Two credit unions based in Raleigh, North Carolina, announced Thursday that they have launched a title insurance agency to facilitate closings and potentially offer lower premiums.
Truliant Federal Credit Union ($4 billion in assets, 289,249 members) and Coastal Federal Credit Union of Raleigh ($4.8 billion in assets, 300,813 members) formed United Members Title, LLC on April 1 to provide affordable title insurance coverage for home purchases and refinances in North Carolina, South Carolina and Virginia.
The business is designed to allow credit union members, owners and buyers to benefit from an increased ability to reissue existing policies, which often results in lower premiums and reduced closing costs.
Beth Eller, vice president of mortgages for Truliant, said credit unions have been working on building the company for two years.
“We are thrilled to see it come to fruition,” she said. “It simplifies the process since we get the title through one agency.”
The joint venture is an agent of Investors Title Co., a North Carolina public company (Nasdaq:ITIC), and its subsidiary, Investors Title Insurance Company, which underwrites and issues title insurance policies.
Investors Title has held the leading market share position in the state of North Carolina since 1984.
“It’s a local NC business in Chapel Hill. They do a terrific job,” Eller said. “We look forward to the benefits this joint venture will bring by adding new quality services to our mortgage offerings.”
Truliant and Coastal issued 5,329 first mortgages worth nearly $1.3 billion last year.
Coastal issued 3,880 first mortgages, compared to 3,742 in 2020. Truliant volume increased from 2,490 in 2020 to 1,449 last year.
By value, Coastal was the second-largest and Truliant was the fourth-largest mortgage originator among North Carolina-based credit unions last year. The five biggest were:
1. State employees credit unionRaleigh, NC ($53.1 billion, 2.7 million members), which generated $6.8 billion in first mortgages in 2021, up 52% from 2020.
2. Coastalwhich generated $924.3 million, up 12%.
3. Local Government Federal Credit UnionRaleigh, NC ($3.5 billion in assets, 390,949 members), which generated $769.6 million, up 41%.
4. Fakingwhich generated $358.4 million, down 24%.
5. Allegacy Federal Credit UnionWinston-Salem, NC ($2.1 billion in assets, 167,719 members), which generated $337 million, down 21%.