HAMPDEN – CUSO Home Lending, a licensed mortgage company owned by credit unions and The Maine Credit Union League, has announced that they have signed a contract with MaineStream Finance to manage the servicing of their current portfolio of loans and take on servicing of any new loans they close going forward.
MaineStream Finance is a non-profit organization that helps low- to moderate-income borrowers. The company is dedicated to economic development by providing credit, capital, and financial services that are often unavailable from traditional financial institutions. Since 1999, MaineStream has served Maine homeowners, homebuyers, consumers, and entrepreneurs in securing the advice and financing they need to grow and thrive. Services include lending, savings products, classes, and one-on-one advisory support. They work closely with federal and state agencies, foundations, and local financial institutions, including banks, to help them meet Community Reinvestment Act goals through financial education programs, loan capital, and volunteering opportunities for homeowners and small businesses.
MaineStream Finance is a wholly owned subsidiary of Penquis, which was established in 1967 as a non-profit 501(c)(3) organization dedicated to supporting Maine families in becoming healthy, safe, connected, and financially secure. Penquis is Maine’s largest community-action agency serving primarily low- and moderate-income individuals in Penobscot, Piscataquis, and Knox counties, with an even broader impact across all 16 Maine counties. Penquis programs focus on five areas: affordable housing, economic security, school readiness, reliable transportation, and healthy lives. Penquis touches the lives of approximately 6,000 people every day and more than 30,000 each year.
Russell Cole, president and CEO of CUSO Home Lending, noted, “We are committed to ensuring a top-tier level of services to MaineStream’s existing customers as well as to new customers going forward. We are proud to have supported and served communities across Maine for the past nearly three decades and we look forward to helping even more of our neighbors achieve the dream of home ownership in the years to come.”
“We are excited about this transition,” explained Jason Bird, director of Housing Development, Penquis, MaineStream Finance, a subsidiary of Penquis. “It allows our team to focus on meeting the needs of our new home and business borrowers, while being assured that our existing clients are well cared for by CUSO’s talented team and our commitment to customer service.”