Lending

SALT LAKE CITY – The U.S. Small Business Administration has approved America First CU, Cyprus FCU, Goldenwest CU, Mountain America CU, USU Charter FCU and Utah First FCU as Export Express lenders.

QUEENS, N.Y. – Qside FCU has expanded its mortgage loan program to include Federal Housing Administration mortgage loans and refinances.

DENVER – Public Service CU is one of seven local lenders approved by the U.S. Small Business Administration to participate in the SBA Export Express loan guaranty program.

NORTHRIDGE, Calif. – Matadors Community CU is partnering with Energy Upgrade California, a coalition of power companies, to offer Los Angeles County homeowners energy upgrade loans as low as 2%.

ALBANY, N.Y. – In a tax dispute that could be far-reaching, the U.S. Department of Justice told the New York Court of Appeals, the state’s highest appellate court, it believes that federally chartered credit unions should be exempt from the state’s Mortgage Recording Tax because of the provisions of the Federal CU Act which exempt federal credit unions from almost all state taxes.

Just as consumers have become accustomed to trading out their cell phones frequently, more car buyers will turn to leasing to keep the newer model in the driveway.

Credit unions may want to hold off on special promotions for loans on hybrid vehicles until the cars' prices come down.

If credit unions are to go toe-to-toe with competitors on low auto loan rates, they will have to make changes to address the overall car loan yield.

The only thing predictable about the auto lending market this year is that competition will be as big or bigger than in recent years.

Look for heavy manufacturer incentives sometime this year, possibly right after tax rebate season, according to one analyst.

Lending its billionth dollar just wasn't enough for Clackamas Federal Credit Union.

NEWARK, N.J. – A federal court Friday issued an order effectively requiring CUNA Mutual Group’s CUMIS Insurance Society to cover millions of dollars of losses suffered by New York’s Sperry Associates FCU in the massive mortgage fraud committed by U.S. Mortgage and its CU National Mortgage unit.

NORWICH, Conn. – CorePlus FCU has launched private student lending solutions through CU Student Choice to help fill the funding gaps that scholarships, grants and federal aid can leave behind.

WASHINGTON – Mortgage rates declined again this week to near-record lows, after rising for the past three weeks, according to Freddie Mac.

WASHINGTON – Fannie Mae requested an additional $4.6 billion in federal bailout funds this morning after announcing a $2.4 billion loss for the fourth quarter of 2011 and a $16.9 billion loss for the year.

WILLINGBORO, N.J. – ABCU FCU has chosen Symbionce Financial Solutions LLC to provide it with mortgage origination and servicing.

WASHINGTON – NAFCU told leaders of the Senate Banking Committee this morning that the credit union industry, which is emerging as one of the most important players in the home loan market, is opposed to any mortgage reforms that would include elimination of the federal guarantee on loans sold on the secondary market currently through Fannie Mae and Freddie Mac.

MANHATTAN BEACH, Calif. – Kinecta FCU opened a new mortgage loan center in Mission Valley, following the opening of another center in Rancho Penasquitos in December.

An increasing number of credit unions are indicating they are finding good lending opportunities with borrowers whose credit was damaged during the recession.

ST. LOUIS - A tiny CU here has entered into a loan participation agreement with a much larger credit union to help meet demand for microenterprise loans.