Lending

Great Lakes CU has launched a no-credit-check loan for members in need of quick cash. Its "Cash-In-A-Flash" program offers loans of up to $500, paid back over a nine-month term at 17.90%.

Gone are the days when a credit union could simply throw out a low loan rate and get members to pay attention. Today it takes a rock-bottom price and something extra to stand out.

With two out of every three loan dollars going somewhere besides a credit union, it's critical to implement certain practices if those lost dollars are to be captured, according to one analyst.

A pair of credit union leaders shared their thoughts on what has driven growth for their operations.

Executives at three credit unions that saw strong loan growth from 2008-2010 share strategies at America's CU Conference on not just surviving, but thriving.

After some big banks backed out of a low-income housing project here, Tuscaloosa CU has stepped in to help struggling first-time homeowners achieve their dreams.

United Nations FCU can attest to the benefits of outsourcing to a third-party for mortgage appraisals and choosing the right company to do the work.

TAMPA, Fla. – Grow Financial FCU is offering an auto loan refinance promotion through Aug. 31 that will reward members with a $300 refinancing bonus.

FAIRBORN, Ohio – Wright-Patt CU is partnering with Irongate Inc., one of the area’s largest real estate agencies, to provide home loan services.

CLEARWATER, Fla. – Achieva CU has been approved by the Small Business Administration to offer Patriot Express products for service members.

WASHINGTON – Long-term mortgage rates were unchanged this week at record lows, according to Freddie Mac.

SCHAUMBERG, Ill. – Motorola Employees CU has signed with CRIF Lending Solutions to implement the company’s CRIF ACTion origination system.

ALBANY, N.Y. – The American Bankers Association weighed in on credit unions’ efforts for an exemption from state mortgage taxes, telling the state’s highest court the bid represents an effort by credit unions to tilt the competitive balance in New York by allowing them to offer mortgage “tax-free loans".

PHILADELPHIA – A local woman was charged with a sophisticated auto loan fraud that allowed her to obtain $536,000 from five area credit unions and one bank: Police and Fire FCU, Philadelphia FCU, American Heritage FCU, Freedom FCU, Navy FCU and Susquehanna Bank, authorities announced this morning.

CHICAGO – Alliant CU announced this morning it signed with LenderLive Network Inc. to provide it with retail mortgage loan fulfillment, including processing, underwriting and closing.

WASHINGTON – Mortgage rates declined again near record lows this week amid worsening economic indicators, after rising slightly last week, according to Freddie Mac.

WASHINGTON – The regulator for Fannie Mae and Freddie Mac yesterday said it will give the two mortgage giants the ability to allow military members who are ordered to switch bases – known as Permanent Change of Station orders – and who are still current on their mortgages to sell their homes through a short sale.

WASHINGTON – A top credit union business lender urged Congress this morning to extend two fledgling Small Business Administration programs that have provided billions of dollars in capital to community borrowers and are scheduled to expire in September.

UPPER MARLBORO, Md. -- NASA FCU is offering its members private student loans through Credit Union Student Choice.