Lending

RICHARDSON, Texas – The troubles for Texans CU in its member business loans grew worse as the ailing credit union giant was forced to foreclose on a $6 million note it lent to Tennessee’s Wild Wilderness Resorts.

Financial Resource Federal Credit Union has entered the solar loan market. When Marc Sovelove, SVP-lending for FRFCU, uses less electricity than what the solar roof generates, that extra energy flows back into the grid over its existing lines.

Consumers Credit Union has created a loan product for members approaching retirement.

ST. LOUIS – Anheuser-Busch Employees’ CU has rolled out a co-branded auto sales website with Enterprise Car Sales.

GREENSBORO, N.C. – Summit CU has signed with AnyHour Solutions to implement the company’s AnyHour Loan-By-Phone 24/7 call center service.

Mike McCarthy, the director of retail loan production for Kinecta Federal Credit Union, knows the mortgage re-fi boom will dry up when interest rates finally move up from their long stretch of historic lows, putting all the more importance on purchase loans.

One of the major contributors to the housing bubble and subsequent collapse of the market was overinflated prices. Now, believes Dennis Flannigan, president and CEO of $103.3-million Great Basin Federal Credit Union, the opposite scenario exists.

Over the last ten years $23.7-billion State Employees' Credit Union has not had a single mortgage handed back to it by an investor due to poor underwriting.

Through the first three quarters of 2011 The Golden 1 Credit Union had by far the most mortgage originations of any CU in California-and it is actively advertising for more.

Mortgage originations today contain many of the same risk characteristics as found in years past, but Teresa Halleck, president and CEO of San Diego County Credit Union, said there is one important difference.

The lending formula at University of Kentucky Federal Credit Union isn't one common to most credit unions, but then, neither is its success-nearly 20% loan growth during the last four years.

FAIRHAVEN, Mass. – The U.S. Small Business Administration last week approved First Citizens’ FCU to offer member business loans using the SBAExpress and SBA Patriot Express Loan Programs.

WASHINGTON – Long-term mortgage rates moved lower this week after jumping the week before, according to Freddie Mac.

WASHINGTON – Sen. Dick Durbin has proposed legislation that would allow private student loan debt to be discharged in bankruptcy, as all non-mortgage debt can be, although borrowers still would be responsible for paying federal student loans.

PLANO, Texas – Credit Union of Texas is joining with the city of Plano to provide low-rate loans to finance energy efficiency upgrades.

RICHMOND, Va. – Genworth Financial said its U.S. Mortgage Insurance unit is offering a relocation product with discounted mortgage insurance premiums to help credit unions expand their market and pursue business from members relocated by corporate and military employers.

VIENNA, Va. – Navy Federal Credit Union said it is providing 100% financing for active or retired military personnel and their families seeking home mortgages.

PHOENIX – Arizona State CU said it has accepted 167 applications for the Home Affordable Refinance Program in its efforts to help underwater homeowners obtain more affordable mortgages.

PORTLAND, Ore. – OnPoint Community CU will participate in the expanded Home Affordable Refinance Program to help homeowners who are underwater on their mortgages.