Costco Members Lose Access to Mortgage Program
One of the many benefits and services available to Costco members disappeared earlier this month – the mortgage program.
As of May 1, shoppers can no longer add a mortgage application to their Costco listing after the warehouse club announced the program was closing.
“Members with questions regarding their current mortgage application and loan should contact the lender they worked with,” a notice on the Costco site reads. “Please see the list of lenders and the phone numbers where they can be reached.”
Although the big box store may be synonymous with pallets of toilet paper, cheap gasoline and tubs of mayonnaise, the store offers a host of services not found in grocery stores, such as protection of identity, travel planning, RV sales, auto and home insurance. and more.
Until the beginning of May, mortgages were part of these services. Costco was affiliated with lenders Box Home Loans, CrossCountry Mortgage, Lending.com, Mutual of Omaha Mortgage, NASB, NBKC Bank, Real Genius and Strong Home Mortgage.
According to Nerdwallet, Costco didn’t actually service the loans. The program acted as a loan marketplace that allowed potential homeowners to choose their lender and offered reduced loan origination fees to members.
Nexstar contacted Costco about the end of the mortgage program, but did not receive a response by press time.
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