PHILADELPHIA-One lender here is expecting the new year to offer growth in student lending and perhaps mortgages, but auto will be weak.
Claire Ippoliti, VP of lending for Philadelphia Federal Credit Union, and member of the CUNA Lending Council, told Crdit Union Journal, "For credit unions who have remained a federal student loan lender, expect to see an increase in booked student loans," she said.
However, Ippoliti expects auto lending to remain weak and to continue to decline in 2009, she said.
On a positive note, she said that mortgage loan volume should remain strong-especially FHA business. But, she does predict home equity loan volume to drop off from the levels seen in 2008.
"Business lending will be a strong market for credit unions-both individual deals as well as participations," she said, adding she recommends that any CU not already offering FHA, reverse mortgage loans and private student loans do so.
