Lending

MEDLEY, Fla. — With almost no public transportation in its service area, Compass Financial FCU realized it needed to do more than just give its members an auto loan. The CU also needed to help members keep their cars on the road.

BEAVERCREEK, Ohio — Though the refinance boom is over and several mortgage giants are reeling as originations decline, some credit unions are thriving as they tap into a new source — first-time home buyers.

National Credit Union Administration board member Rick Metsger said a Federal Housing Finance Agency proposal to restrict Federal Home Loan Bank membership could give banks an unfair advantage over some smaller credit unions.

RALEIGH, N.C. — Continuing its trend of red-letter-day loan promotions, ElecTel Cooperative FCU here is set to hold a limited time loan campaign tied to "International Talk Like A Pirate Day."

WASHINGTON — Credit unions and community banks are pushing back against a plan unveiled by the Federal Housing Finance Agency this week to restrict membership in the Home Loan Bank System.

FERGUSON, Mo. — A family restaurant near the center of where much of the violence in this city has occurred is still open, thanks in part to a $5,000 0% loan from Alliance CU.

KENSINGTON, Md.—A partnership between Lafayette FCU and Hitachi Government Finance is providing the CU some new business lending benefits.

WASHINGTON — The Consumer Financial Protection Bureau has chosen a dozen firms involved in the mortgage industry — including two credit unions — for a pilot program looking at whether electronic fillings can improve the mortgage closing process.

EAST HANOVER, N.J. — Symbionce Financial Solutions LLC, a credit union service organization that offers mortgage services to CUs, on Thursday was ranked number 945 on Inc.magazine's eighth annual Inc. 500|5000.

LAGUNA HILLS, Calif. — As if credit union mortgage lenders did not have enough to contend with already, the Consumer Financial Protection Bureau has proposed numerous changes to the way home loan data will be collected — and possibly reported publicly.

CHICAGO — Mortgage delinquency rates declined by nearly 20% to a national rate of 3.46% in the second quarter from a year earlier, according to a report from TransUnion LLC.

The hot-button topic of what Fannie Mae and Freddie Mac should charge for loan guarantees is emerging as a key issue in reviving a private-label securitization market.

KENSINGTON, Md. — Lafayette Federal Credit Union has entered into a unique partnership with Hitachi Government Finance to drive the CU's commercial lending.

NEW YORK — Since his initial look at the risk-based capital proposal at the start of the year, Montauk Credit Union chief executive Louis Jimenez is breathing easier — but only a little.

SAINT JOSEPH, Mich. — Four years after launching its business lending program here, United Federal Credit Union has realized an asset under management per underwriter increase of more than 100%.

CARSON CITY, Nev. — After having its member business lending program sidelined by regulators in 2010, Greater Nevada CU is making a comeback, having increased its business lending portfolio by 115% over the past 18 months.

TALLAHASSEE, Fla. — As the NCUA mulls member business lending risk weights for its final risk-based capital rule, the head of one credit union service organization contends that the agency needs to consider weighting more by product type than percentage of the portfolio.

TAMPA, Fla. — GTE Financial has a new mobile application that lets members save cash, and with a few taps on their smart phones, apply that money to their credit union mortgage or auto loan.

Credit unions distributed fewer small-business loans last month than a year earlier, but they still approve credit at a much higher rate than big banks, a study by Biz2Credit found.