Costco Ends Mortgage Program Membership Benefits

Costco no longer offers a mortgage program to its members.

According to the wholesale retailer, the changes took effect on Sunday, May 1.

“Members with questions regarding their current mortgage and loan application should contact the lender they were working with,” the company books-Add a list of lenders and phone numbers.

Costco is joined by eight lenders, including Box Home Loans, CrossCountry Mortgage, Lending.com, Mutual of Omaha Mortgage, NASB, NBKC Bank, Real Genius and Strong Home Mortgage.

A request for comment from Costco was not immediately returned.

Costco was not a lender and had no direct role in the mortgage process, according to Eat this, not that!but offered a cap on the lender’s fees associated with the loan deal.

Another supermarket, Walmart, struck a deal with Lenders One Cooperative in March.

Lenders One leases space in Walmart stores to sell mortgage products and services.

“Members can benefit by operating ‘stored in-store’ branch locations, offering mortgage solutions including purchase, refinance, and home ownership lines to clients. Lenders One wrote in a release.

“I couldn’t be happier with the direction the co-op is headed,” Justin Dimola, president of Lenders One, said in a statement. “I am proud of the work the team has done to get L1 Credit, LOLA, and the opportunity for Walmart across the finish line; we are already seeing the tremendous value these solutions create for our members.”

He added, “Our mission is to help members improve their profitability and better compete with larger, well-financed mortgage lenders, and I am excited to launch new and innovative solutions to get that mission done.”