BANNOCKBURN, Ill.– Great Lakes Credit Union (GLCU) said it has partnered with Takara today the launch the DREAM (Discount for Real Estate Affordability and Mobility), which it said is designed to address one of the most pressing challenges in today’s housing and mortgage markets: the mortgage lock-in effect.
“Millions of Americans are stuck with low-rate mortgages, limiting their ability to move, constraining housing inventory, and weighing on balance sheets,” the credit union said. “DREAM offers a simple solution: members receive a discount when paying off their mortgage balance, unlocking flexibility and freeing the market. The result is a win-win: families regain mobility, and credit unions strengthen their financial position.”
‘Smart, Proactive Solution’
“With discounts reaching 10% or more, DREAM helps families move forward and credit unions grow stronger,” Chief Lending Officer Fred Campobasso said in a statement. “It’s a smart, proactive solution to the mortgage lock-in challenge that aligns borrower affordability with responsible, sustainable lending.”
According to the $1.4-billion Great Lakes CU, the “Golden handcuffs” created by the rate cycle is a real challenge for families nationwide. It stated that DREAM “creates alignment – giving borrowers payoff discounts with no loss to lenders. Because it’s built on existing rails, DREAM is easy to implement and requires no additional systems or integration.”
‘Flexibility’ Provided
“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,” Takara CEO Jonathan Arad said in a statement. “We’re proud to partner with GLCU to bring this innovation to market.”
GLCU has approximately 115,000 members.
