CHICAGO — Mortgage Forward, a credit union service organization owned by Great Lakes Credit Union, has agreed to acquire the third-party origination division of First Federal Bank, including QRL Financial Services, the organizations announced.
The companies said they have signed a definitive agreement under which Mortgage Forward will acquire the Florida-based bank’s third-party origination (TPO) business as part of its strategy to expand its national mortgage lending platform.
The transaction is expected to close during the third quarter of 2026, according to a joint statement from the organizations.
‘Enhanced’ Ability
Mortgage Forward said the acquisition will enhance its ability to serve credit unions, financial institutions and mortgage originators by adding technology capabilities and expanding mortgage product offerings. The acquired division will also gain additional resources to support existing and prospective clients, the organizations said.
“We are pleased that this agreement allows our talented and dedicated team supporting TPO clients and institutions to continue to flourish,” First Federal Bank President and CEO John Medina said in a statement.
Medina said the sale aligns with First Federal’s 2026 strategic plan, which emphasizes efficiency and execution while maintaining a strong commitment to the retail mortgage market.
“This agreement allows us to hone our focus,” Medina said.
Broader Strategy
Michael Abraham, chief strategy officer of Great Lakes Credit Union, said the transaction supports the organization’s broader strategy of expanding services to credit unions and mortgage partners nationwide.
“This acquisition aligns with our vision for Mortgage Forward and our commitment to supporting credit unions and all mortgage partners nationwide,” Abraham said in the statement. “Together, we will expand our capabilities while maintaining the service and relationships our partners value.”
According to the organizations, the acquired business includes QRL Financial Services, a Madison, Wis.-based provider of mortgage solutions to financial institutions nationwide.
About the Institution
First Federal Bank, headquartered in Lake City, Fla., has more than $4.4 billion in assets and operates banking locations across the Southeast. Great Lakes Credit Union, based in northern Illinois, reported more than $1.4 billion in assets and serves more than 105,000 members.
Mortgage Forward is a CUSO within the Great Lakes Credit Union family of companies that provides nationwide mortgage lending solutions to credit unions, financial institutions and mortgage originators.
