Lending

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.

SAN DIEGO – San Diego County CU has launched a Summer Saver Auto Loan promotion that invites qualified credit union auto loan borrowers to skip their regular monthly payments for the months of July and August throughout the term of their loan.

VIENNA, Va. – Navy FCU said this morning it originated $753 million in consumer loans last month, the best month for consumer lending in its 80-year history.

LOMBARD, Ill. – CU/America Financial Services, a mortgage CUSO owned by eight Illinois credit unions, has signed with Scottsdale, Ariz.-based CU Realty Services to offer the company’s real estate program to credit unions throughout Illinois.

How can credit unions increase their auto lending? Neil Goldman, senior partner at Goldman Consulting & Strategy, Del Aire, Calif., offered these tips during the CU Direct Lending Conference.

New research by Goldman Consulting & Strategy has drilled down into how consumers ages 23 to 45 finance vehicles. Among the findings, according to Neil Goldman, senior partner at the Del Aire, Calif.-based firm, is that two-thirds of those in the market for new or used vehicles do nothing-they simply accept what the dealers offer.

In the wake of the string of recent, devastating tornadoes in this region, Communication FCU reported it is seeing a surge of member interest in its storm shelter loan program.

WASHINGTON – Long-term mortgage rates climbed higher for the fifth week in a row amid concerns that the Federal Reserve may slow its bond purchases and signs of a strengthening economy, according to Freddie Mac.

CLYDE, Ohio – Clyde-Findlay Area CU has joined forces with Cooperative Business Services’ business loan origination platform, expanding the CUSO’s business lending footprint in the northwest Ohio market.

RALEIGH, N.C. – State Employees CU said it has bought $7 million of second-chance student loans from the North Carolina State Education Assistance Authority, helping finance the college education of students who have defaulted on their federally insured Federal Family Education Loans.