Costco to offer mortgages
New York, NY, United States (AHN) – Milk, bananas, bread, paper towels, mortgages. Yup, add mortgages to your Costco shopping list. It’s true; the USA’s largest warehouse membership chain now offers mortgages.
After a year of testing the waters, Costco is launching a full service mortgage lending program on its website in partnership with New Jersey based commercial bank First Choice Bank, and 10 other lenders.
To date, under the program, Costco partners have issued over 10,000 mortgages. The numbers is expected to soar as the warehouse retailer markets the service more aggressively to its millions of loyal customers in its myriad stores and in its widely circulated publication Connection.
Like others, Costco’s mortgage lending site gathers quotes from a variety of lenders. But, unlike others in the industry, under the Costco program, the borrower’s identity is revealed only after they formally choose the lender.
Costco makes no profit on the lending itself, but it does get paid to market the service.