Great Lakes Credit Union, Mortgage Forward and Takara Close First-Ever DREAM Transaction, Making History in U.S. Mortgage Market

Chicago homeowners receive over $41,000 check at closing under first-of-its-kind program designed to break mortgage lock-in

BANNOCKBURN, Ill. & NEW YORK--(BUSINESS WIRE)--Great Lakes Credit Union (GLCU), its partner CUSO Mortgage Forward, and Takara today announced the successful close of the first-ever DREAM (Discount for Real Estate Affordability and Mobility) transaction in U.S. history.

On Saturday, April 11, 2026, Frank and Daniella McGovern of Chicago became the first homeowners in the country to complete a DREAM closing, receiving a live check for more than $41,000 — a principal balance reduction on their existing mortgage that unlocked the trapped value of their low-rate loan and freed them to move forward with their next property purchase.

The milestone follows GLCU and Takara’s January 2026 launch of the DREAM program. DREAM addresses one of the most pressing and persistent challenges in today’s housing market: the mortgage lock-in effect, which has trapped an estimated $3 trillion in housing inventory as millions of Americans remain anchored to low-rate mortgages they cannot afford to leave. Unlike policy-driven approaches or rate-dependent solutions, DREAM requires no government program, no rate drop, and no new systems integration. Members receive a discount when paying off their mortgage balance, restoring their mobility and enabling credit unions to redeploy capital into new originations.

For Frank McGovern, the decision to move forward with DREAM came down to a combination of financial reality and greater flexibility. “It was in the low locked-in percentage rate, so moving up to a higher percentage rate obviously was painful,” he said. “The reduction in principal balance obviously helped that decision-making a lot.”

McGovern added, “It wasn’t just about the numbers. I wanted to keep moving — buying more properties, building something. The old rate was an anchor. DREAM let me pull it up.”

McGovern also described his initial reaction when first learning about the program. “It was a little shocking, obviously, to be told that we’re just going to move balance off your mortgage,” he said. “But then it made sense. You’re trying to get people out of unmovable rates and out of something on a balance sheet that’s not moving at all into something else that’s more beneficial.”

Michael Abraham, Chief Strategy Officer of GLCU and CEO of Mortgage Forward, described the significance of DREAM and what it signals for the broader credit union market. “Nobody wants to be first,” Abraham said. “But once word gets out, every credit union in the country is going to be fielding the same question from their members: why don’t we have this? That’s when the floodgates open.”

“You’re writing history today,” Jonathan Arad, CEO of Takara, said during the closing. “DREAM gives borrowers the flexibility to move when life calls for it, and gives credit unions a powerful tool to grow their portfolios. We are proud to have partnered with GLCU and Mortgage Forward to bring this first-of-its-kind transaction to life."

Arad adds, “This closing is the proof of concept the industry has been waiting for. DREAM works, and GLCU had the courage to go first. We are proud to have partnered with them and Mortgage Forward to write this chapter, and we expect many more closings to follow."

Because DREAM is built on existing rails, credit unions can deploy the program without additional systems or integration, making it accessible across institutions of all sizes. With discounts capable of reaching 10% or more of the remaining mortgage balance, the program creates alignment between member affordability and credit union balance sheet health.

About Great Lakes Credit Union

Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with more than $1.4 billion in assets, GLCU is proud to serve 115,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more about GLCU’s accounts, educational initiatives, and community development programs at www.glcu.org.

About Mortgage Forward, LLC

Mortgage Forward, LLC is a wholly owned subsidiary of Great Lakes Credit Union specializing in nationwide mortgage solutions. The organization helps credit unions expand mortgage offerings, strengthen operational efficiency, and deliver exceptional member experiences across the full lending lifecycle. Learn more at www.mortgagefwd.com.

About Takara

Takara is a financial technology company pioneering solutions that unlock mobility and affordability in the U.S. mortgage market. Its flagship program, DREAM (Discount for Real Estate Affordability and Mobility), enables homeowners to move more freely while empowering credit unions and banks to enhance balance sheet efficiency. Learn more at www.Takara.finance.