Credit Union.
Chris Johnson, President and CEO of ORNL Federal Credit Union added, “By forming our own title company, we now can be sure the same outstanding service is provided all the way through closing.”
“Collaboration between two of the state’s largest credit unions represents the next step in the financial cooperative. As credit unions, we innately understand the value proposition to the consumer,” said Larry Jackson, CU Community’s President. “And as cooperatives, we understand the power of collaboration for the greatest possible good for the membership. It’s all about people helping people.”
Title companies research property records to ensure the purchaser legally owns the property and that no one else can claim full or partial ownership of the property. During this research, the title company also verifies that there are no outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might impact ownership.
About Y-12 Federal Credit Union
Y-12 Federal Credit Union is a full-service financial provider headquartered in Oak Ridge, TN, with 14 branches located in Blount, Knox, Anderson, Campbell, Roane and Sevier counties serving 89,945 members.
About ORNL Federal Credit Union
ORNL Federal Credit Union is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. Established in 1948 with 10 founding members, ORNL Federal Credit Union’s assets have grown to over $1.5 billion and membership has grown to over 165,000. Open to all businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee, ORNL Federal Credit Union currently serves members in 32 branches located throughout Anderson, Blount, Campbell, Hamblen, Knox, Loudon, Monroe, Roane, Sevier and Union counties.