Product & Service
SSFCU To Offer 'Driving Sense'
HOUSTON-Auto Financial Group, an online provider of residual-based financing products for CUs, has signed an agreement with Security Service FCU, which calls for the credit union to offer AFG's Driving Sense program to its indirect lending dealer partners. The program guarantees the pre-determined residual value of a vehicle through third-party insurance, removing the financial risk of an auto loan, allowing CUs to compete with traditional loans and conventional leases.
For info: www.autofinancialgroup.com
TNB Card Services Buys 6
DALLAS-TNB Card Services has purchased the credit card portfolios of six more credit unions, and will now operate the programs under its agent issuer program. TNB has bought more than 50 portfolios since it began its agent issuer program in late 2002. Selling their portfolios were Mizzou Credit Union in Missouri, Sentry FCU in Pennsylvania, and Marshfield Medical Center Credit Union in Wisconsin. On the West Coast, the new processing clients are United Health Services Credit Union of Spokane, Wash.; GaPac Employees FCU of Bellingham, Wash., and Horizon Credit Union of Fresno, Calif.
Brookwood Capital Brokers Sale
PETERBOROUGH, N.H.-Brookwood Capital brokered the sale of PIMA FCU's credit card portfolio to InfiCorp, creating an agent issuing relationship between the two. At year end, PIMA reported about 5,000 credit card accounts and $8 million in receivables.
For info: 603-924-7215.
CU Realty Introduces New CUSO
HERNDON, Va.-CU Realty of VA, MD, DC LLC (CUR LLC), a chapter of parent company, CU Realty of Tempe, Ariz., has created a new full-service real estate credit union service organization.The new CUSO offers real estate brokerage services and cash rebates to members of participating credit unions and was designed to help CUSO investors capture a larger piece of the mortgage market while aiding CU members through every step of the home buying and selling process. The CU Realty program launched locally in January 2005, and within 13 days of the launch, the CUSO received 518 registrations resulting in 388 mortgage leads.
For info: www.curealtyllc.com.