Credit union, real estate firm form mortgage company
Langley Federal Credit Union and Garrett Realty Partners have formed a joint venture called Garrett Mortgage.
The partners, both of which are based in Newport News, said the joint venture’s goal is to provide homebuyers a seamless process in buying and financing a home.
Langley offers a variety of mortgage products, including fixed rate, variable rate and FHA loan options. Founded in 1936, the credit union is one of the 100 largest in the U.S., with more than 260,000 members and assets of nearly $3 billion. Langley has 20 offices in Hampton Roads.
Its joint venture partner, Garrett Realty Partners, has operated in Hampton Roads for 35 years. It has three locations and 120 agents.
The joint venture announcement comes less than two months after Virginia Credit Union announced it was buying Joyner Fine Properties, a 46-year-old real estate firm. Financial terms of the deal were not disclosed.