Credit union servicing gets dedicated CUSO

A new business agreement has led to the creation of a credit union servicing organization focused specifically on mortgage servicing.

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The parent company of Great Lakes Credit Union is partnering with servicing platform Vertyx for the CUSO launch. Dubbed Vertyx CUSO, the business aims to serve its member institutions with technology tailored for the servicing needs unique to the credit union model.  

“Mortgage servicing has traditionally been treated as a cost center and a source of friction for both members and operations teams,” Vertyx co-founder Ayo Opeyemi said in a press release. “Vertyx CUSO was created to change that dynamic.”

The role of CUSOs allows credit unions to share technology and expertise thanks to the organization, and the long-standing relationship between New York-based Vertyx and Great Lakes helped form the foundation for further cooperation.

“Vertyx has been a phenomenal partner for Mortgage Forward, our wholly owned CUSO, in helping us elevate the mortgage servicing experience for our members,” said Great Lakes Credit Union chief strategy officer Michael Abraham, who also serves as CEO of the parent holding company. 

The servicing platform will be able to center portfolio data and automate compliance checks in daily processes for institutions served, the CUSO said. Vertyx’s software also connects with other technology tools through automated program integrations to help credit unions lower costs. 

The recent focus on retention

The new partnership comes as customer retention efforts remain in the spotlight after several mergers between lenders and servicers changed the business landscape in 2025. Leaders behind several of the deals spelled out the need to bolster borrower retention as a factor behind their strategies in the face of rising competition posed by new giants.

The introduction of Vertyx CUSO is expected to address those concerns among its base “by enabling credit unions to retain key member relationships while transforming servicing into a driver of loyalty, efficiency and portfolio growth,” Opeyemi said. 

While mergers involving the largest lenders and servicers have grabbed the lion’s share of attention in the past 12 months, other companies in mortgage and technology circles are choosing different routes, exploring enhanced partnerships to boost recapture and support expansion as the number of potential business clients diminishes.  

Last year, Crosscountry Mortgage and Blend Labs embarked on a technology cooperation deal. This year opened with the announcement from Newrez parent, Rithm Capital, of a minority ownership stake in servicing platform Valon as opposed to an outright acquisition.  

The agreement between Bannockburn, Illinois-based Great Lakes and Vertyx also arrives following the rollout in early 2026 of a new relationship-management feature in the latter’s software to help servicers and investors identify and prepare for retention and recapture opportunities.

For the most recent period with available data, fixed-rate, first-mortgage originations at the institutions increased to $93 billion in the third quarter of 2025, according to the National Credit Union Administration. The number surged a notable 19% on a year-over-year basis from $74.4 billion.  

According to the Mortgage Bankers Association, the share of home loans originated by credit unions, who can only serve member customers, consistently hovers near 6%. In 2024, though, its slice of the market slipped to 5.6%.