Costco members lose access to a benefit after program ends
MIAMI, FLORIDA – SEPTEMBER 28: Consumers shop in a Costco store on September 28, 2021 in Miami, Florida.The Conference Board’s Consumer Confidence Index released today indicated that consumer confidence fell for the third consecutive month in September, to 109.3 from 115.2 in August. (Photo by Joe Raedle/Getty Images)
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(NEXSTAR) – One of the varied perks and services Costco members enjoy went away at the beginning of this month – the Mortgage Program.
As of May 1, shoppers are no longer able to add a mortgage application to their Costco list after the warehouse club announced the program’s closure.
“Members with questions regarding their current mortgage application and loan should contact the lender they have been working with,” a notice on Costco’s site reads. “Please see the list of lenders and phone numbers where they can be reached.”
While the big-box store might be synonymous with pallets of toilet paper, cheap gas and vats of mayonnaise – the store offers a host of services not found in grocery stores, such as identity protection, travel planning, RV sales, auto & home insurance and more.
Up until the beginning of May, mortgages were among those services. Costco was affiliated with lenders Box Home Loans, CrossCountry Mortgage, Lending.com, Mutual of Omaha Mortgage, NASB, NBKC Bank, Real Genius and Strong Home Mortgage.
According to Nerdwallet, Costco didn’t actually handle the loans. The program acted like a lending marketplace that allowed prospective homeowners to choose their lender, and offered discounted loan origination fees to members.
Nexstar reached out to Costco about the end of the Mortgage Program but did not get a reply before publishing time.
