Royal Automobile Club of WA sold their mortgage broking arm Mortgage Find, with loans exceeding $306 million, to Australian Central Credit Union.Pending due diligence, the sale is expected to be completed by the end of the financial year.Michael Heath, general manager retail and membership at RACWA, said their 650,000 members had not sufficiently used the service and they lacked market share, with the portfolio containing 1800 mortgages averaging $170,000.Mortgage Find had been operating since 2003, with Heath saying members requesting a broker service will be referred to ACCU, but numbers are expected to be minimal.Heath added the personal loan business RACWA provides to members is not for sale."Our personal loan business is successful, and we do have a good share of that business, and no plans to sell."Some Mortgage Find staff may be offered jobs within in the RAC group, but Heath does not rule out some redundancies.This is an interesting strategic move by ACCU, as managing director Peter Evers last month told The Sheet the credit union has been reducing loan volumes since September 2007, to manage for profitability rather than growth."Our business in Western Australia is built around the provision of home loans and wealth management advice, so the new purchase fits perfectly," Evers said in a media statement.However, Australian Central will, like RACWA, act as a mortgage manager rather than an actual lender. RACWA originated the loans for a diverse portfolio of bank and non-bank lenders.Australian Central's mortgage book is around $2.2 billion.