Costco says “goodbye” to its member mortgage program

Photo: NICHOLAS KAMM / AFP / Getty Images

–

Costco, one of the largest club chains in the world, ended its mortgage program for its membersin United States.

Through its website, the company announced that these changes took effect from May 1. In turn, he shared a directory of telephone numbers for more information.

“Members who have questions about their current mortgage application and loan should contact the lender they have been working with,” the company page reads.

Although it was not as such a lender and had no direct involvement in the mortgage process, it offered caps on the lenders’ fees associated with the loan transaction, some sites say.

The company was affiliated with eight lenders. Destacan Box Home Loans, Lending.com, CrossCountry Mortgage, NASB, Mutual of Omaha Mortgage, NBKC Bank, Strong Home Mortgage y Real Genius.

Costco started its mortgage program in 2020. So far, no explanation has been offered. Users of social networks speculate that, with the increase in interest rates in the country, the profit margin has been smaller and smaller until it is no longer profitable for the company.

The end of this program will probably be well spent by Walmart, which in early March launched its own mortgage program after reaching an agreement with Lenders One Cooperative. Although for now the commercial spaces are offered in three stores, the chain of stores has further expansion in its sights.

It may interest you:

-10 Items You Should Buy At Costco Instead Of Amazon
– 5 Costco Summer Items Nutritionists Recommend
– Why customers are choosing Walmart over Costco

–