Lending

PHOENIX – Arizona State CU said it has added construction loans to its home loan portfolio in anticipation of an improving economy.

WASHINGTON – Long-term mortgage rates declined for the third straight week to new lows, amid record mortgage lending for credit unions.

CHICAGO – It what might be a sign of a recovering economy, loans for recreational vehicles are making a big comeback at some credit unions.

CHICAGO – San Antonio Credit Union during April hit the $700,000 mark in funded retail loans, as it continues to average between $500,000 and $800,000 per month with such loans.

BLOOMINGTON, Ind. – Indiana University CU has chosen Credit Union Student Choice to deliver private student loans to the credit union’s membership.

Predictions that 2012 would see a strong boost in new car sales apparently are proving to be true.

Used car loans and a strong credit card portfolio are driving continued lending growth for $1.9-billion Summit Credit Union.

Superior Federal Credit Union automated its mortgage loan processing and now the $370-million CU claims 25% share of its local mortgage market.

At the recent Ohio Credit Union League Annual Meeting, Credit Union Journal asked attendees if they are paying close attention to the latest MBL legislation and what kind of impact a cap raise would have on their CU.

ALEXANDRIA, Va. – CommonWealth One FCU has joined the city of Alexandria and the local nonprofit Local Energy Alliance Program to offer energy efficiency loans under the Northern Virginia Home Performance with Energy Star program.

WASHINGTON – Rates on fixed-rate mortgages hit record lows again this week, with the 30-year fixed-rate mortgage averaging 3.83%, according to Freddie Mac.

WASHINGTON – Freddie Mac, the troubled mortgage giant under federal conservatorship since 2008, this afternoon named Donald Layton, an ex-JP Morgan banker and the former chief executive of brokerage firm E*Trade Financial Corp., as it next CEO.

WASHINGTON – Fannie Mae said this morning it stopped hemorrhaging red ink in the first quarter and had a $2.7 billion profit.

NAPERVILLE, Ill. – DuPage CU is one of the credit unions beta testing Financial Industry Computer Systems’ next generation of its comprehensive LOS platform, Loan Producer version 6.00.

NEWARK, Del. – Student loan giant Sallie Mae introduced a fixed-rate private loan for students and families yesterday that is in direct competition with the growing number of credit unions offering the same product.

SAN DIEGO – A former police officer and his wife began trial yesterday for allegedly causing some $210,000 of damages to their $1 million house after their credit union, San Diego Metropolitan CU, foreclosed on them two years ago.

PHOENIX – A federal appeals court yesterday dismissed a case brought by a Yuma, Arizona, real estate developer who claims AEA FCU, which was taken over two years ago by NCUA, drove him into bankruptcy by cutting off his line of credit as the credit union was going under.

NORFOLK, Va. – A used car dealer who used straw borrowers to siphon almost $1.6 million in auto loans from Navy FCU was sentenced this afternoon to seven years in prison, with the judge rejecting his pleas for leniency, even to let him remain free a few weeks to attend his daughter’s high school graduation.

Loan volume is up by $2 million since January of this year at West Virginia Central CU, on the way to a goal of $8 million in growth by the end of Q3-a targeted increase of 14.5% over 2011.

CHARLESTON, S.C. – Six individuals were sentenced to prison for bank fraud last week for a scheme that obtained more than $800,000 in purported auto loans that were converted to personal use instead.