Costco tests adding home mortgage loans

Credit: AP

A Costco employee pulls shopping charts at Costco Wholesale store Tuesday May 30, 2006, in Burbank, Calif. Costco Wholesale Corp., the biggest U.S. warehouse retailer, said Wednesday its third-quarter profit rose 12.3 percent, aided by higher sales and membership fees.(AP Photo/Damian Dovarganes)

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by KING 5 News

kgw.com

Posted on April 27, 2012 at 9:24 AM

Seattle-based Costco is getting into a new line of business -- home mortgages.

The members-only retail giant has been quietly testing a mortgage program for the past year. Its partner in the effort is New Jersey-based First Choice Bank, which will work with affiliated lenders.

The website for the new service is already online -- www.costcofinance.com. But some of the site pages promising additional information aren't working yet.

The Costco program offers members quotes from different lenders, but the Costco member's identity is not revealed to the lenders until the member officially selects one, John Alexander, business development director at First Choice, told CNN Money.

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