Lending

PHOENIX – Arizona State CU is celebrating July 4th with a display of all 27 congressionally approved versions of the U.S. flag at its headquarters.

CAPE MAY, N.J. – Jersey Shore FCU said it already has met its goal of $500,000 in member savings by refinancing loans – and has doubled the goal to $1 million.

JACKSONVILLE, N.C. – Marine FCU has signed with CRIF Lending Solutions to implement the company’s CRIF ACTion loan and account origination platform.

WASHINGTON – A bipartisan group of senators will introduce a bill later today that would wind down Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis.

RENO, Nev. – Great Basin FCU has hired J.R. Bruno & Associates to help it create an SBA and member business lending program.

WASHINGTON – Sen. Elizabeth Warren called on the Federal Housing Finance Agency this morning to provide details of Sallie Mae’s funding through the Federal Home Loan Banks—reserved by law for mortgage financing—in light of the student loan giant’s growing dominance in the market for private student loans.

After the "mess" of the recession, Andrew Bieno says some credit unions have become overly cautious with auto lending.

LENEXA, Kan. – CommunityAmerica CU said its TruHome Solutions CUSO that provides mortgage services to credit unions around the country, has opened a new operations center and expects to hire 400 to 500 people over the next few years.

AUSTIN, Texas – The Texas State Supreme Court on Friday ruled illegal two major provisions of the state’s home equity rules, the latest setback in a two-decade battle.

WASHINGTON – Long-term mortgage rates declined this week after increasing for the previous five weeks in a row, according to Freddie Mac.

ALEXANDRIA, Va. – The NCUA Board this morning passed tough new regulations for loan participations—known in banking as syndications--that would that would set new requirements for selling and buying participations, for participations to single originators, for single borrower concentrations and extend its rules from covering all federal charters to cover all state charters as well.

BELLEVUE, Neb. – SAC FCU is offering a new mortgage that charges a 3% down payment, no prepayment penalty, terms up to 30 years, and in-house servicing.

ALEXANDRIA, Va. – The NCUA Board said this afternoon it will vote Thursday on the proposed loan participation rule aimed at bringing more regulatory scrutiny to the growing market.

WASHINGTON – A leading credit union executive called on Congress this morning to exempt credit unions from new Qualified Mortgage rules that would generally bar them from making subprime and other risky mortgages.

School's out, so the time is ripe for student lending.

At the recent CU Direct Lending Conference here, Credit Union Journal asked, "What loan promotion has been particularly successful for your CU?"

WASHINGTON – Long-term mortgage rates moved higher again this week, with the average for the benchmark 30-year loan peaking just shy of 4%, according to Freddie Mac.

ST. PAUL, Minn. – Affinity Plus FCU has introduced two new loans, a home improvement loan and a homeowner debt consolidation loan.

PLEASANTON, Calif. – 1st United Services CU is offering three free car payments for entrants in a contest among members who take out new car loans now through July 31.