An article in the April 1 CU Journal Daily Briefing on the merger between Apple FCU and Vantria FCU stated that Vantria had been troubled by “poor mortgage lending.” VFCU CEO Patricia Malatesta told Credit Union Journal regulators have not faulted its underwriting standards and processes, and that “no auditors or other reviewing bodies have found any evidence of poor underwriting.”
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In a release related to the merger, Malatesta stated, “Vantria has been adversely affected by the decline in the real estate market, loan defaults and bankruptcies, as well as the increased burden of an evolving regulatory environment.”
