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Costco Launches Online Mortgage Loan Program

As anticipated, ""Costco"":www.costco.com/ will now begin offering consumers access to mortgage loans through the company's online presence. The discount retailer will move ahead with its initiative to extend residential mortgage to borrowers through partnerships with 11 U.S. lenders.

Costco began testing its mortgage loan vehicle in 2011 in preparation for the program's launch. Thus far, the company has made loans to more than 10,000 of its members.

In addition to the mortgage products, Costco also offers health and automobile insurance, brokerage services, recreational vehicle loans, and boat loans. The company notes that it also has plans to roll out services for automobile and student loans ""in the near future.""

Costco's manager of financial services, Lauren Kutschka, commented on the company's decision to generate online home loans for members, ""We've always known that our members wanted more financial services.""

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