Denali Alaskan Home Loans
Encyclopedia
Denali Alaskan Home Loans is the home-financing department of Denali Alaskan Federal Credit Union
, based in Anchorage, Alaska
, offering a variety of mortgage services for members of the Credit Union
throughout Alaska. The Credit Union purchased Northern Pacific Mortgage in May, 2001.
Denali Alaskan President & CEO Bob Teachworth explained the purchase at that time: “We have studied various methods and programs to expand the Credit Union’s mortgage program, ranging from partnerships to creating a mortgage division within the existing Real Estate Lending department. Ultimately, Denali Alaskan decided to purchase an Alaska mortgage firm rather than create a full-service mortgage department from scratch.” The purchase allowed Denali Alaskan to offer conventional investor-backed mortgage products, such as VA
, FHA
or AHFC loans, which it did not offer prior to the purchase of Northern Pacific Mortgage. (The Credit Union’s Real Estate Lending department offered other home lending products, such as home equity lines of credit, home improvement loans and construction loans.)
Initially, Denali Alaskan created a Credit Union Service Organization
(CUSO), as required by its federal regulator, the National Credit Union Administration, as a separate firm, called Denali Alaskan Mortgage Company. The CUSO allowed Denali Alaskan to operate a for-profit entity,
the mortgage company, while still retaining its distinction as a non-profit financial cooperative for members.
In 2005, Denali Alaskan decided to shut down the separate Mortgage CUSO and absorbed the company’s operations within the Credit Union. As such, a separate company called Denali Alaskan Mortgage Company no longer exists. Rather, since 2005 is has been operated as an internal department of the Credit Union
.
In April 2011, Denali Alaskan Mortgage changed its name to Denali Alaskan Home Loans. In June, 2011, the Credit Union opened offices of its Insurance and Home Loans business units in the Mat-Su Valley. As a result of this move, the Credit Union closed its Insurance office which had previously been located in Eagle River.
Denali Alaskan Federal Credit Union
Denali Alaskan Federal Credit Union is a credit union based in Alaska, USA. The Credit Union primarily serves the communities of Anchorage, Eagle River, Fairbanks, Juneau, Kenai and Wasilla. It is the third largest credit union in Alaska...
, based in Anchorage, Alaska
Alaska
Alaska is the largest state in the United States by area. It is situated in the northwest extremity of the North American continent, with Canada to the east, the Arctic Ocean to the north, and the Pacific Ocean to the west and south, with Russia further west across the Bering Strait...
, offering a variety of mortgage services for members of the Credit Union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
throughout Alaska. The Credit Union purchased Northern Pacific Mortgage in May, 2001.
Denali Alaskan President & CEO Bob Teachworth explained the purchase at that time: “We have studied various methods and programs to expand the Credit Union’s mortgage program, ranging from partnerships to creating a mortgage division within the existing Real Estate Lending department. Ultimately, Denali Alaskan decided to purchase an Alaska mortgage firm rather than create a full-service mortgage department from scratch.” The purchase allowed Denali Alaskan to offer conventional investor-backed mortgage products, such as VA
United States Department of Veterans Affairs
The United States Department of Veterans Affairs is a government-run military veteran benefit system with Cabinet-level status. It is the United States government’s second largest department, after the United States Department of Defense...
, FHA
FHA
FHA may mean:* Federal Housing Administration. See also FHA loan.* Federal Highway Administration* Civil Rights Act of 1968 -- In particular, Title VIII of the Act, also known as the Fair Housing Act* Forced Hot Air heating...
or AHFC loans, which it did not offer prior to the purchase of Northern Pacific Mortgage. (The Credit Union’s Real Estate Lending department offered other home lending products, such as home equity lines of credit, home improvement loans and construction loans.)
Initially, Denali Alaskan created a Credit Union Service Organization
Credit Union Service Organization
In United States federal law, a Credit Union Service Organization allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. Most CUSOs are limited liability companies which also provide a measure of protection to the credit...
(CUSO), as required by its federal regulator, the National Credit Union Administration, as a separate firm, called Denali Alaskan Mortgage Company. The CUSO allowed Denali Alaskan to operate a for-profit entity,
the mortgage company, while still retaining its distinction as a non-profit financial cooperative for members.
In 2005, Denali Alaskan decided to shut down the separate Mortgage CUSO and absorbed the company’s operations within the Credit Union. As such, a separate company called Denali Alaskan Mortgage Company no longer exists. Rather, since 2005 is has been operated as an internal department of the Credit Union
.
In April 2011, Denali Alaskan Mortgage changed its name to Denali Alaskan Home Loans. In June, 2011, the Credit Union opened offices of its Insurance and Home Loans business units in the Mat-Su Valley. As a result of this move, the Credit Union closed its Insurance office which had previously been located in Eagle River.