Simmons Re-Elected DCUC Chair
PORTSMOUTH, N.H.-Service CU CEO Gordon Simmons was re-electd chairman of the Defense Credit Union Council for 2008-2009.
He previously served as chairman last year and from 2000 to 2002. Simmons was first elected to the DCUC board in 1995.
CDCU Institute Graduates 12
NEW YORK- Twelve students have graduated from the CDCU Institute, a three-year program for staff and board members of credit unions specializing in serving low-income and underserved markets. The graduates are: Derrick Cameron of Self-Help CU, Durham, NC; Edgar Cosner of The United FCU, Morgantown, W.V; Eric Cowell of Toledo Urban FCU in Ohio; Maria Estrella of Bethex FCU, Bronx, NY; Gloria Feliciano of Community Trust FCU in Apopka, Fla.; Renee Llorens of Our Mother of Mercy CU, Houston; Evelyn Ramos Santiago and Sherley Soto of Lower East Side People's FCU, New York; Patti Robertson-Panduro of Kern Central FCU, Bakersfield, Calif.); Saundra Scales of Legacy FCU, Charlotte, N.C.; Shirley Spruill of Renaissance Community Development CU Somerset, N.J.; and Meagan Weatherby of Cooperative FCU, Syracuse, NY.
CO-OP Now Second Only To BofA
ATLANTA-CO-OP Shared Branching reported it now has more than 3,400 locations, moving it into second place for branches in the U.S., ahead of Wachovia, which has 3,305. Only Bank of America, with 5,700 locations, now has more branches.
Renaissance Gains FHA Approval
SOMERSET, N.J.-Renaissance Community Development Credit Union (RCDCU) is the only Federal Housing Administration (FHA) approved community development credit union lender in New Jersey.
The Department of Housing and Urban Development must approve all lenders that offer FHA-backed mortgages. For non-prime borrowers, rates and terms are generally better than those on conforming or sub-prime mortgages. Through the FHA's program, borrowers within minimum credit scores of 520 can qualify for mortgage insurance. Lower down payments are required as well as grant assistance available for down payments, depending on the borrower's situation.
The FHA currently insures almost 5 million mortgages. Because of the current economic environment in the U.S., the FHA focus is shifting to helping current borrowers stay in their homes by refinancing trouble mortgages.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
