The Illinois-based lender is partnering with Vertyx and backing a new affordability initiative aimed at unlocking housing mobility.

Great Lakes Credit Union, a $1.4 billion-asset institution based in Bannockburn, Ill., has formed a new mortgage technology venture with Vertyx, a servicing platform provider, as it seeks to modernize operations and position mortgage servicing as a source of growth rather than friction.

The partnership, announced this week, establishes Vertyx CUSO LLC, a credit union service organization created through Great Lakes’ holding company, GLCU Holdings LLC. The new entity is designed to give credit unions shared access to modern mortgage servicing technology while reinforcing a member-focused approach.

“Mortgage servicing has traditionally been treated as a cost center and a source of friction for both members and operations teams,” said Ayo Opeyemi, co-founder of Vertyx. “Vertyx CUSO was created to change that dynamic by enabling credit unions to retain key member relationships while transforming servicing into a driver of loyalty, efficiency and portfolio growth.”

The launch follows a year of growth for Vertyx within the credit union sector and formalizes its long-term strategy to serve as a technology partner to mortgage servicing teams.

Vertyx’s platform centralizes portfolio data, embeds automated compliance into daily workflows and allows credit unions to connect with third-party vendors through an API-first architecture. The company says the system helps institutions retain servicing, reduce reliance on legacy systems and make faster, data-driven decisions.

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Michael Abraham, chief strategy officer at Great Lakes and chief executive of GLCU Holdings, said the partnership builds on prior collaboration. “Vertyx has been a phenomenal partner for Mortgage Forward, our wholly owned CUSO, in helping us elevate the mortgage servicing experience for our members,” he said. “We are excited to deepen this partnership and continue to innovate on mortgage servicing solutions that provide real value to the credit union movement.”

The technology initiative comes as Great Lakes pursues broader growth strategies. The credit union earned $5.7 million in 2025 after posting a $3.1 million loss in 2024, according to NCUA call report data. It has also expanded through mergers, completing the integration of Chicago Municipal Employees Credit Union, which added $48 million in assets and more than 11,000 members.

Separately, Great Lakes recently introduced a mortgage affordability program known as DREAM — Discount for Real Estate Affordability and Mobility — in partnership with the financial technology firm Takara. The initiative is designed to address the so-called mortgage lock-in effect, in which borrowers with low-rate loans are reluctant to move, limiting housing supply.

“With discounts reaching 10% or more, DREAM helps families move forward and credit unions grow stronger,” said Fred Campobasso, chief lending officer at Great Lakes. “It’s a smart, proactive solution to the mortgage lock-in challenge that aligns borrower affordability with responsible, sustainable lending.”

Jonathan Arad, chief executive of Takara, said the program is structured to benefit both borrowers and lenders. “DREAM provides flexibility – for borrowers who want to move and with the discount are able to afford it, and for credit unions to stimulate growth in their portfolios,” he said.

Together, the servicing venture and affordability initiative signal a strategy focused on technology-driven modernization and portfolio expansion in a challenging housing market.