Frequently Asked Questions

  1. What is Common Bond Mortgage?
    Common Bond Mortgage is a wholesale mortgage company that provides processing and, if needed, a funding source for approved credit unions in the state of Alabama.
  2. Who owns Common Bond Mortgage?
    Common Bond Mortgage is owned by APCO CUSO Inc. This credit union service organization (CUSO) was formed by APCO Employees Credit Union, a credit union with assets of over $3 billion.
  3. What is the mission of Common Bond Mortgage?
    Common Bond gives credit unions the ability to provide long-term (up to 30 years), fixed and adjustable rate mortgages to their members. It is no longer necessary for credit unions to refer their most valued members to their competitors.
  4. How does it benefit my credit union working with Common Bond Mortgage?
    The branded, online mortgage lending website positions your credit union as a progressive lender ready and willing to meet your members’ needs. With some promotion and the use of proven marketing materials, mortgage lending can also become a steady stream of income to your bottom line.
  5. Does my credit union have to retain the long-term mortgage loans?
    No. After your member closes their mortgage loan, it’s your choice. You may retain the loan or you may sell the loan to Common Bond Mortgage.
  1. I am reluctant to turn my members’ mortgage loans over to another credit union. What safeguards are in place for this?
    APCO Employees Credit Union does not have a community charter and will not solicit your members. We are looking to partner with selected credit unions interested in meeting the mortgage needs of their members. Your members’ loans will be closed at your credit union or in your hometown. If you decide to sell the loan to Common Bond Mortgage, your members may make their payments online or mail them to our processing center located in Birmingham.
  2. What if this program does not work for my credit union?
    If for any reason in the first 90 days you do not believe online mortgage lending is right for you or your members, simply let us know and we will discontinue the service with no additional cost to you.
  3. Can any credit union sign up for this partnership?
    We would like to be able to partner with all of Alabama’s credit unions, but unfortunately, we cannot. Common Bond Mortgage is seeking to partner with a select group of credit unions truly interested in meeting the mortgage needs of their members through their own technology-based website.
  4. How do I sign up?
    Representatives from Common Bond Mortgage will sit down with you and discuss your own unique situation. If you believe that online mortgage lending through Common Bond Mortgage is a service that would benefit your credit union and its members, we will have you sign a simple contract and get right to work so you can start offering this valuable service to your members.