Lending

COMPTON, Calif.-The two concepts don't naturally go together: a low-income neighborhood and business lending.

ALEXANDRIA, Va. – CommonWealth One FCU is promoting rates as low as 2.99% on its “Turbo Charged Auto Loans” and the ability of borrowers to delay their first payment for up to 90 days on new cars and trucks.

ALEXANDRIA, Va. – NCUA reported that demand has completely dried up for loans from its community development revolving loan fund, with no loans made from the $17.5 million fund since May 2010, and almost $14 million in available funds going untapped.

CHELSEA, Mass. – Metro CU has signed with Boston Home Center to develop and enhance mortgage programs aimed at placing homeowners in the most sustainable mortgages.

LINCOLN, Neb. – Six Nebraska credit unions have introduced a new alternative payday loan product charging 18% APR for 60-day loans up to $500.

WASHINGTON – A leading credit union executive told the Senate Banking Committee this morning that ongoing proposals to wind down Fannie Mae and Freddie Mac and privatize the secondary mortgage market would harm credit unions and other community lenders to the detriment of millions of homebuyers.

ALBANY, N.Y. – The New York State Court of Appeals, the state’s highest court, agreed today to hear an appeal from Hudson Valley FCU, which claims its status as a federally chartered credit union should exempt it from the state’s mortgage recordation tax on all real estate transactions.

PENSACOLA, Fla. – Pen Air FCU said it has joined Navy FCU and InnisFree Hotels to help finance an 11.4-acre development that will include a Hyatt Hotel that will be connected to the Pensacola Gulf Coast Regional Airport in 2013.

MADISON, Wis.-Credit unions need to make even stronger efforts to ramp up mortgage loans, according to one analyst.

LAS VEGAS-The question of what should be done with Fannie Mae and Freddie Mac is drawing wildly different opinions.

LAS VEGAS-Credit unions still have a long way to go with real estate agents, according to two at least two Realtors.

LAS VEGAS-While some credit unions have struggled to make connections with Realtors, one CU established a relationship that worked so well, it purchased the realty company and brought Realtor Ed Birdsong in house.

MADISON, Wis.-Underwriting member business loans isn't like underwriting consumer loans, one person is cautioning.

Kristie Kennedy, VP of Lending at Service One CU, said a series of "specials" on various loan products has been driving volume, with the biggest response to its FAST Mortgage-short for Fast Amortizing Short Term loan.

MANHATTAN BEACH, Calif. – Kinecta FCU is opening of a new mortgage center in Newbury Park, Calif., to serve members in San Fernando Valley, Ventura County and Santa Barbara County residents.

WASHINGTON – Mortgage rates rose from all-time lows this week after a stronger-than-expected jobs report, according to Freddie Mac.

PHILADELPHIA – A local mortgage broker on Thursday was charged in a federal indictment with masterminding a $4-million mortgage fraud scheme he allegedly ran through Police & Fire FCU.