Lending

DETROIT – Communicating Arts CU is allowing members with spotty credit to refinance their auto loans for as low as 3.5% with the credit union’s Auto Bailout Loan.

FERNDALE, Mich. – Credit Union ONE has introduced the Debt Buster Mortgage, a hybrid loan that allows a borrower to lock into a fixed-rate mortgage that will allow them to receive up to 100% financing, including the opportunity to consolidate home equity loans and consumer loans and/or pull cash out for major purchases such as home improvements.

ST. LOUIS – St. Louis Community CU is now offering business loans for local small business owners.

WASHINGTON – Long-term mortgage rates jumped higher this week from the record lows of the previous three weeks, according to Freddie Mac.

WASHINGTON – The Federal Home Loan Bank system, which has emerged as a critical credit union backstop, has made a pitch to NCUA that could tap the credit union movement for tens of billions of dollars in new funds.

LATHRUP VILLAGE, Mich.-Michigan First CU believes a growing number of credit-challenged borrowers are becoming good credit risks as they find new employment.

FITCHBURG, Mass.-Workers' Credit Union has been named the number-one new business lender of the year in this state by the U.S. Small Business Administration.

FITCHBURG, Mass.-With no history and cash flow to measure, new businesses make for difficult lending decisions. But one CU says its policies significantly reduce the risk of lending to a start-up.

SAN JOSE, Calif. – Technology CU said it has been named a “preferred lender” for U.S. Small Business Administration guaranteed loans.

WASHINGTON – The average rate for a 30-year home loan was unchanged this week at 3.87%, the lowest level since long-term mortgages began in the 1950s, according to Freddie Mac.

DURHAM, N.C. – Self-Help FCU on Thursday announced a low-interest loan program to finance energy-efficiency projects in Charlotte, Atlanta and six other cities.

GROTON, Conn. – Charter Oak FCU was approved as a provider of U.S. Small Business Administration loans as of Jan. 31.

ALEXANDRIA, Va. – NCUA said this morning a federal credit union may set the maturity date for modified or refinanced mortgages beyond the regulatory 40-year maturity limit, as long as the terms of the original loan were no more than 40 years.

CARSON CITY, Nev.-Greater Nevada Credit Union continues to increase its lending as it makes the local populace laugh, thanks to its ongoing advertising campaign.

WASHINGTON -Credit unions were joined by several members of Congress and representatives of small business last week in a renewed push to raise the cap on credit union business loans.

MEDFORD, Ore. – Rogue FCU is now offering mortgage lending services through myCUmortgage, a CUSO owned by Wright-Patt CU.

WASHINGTON – Long-term mortgage rates held near their all-time lows this week, according to Freddie Mac.