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Credit union servicing gets dedicated CUSO

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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%. 



Lamborghini CEO says it’s scrapping EV due to ‘close to zero’ demand

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Lamborghini CEO says it’s scrapping EV due to ‘close to zero’ demand



Lamborghini is the latest luxury carmaker to admit the appetite for exclusive and expensive electric cars just isn’t there.

CEO Stephan Winkelmann confirmed in an interview with The Sunday Times this week Lamborghini is shelving its all-electric Lanzador and pivoting to plug-in hybrid vehicles. Winkelmann said the appeal within Lamborghini’s target market for battery-powered cars was “close to zero.”

Lamborghini announced the Lanzador, a 1,341-horsepower “Ultra GT” and the maker’s fourth EV model, in 2023. The car was slated for a 2029 release with an estimated price tag of $300,000, but Lamborghini quietly retired the all-electric model at the end of 2025.

“The decision was made after over a year of continuous internal discussion, engaging with customers, dealers, market analysis, and global data,” Winkelmann said.

“Investing heavily in full-EV development when the market and customer base are not ready would be an expensive hobby, and financially irresponsible towards shareholders, customers [and] to our employees and their families,” he added.

Lamborghini did not respond to Fortune’s request for comment.

Lamborghini joins a growing list of luxury brands shrinking or deferring battery-powered cars. In 2024, its Volkswagen-owned sibling Bentley pushed back its electric-only goal from 2030 to 2035, and Porsche said in September 2025 it would substantially scale back its electrification plans, ditching efforts to build its own EV battery. The following month, Ferrari announced it would pare back its all-electric aspirations from an initial goal of 40% fully electric vehicle sales by the end of the decade down to 20%. But Ferrari, as of this month, still has plans to release its all-electric Luce in 2028.

Premium carmakers have likewise taken a step back from EV production, including Stellantis, owner of Chrysler, Jeep, and Fiat, which took a $26 billion EV write-down earlier this month. Ford announced in December 2025 it would take a $19.5 billion hit as it pivoted away from all-electric vehicles, including scrapping the fully electric F-150 Lightning. CEO Jim Farley said the company would instead pivot to more affordable and hybrid vehicles. Ford unveiled plans this month to launch an EV pickup next year starting at $30,000.

Why no one wants a luxury EV

The woes of higher-end brands does not reflect the greater EV industry. EV registrations grew 20% in 2025, according to data from Benchmark Mineral Intelligence, including a 17% boost in China and 33% leap in Europe. North America, conversely, saw a 4% drop in sales. To be sure, the consultancy did not see sustained growth in demand following an easing of global electrification targets and slowing demand in China.

Winkelmann said the sluggish demand for luxury EVs is not just a result of macroeconomic and political factors, but also of the cars being tactically less appealing than their internal combustion engine (ICE) counterparts. Customers miss the growling revving of gas vehicles with noisy internal combustion engines, the CEO noted. (Ferrari CEO Benedetto Vigna vowed in 2024 to retain the roar of its gas cars through a patented amplification system.)

“EVs, in their current form, struggle to deliver this specific emotional connection,” Winkelmann said.

Hybrid cars, he argued, offer environmentally friendlier features with some of the material draws of a gas-powered car.

“Plug-in hybrids offer the best of both worlds, combining the agility and low-rev boost of electric battery technology with the emotion and power output of an internal combustion engine,” Winkelmann said.

Still, luxury car brands may not be able to avoid the pivot to all-electric completely. The UK government intends to phase out the sale of new diesel and petrol cars by 2030. In the European Union, those new gas-powered vehicles will be banned by 2035, and by 2030, new cars must have a 55% reduction in carbon dioxide.

Lamborghini is exempt from these regulations through 2035 as a small-volume manufacturer, and the company has lobbied the regulators arguing it has little environmental impact due to the few units on the roads. Winkelmann said Lamborghini supercars accumulate less than 2,000 miles per year. He told The Times by 2030, Lamborghini would still have a range of all plug-in hybrid vehicles.

“We have a big task as an automotive industry,” Winkelmann said. “Everybody’s speaking about 2035, but there’s a big date which is very dangerous at 2030, due to the emissions. And this is something which is not clear enough, in my opinion, today.”

Winkelmann suggested consumers have not seen the end of a battery-powered Lamborghini, but don’t expect it to hit streets anytime soon.

“The times we are living in are fast moving; if you don’t react fast, you risk going out of business or losing momentum,” he said. “Never say never, but only when the time is right.”

How to spot trade on Binance app #binance #cryptotrading

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How to spot trade on Binance app #binance #cryptotrading

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Foreclosure Starts are Up 19%—These Counties are Seeing the Highest Distress

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Foreclosure activity doesn’t end quietly—and December 2025 proved that point emphatically.

After a relatively mixed fall, Foreclosure Starts jumped sharply nationwide, rising nearly 19% month over month and more than 44% year over year. 

That acceleration at the very front of the foreclosure pipeline matters because Starts represent the earliest public signal of homeowner distress—well before properties reach auction or become bank-owned. 

For real estate investors, Foreclosure Starts are often the first place where opportunity begins to form. They highlight where financial pressure is building, where motivated sellers may soon emerge, and where future auction and REO inventory is likely to materialize in the months ahead.

December’s data tells a clear story: Distress reaccelerated heading into year-end, with especially sharp increases in several key states and counties that investors should be watching closely as we go deeper into 2026.

National Foreclosure Starts Rebound Strongly

In December 2025, the U.S. recorded 27,640 Foreclosure Starts, representing:

  • +18.94% month over month
  • +44.66% year over year

This was one of the strongest monthly increases in early-stage filings we’ve seen in 2025. While foreclosure activity often slows toward the end of the year, December broke that seasonal pattern decisively.

The year-over-year growth is especially notable. Compared to December 2024, Foreclosure Starts are nearly 45% higher nationwide, reinforcing that financial strain remains elevated for a growing number of households despite a resilient labor market.

State-Level Breakdown: Five Markets Driving the Increase

Florida

Florida continues to be one of the most active foreclosure states in the country. December’s increase followed November’s pullback, signaling that early-stage distress remains persistent rather than temporary.

  • 3,274 Starts
  • +16.14% MoM
  • +81.39% YoY

California

California saw a meaningful monthly rebound but remains essentially flat year over year. This suggests short-term volatility rather than a structural acceleration—at least for now.

  • 2,389 Starts
  • +14.31% MoM
  • -0.21% YoY

Ohio

Ohio posted one of the strongest month-over-month increases among major states, reinforcing its role as a steady but growing foreclosure market.

  • 1,060 Starts
  • +24.12% MoM
  • +14.10% YoY

North Carolina

North Carolina was the notable exception. Starts fell sharply in December, suggesting that much of the state’s distress has already moved further down the pipeline into auctions.

  • 337 Starts
  • -35.81% MoM
  • -3.44% YoY

Texas

Texas delivered the most dramatic increase of any state in December. Starts surged more than 57% month over month and nearly 60% year over year—an unmistakable signal that early-stage distress is accelerating rapidly.

  • 4,104 Starts
  • +57.12% MoM
  • +58.09% YoY

County-Level Insights: Where New Distress Is Emerging

State-level averages only tell part of the story. When we drill down to the county level, we can see where Foreclosure Starts are meaningfully rising—and where future opportunities may develop.

Florida: Central and Gulf Coast pressure builds

Despite Florida’s statewide growth in Foreclosure Starts, the increases were not evenly distributed.

  • Lee County recorded a meaningful jump in Starts, continuing its pattern of elevated distress along the Gulf Coast.
  • Orange County (Orlando) also saw a noticeable increase, reflecting growing pressure in investor-heavy neighborhoods.
  • Miami-Dade and Broward Counties remained elevated but showed less acceleration than earlier in the year.

Investor takeaway

Florida’s distress is broadening geographically, not contracting. Central Florida and Gulf Coast markets are likely to feed auction activity in early 2026.

California: Inland Empire reawakens

California’s December rebound was driven primarily by inland markets.

  • Riverside County posted a clear month-over-month increase in Starts.
  • San Bernardino County followed a similar pattern, particularly in areas dominated by investor-owned rentals.
  • Los Angeles County showed modest growth but remained relatively stable.

Investor takeaway

The Inland Empire continues to act as California’s foreclosure pressure valve. Investors focused on early outreach should monitor Riverside and San Bernardino closely.

Ohio: Columbus emerges as a standout

Ohio’s December increase was heavily influenced by:

  • Franklin County (Columbus), which saw one of the strongest MoM increases in the state.
  • Cuyahoga County (Cleveland) rebounded after a softer November.
  • Hamilton County (Cincinnati) remained steady.

Investor takeaway

Columbus continues to outperform other Ohio metros in early-stage distress, making it a key market to watch in 2026.

North Carolina: Starts cool as auctions take over

North Carolina’s drop in starts was driven by:

  • Mecklenburg County (Charlotte) and Wake County (Raleigh) both showed reduced early-stage filings.
  • This aligns with the sharp rise in Notice of Sale activity seen elsewhere in the state.

Investor takeaway

North Carolina’s foreclosure pressure has not disappeared—it has simply moved downstream into auctions.

Texas: A surge that demands attention

Texas’ spike was widespread and powerful.

  • Harris County (Houston) accounted for a large share of the increase.
  • Dallas and Tarrant Counties also posted sharp gains.
  • Bexar County (San Antonio) continued its steady upward trend.

Investor takeaway

Texas’ fast, nonjudicial foreclosure process means today’s Starts can become auctions in a matter of weeks. December’s surge is likely to translate quickly into a visible opportunity.

How Investors May Use Foreclosure Start Data

Foreclosure Starts are not just statistics—they are signals. Investors may use this data to:

  1. Identify pre-foreclosure outreach opportunities before auctions are scheduled.
  2. Anticipate future Notice of Sale and REO inventory months in advance.
  3. Focus marketing and acquisition efforts on counties where Starts are accelerating.
  4. Plan retirement-account investments using a Self-Directed IRA or Solo 401(k), where early-stage timelines allow for proper structuring, financing, and due diligence.

By tracking Starts alongside later-stage filings, investors can build a more complete, forward-looking strategy rather than reacting after inventory hits the open market.

Required Disclaimer

Equity Trust Company is a directed custodian and does not provide tax, legal, or investment advice. Any information communicated by Equity Trust is for educational purposes only and should not be construed as tax, legal, or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.

BiggerPockets/PassivePockets is not affiliated in any way with Equity Trust Company or any of Equity’s family of companies. Opinions or ideas expressed by BiggerPockets/PassivePockets are not necessarily those of Equity Trust Company, nor do they reflect their views or endorsement. The information provided by Equity Trust Company is for educational purposes only. Equity Trust Company and their affiliates, representatives, and officers do not provide legal or tax advice. Investing involves risk, including possible loss of principal. Please consult your tax and legal advisors before making investment decisions. Equity Trust and BiggerPockets/PassivePockets may receive referral fees for any services performed as a result of being referred opportunities.

Sam Bankman-Fried is waging a campaign for a pardon—but Trump will not grant one, says White House

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Sam Bankman-Fried is waging a campaign for a pardon—but Trump will not grant one, says White House



Convicted crypto fraudster Sam Bankman-Fried used to be a prolific donor to the Democratic Party, but these days his public statements have taken on a decidedly MAGA tone. “Clinton-appointed Judge Lewis Kaplan made his political bias very clear when sentencing me,” reads a recent screed on X. “I admire @realDonaldTrump for standing up to this ‘partisan and out of control activist’!”

This is just one of dozens of tweets railing about the deep state and other MAGA villains that Bankman-Fried, one of the century’s most notorious financial criminals, has published in recent weeks despite being locked up for 25 years in federal prison.

Though Bankman-Fried has not stated so explicitly, the goal of his social media spree is clear: persuade President Donald Trump to spring him from federal prison. The strategy makes sense given that Trump has been dispensing pardons to several high-profile figures convicted of financial crimes, including Binance founder and onetime Bankman-Fried archrival, Changpeng Zhao.

Alas for Bankman-Fried, his petitions to Trump for mercy appear to be in vain. In response to a request for comment about the recent social media campaign, a White House spokesperson reiterated to Fortune that Trump has no intention of pardoning Bankman-Fried. 

In an email, the spokesperson referred Fortune to comments by Trump in January, where the president stated that he did not plan to pardon Bankman-Fried, along with a number of other prominent inmates including former New Jersey senator Robert Menendez and ousted Venezuelan president Nicolás Maduro. “The President is the ultimate decider on all pardons,” the spokesperson wrote. 

An attorney for Bankman-Fried did not respond to a request for comment. 

Unsuccessful bid

Bankman-Fried was a longtime supporter of progressive causes and is the son of two Stanford law professors who carried considerable influence in the upper echelons of the Democratic Party. But as his fraudulent crypto empire crumbled in November 2022, the crypto founder plotted a rightward shift. In a personal document released as part of the trial, Bankman-Fried wrote that he planned to go on conservative TV host Tucker Carlson’s program and “come out as a Republican.” 

On the surface, the tactic seems plausible, especially in today’s political environment. Trump entered office in January 2025 pledging to roll back the Biden administration’s crackdown on crypto. Under Trump, regulatory agencies have dismissed key cases against blockchain companies, and the Justice Department has undergone a reorganization of its approach to crypto enforcement. 

Still, Bankman-Fried’s reputation as one of the top donors to the Biden administration has limited his appeal to the Trump administration. That, combined with Bankman-Fried’s still villainous status in the crypto industry, has always made his campaign for a pardon a long shot, according to D.C. insiders. That’s even with an unsanctioned appearance on Tucker Carlson last year, which reportedly landed Bankman-Fried in solitary confinement. 

The tough odds haven’t curbed Bankman-Fried’s perseverance, as he is also fighting his conviction in federal appeals court. His X feed is filled with posts, which have been amplified by what critics describe as “sock-puppet” accounts, touting his new conservative bona fides. (In his bio, Bankman-Fried clarifies that he tells a proxy what to write through Bureau of Prisons–approved phone calls and emails.) 

“Dems like censoring ‘misinfo’ on social media,” reads one recent post, before praising Trump’s own platform. “Truth Social & GETTR have always put free speech first.” 

BoA Alaska Atmos Business Credit Card Review (2026.2 Update: 85k Offer)

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BoA Alaska Atmos Business Credit Card Review (2026.2 Update: 85k Offer)