Lending

ANTIGO, Wis. – CoVantage CU said this morning it has received a $1.5 million grant from the Community Development Financial Institutions Fund to help it finance a $10 million program aimed at refinancing mortgages for troubled homeowners.

RALEIGH, N.C. – State Employees’ CU announced its SECU Foundation has partnered with the North Carolina Housing Finance Agency to finance residential group homes in Lee and Randolph counties.

WASHINGTON-Credit union loan originations totaled $120.5 billion during 2011, a 5.1% increase over 2010 and just slightly below the record $122.1 billion in 2009, according to one analysis released last week.

CLEARWATER, Fla.-If there were ever a year to emphasize relationship pricing and relationship rewards, it's 2012.

GREENSBORO, N.C.-Don't let habit steer members into one type of mortgage, when another would be better.

MADISON, Wis.-The CUNA Lending Council has released a new white paper: "Collections in a Post-Recession Environment."

ALEXANDRIA, Va. – Credit unions are urging NCUA to pause in its proposed reforms to rules for loan participations which would, among other provisions, require that all originators retain a 10% stake – so-called “skin in the game” – for the life of the loan.

ONTARIO, Calif. – CU Direct Lending said it has signed with Open Dealer Exchange to offer direct credit application and contract validation data integration from the dealers’ point-of-sale system directly to the CUDL system.

WASHINGTON – Long-term mortgage rates fell again to record lows this week, according to Freddie Mac.

DETROIT-Saying it's time to give members a bailout, one credit union is offering to cut members' auto loan rates in half.

ANCHORAGE, Alaska – Credit Union 1 is partnering with ASEDA Fleet to provide auto loans for Native Alaska Tribes.

CONCORD, N.H. – Gov. John Lynch on Friday vetoed a bill that would have allowed payday loan lenders to skirt New Hampshire’s new 36% interest rate ceiling and charge more than 400% APR.

WASHINGTON – The average rate on the 30-year fixed-rate mortgage jumped this week to 3.98%, from a record low of 3.88% last week, after data showed improvement in the housing market, according to Freddie Mac.

KALAMAZOO, Mich. – Consumers CU said its new Silver Lining Lending offers members an opportunity to consolidate loans with a competitively priced home equity product specifically designed for those approaching retirement.

KANSAS CITY, Mo. – Mazuma CU said it will provide $3.3 million as part of a $7.7 million financing package to American Performance Technologies, a manufacturer of small engines for motor, power sports and lawn equipment.

PHOENIX – The prosecution’s first witness in the criminal trial of the former director of business lending at Yuma’s AEA FCU testified in federal court yesterday how the one-time credit union executive, his former close friend, convinced him to take out millions of dollars in member business loans and showered him with cash in return.

WASHINGTON – Rates on the 30-year fixed-rate mortgage hit another low this week, averaging 3.88%, according to Freddie Mac.

RALEIGH, N.C. – State Employees’ CU is rolling out an Income Tax Debt Repayment loan that will charge 5% interest on loans to repay unresolved balances on state income taxes.

MADISON, Wis. – The state Senate voted yesterday to approve a bill aimed at putting abandoned properties back on the market faster , as quickly as five weeks, rather than the two months now required by law.