Quorum Federal Credit Union: 2025 Home Equity Review

Quorum Federal Credit Union overview

Headquartered in Purchase, New York, Quorum is a completely digital credit union that operates nationally. It was founded in 1934 for Kraft Foods employees, but now serves more than 50 companies and has more than 70,000 members. To become one of those members, people need to either work or have worked for one of the companies that partners with Quorum, be related to a current or former employee or belong to the American Consumer Council (ACC).

Home equity loan products offered

Quorum Federal Credit Union offers a variety of equity-backed products, including:

• Fixed-rate home equity loans of $50,000–$500,000
• Renovation HELOCs, which base your borrowing limit on the projected after-renovation value of your home, allowing you to borrow up to $750,000
• First-lien HELOCs, which replace your mortgage and allow you to borrow up to to $750,000
• Second-lien HELOCs, which pair with your mortgage and allow you to borrow up to $750,000 
• Investment HELOCs for tapping up to $250,000 of equity in investment properties
• Bridge loan HELOCs for $50,000–$1 million, which are designed to provide a temporary funding solution, often when you’re buying a new home before you’ve sold your current one

Quorum has unique loan-to-value ratio and credit score requirements for each loan type. 

How Bankrate scored Quorum Federal Credit Union

Affordability: 5/5

• APR: On the home equity webpage on its site, Quorum has benefits dropdowns that clearly state the starting annual percentage rate (APR) for most of its loan products. Current rates are below Bankrate’s national averages.
• Fees: Quorum charges a $100 processing fee for all HE loans and HELOCs. Credit checks cost $54.65 for single folks and $109.30 for couples. The credit union also tacks on a $100 annual fee for investment HELOCs, and borrowers might be subject to appraisal and recording fees, along with other closing costs. Finally, Quorum charges a $495 origination fee for first and second-lien and renovation HELOCs and HE loans. Investment HELOCs have an origination fee of $695 and bridge loans cost $995 to originate. This might sound like a lot, but most lenders charge comparable fees — and aren’t nearly as transparent about them. 

Because of the way Quorum Federal Credit Union makes it easy for borrowers to understand exactly what their equity-backed loan will cost, they score full points for affordability. 

Availability: 4.7/5

• Loan products: Quorum offers a variety of equity-backed loan products, including HE loans and HELOCs and harder-to-find options like lines of credit for investment properties and bridge financing. 
• Footprint: The credit union operates nationally; some products unavailable in Texas. 
• Credit score: The FICO score minimum varies by loan product, but each is within the typical range for home equity financing:
• Fixed-rate home equity loan: 640
• First-lien HELOC: 640
• Second-lien HELOC: 640
• Renovation HELOC: 640
• Investment HELOC: 680
• Bridge loan HELOC: 680
• Loan minimum: The minimum loan or line of credit amount for most of Quorum’s equity-backed products is $50,000 – on the high side – but it allows second-lien HELOC borrowers to get a line of credit for as little as $25,000, which is closer to the average. 
• Draw requirement: none, which is fairly atypical

Because members of this credit union have access to a variety of loan products in the vast majority of states, we scored Quorum Federal Credit Union 4.7 out of 5 for availability. 

Borrower experience: 3/5

• Rate transparency: Quorum clearly advertises the starting APR for its HELOCs, but borrowers need to contact a loan specialist in order to explore rates for home equity loans or get customized quotes. 
• Convenience: Borrowers can apply for a loan online or speak to a loan specialist on the phone. You can track progress and (if approved) make payments via a highly-rated app. The company doesn’t have any branch locations, though, so it’s not a great option for people who prefer to handle things in-person. 
• Customer service: Borrowers can reach the Quorum team via the chat feature on the lender’s website, secure messaging within the loan servicing portal or by phone at 877-909-2544. That member services line is open from 8:30 a.m. to 12:00 a.m. ET Monday through Friday, and from 8:30 a.m. to 5:00 p.m. ET on Saturdays. 
• Fixed-rate options: While there’s a fixed-rate home equity loan, no lock-in options are available on the HELOCs. 

Because Quorum Federal Credit Union lacks physical locations and lock-in rate options on HELOCs, it receives a 3 out of 5 for borrower experience – despite its strong rate transparency.

How to qualify for a HELOC with Quorum Federal Credit Union

To qualify for a Quorum HELOC, you’ll need to become a member of the credit union. It counts employees of the Kraft Heinz Company, Avon, Mastercard, Mondelez International and Ogilvy – and their family members – among its members. You can also simultaneously join the American Consumer Council when applying for credit union membership (thus becoming eligible). 

Financing is available for one- and two-family primary residences, including townhouses and condos; one- to four-unit properties for investment HELOCs.

How to apply with Quorum Federal Credit Union

Once you’ve established membership with Quorum, you can apply on the credit union’s website. If you need assistance, you can email the credit union or call 877-909-2544 from 8:30 a.m. to midnight ET Monday through Friday or between 8:30 a.m. to 5:00 p.m. ET on Saturdays.

Quorum Federal Credit Union reputation

J.D. Power doesn’t evaluate Quorum Federal Credit Union in its credit union satisfaction study or elsewhere. The credit union does have an A+ rating with the Better Business Bureau (BBB), though, and it has had just 12 complaints there in the last three years. It has more than 250 reviews on Google with an average rating of 4 out of 5 stars.