Lending

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.

IRONDALE, Ala. – Corporate America CU is the latest corporate credit union to offer “Smart Option” private student loans through Sallie Mae.

FORT LAUDERDALE, Fla. – City County CU has signed with Fynanz to provide its cuStudentLoans private student loan platform to its members.

WASHINGTON – Long-term mortgage rates surged this week from near all-time lows the prior month as mortgage rates continued to track bond yields and improving economic data, according to Freddie Mac.

HANSCOM AIR FORCE BASE, Mass. – Hanscom FCU has signed with Fynanz to offer the company’s customizable private student loans platform.

CEDAR RAPIDS, Iowa – Linn Area CU has signed with Fynanz to provide it with a private student loan program.

WASHINGTON – More than 1,000 bankers are massing on Capitol Hill today seeking to, among other things, block a vote by Congress on the bill to raise the limit on member business loans for credit unions.

PHILADELPHIA - Three East Coast credit unions have launched a new CUSO called UnityXchange that is creating a trading platform where credit unions and banks can solicit and buy into loan participations based on member business loans.

FRANKENMUTH, Mich.-When members of Frankenmuth CU file for bankruptcy, the credit union steps in to provide a helping hand and pick up a good car loan at the same time.

FERNDALE, Mich.-CU ONE here has introduced a Debt Buster loan program, which it says is a mix of old-school underwriting and progressive packaging.

ALEXANDRIA, Va. – Pentagon FCU said it will continue to offer its more than one million members a reduced interest rate when using the PenFed Auto Buying Program, powered by TrueCar.com.