Lending

WASHINGTON – Leading bankers told Congress this afternoon any increase in member business lending limits for credit unions should come in exchange for changes to the credit union tax exemption.

ALEXANDRIA, Va. – Pentagon FCU announced yesterday its PenFed Realty has acquired Prudential Carruthers Realtors, a leading real estate broker in the Washington metro area with more than 800 brokers.

MADISON, Wis.-Credit unions that use CUNA Mutual's LoanLiner.com loan application system have originated $39 million in loans since smart phone and tablet loan applications were introduced in June.

LAS VEGAS-Hosting home buying seminars has become a valuable tool for helping one capture mortgages.

BASTROP, Texas – Local credit unions and banks partnered to create a short-term, low-interest loan program for local businesses affected by the recent wildfire.

EAU CLAIRE, Wis. – Royal CU agreed Friday to acquire 4,200 mortgage worth $600 million from failed The RiverBank, which was seized by state regulators in Minnesota.

EAST HARTFORD, Conn. – American Eagle FCU awarded one member a $5,000 grand prize in a summer loan sweepstakes promotion.

WASHINGTON – Mortgage rates continued to plunge to new lows this week, as the benchmark 30-year loans slipped below 4% for the first time in recorded history, to 3.94%.

NEWARK, N.J. – Fannie Mae, which has paid credit unions tens of millions of dollars to compensate them for the massive fraud at U.S Mortgage/CU National Mortgage, finds itself on the other suit of the court dock in a legal dispute with New Jersey’s Proponent FCU, one of the more than two dozen credit unions embroiled in a $140 million fraud.

WESTMINSTER, Colo. – Westminster FCU has signed with CRIF Select for an outsourced indirect auto lending solution.

BRIDGEWATER, N.J. – Financial Resources FCU has completed its first Patriot Express loan under the Small Business Administration’s pilot loan initiative aimed at helping veterans and members of the military community establish or expand small businesses.

LAS VEGAS-With the fate of Fannie Mae and Freddie Mac up in the air, credit unions are being urged to pool their resources to create an alternative entity that can handle securitization and other functions currently fulfilled by the two government-sponsored entities.

ARLINGTON, Va.-The relationship between credit unions and auto dealers has always been delicate at best, acrimonious at worst.

COSTA MESA, Calif.-As competition for auto lending continues to heat up in the tight lending environment, banks and CUs are taking on more risk, expanding their reach outside of prime and extending terms.

SAN DIEGO-The automotive market is slowly being restored in the wake of a painful recession, with some hope on the horizon.

CHICAGO-Credit unions have the information they need to boost lending and manage risk right at their fingertips-it's just a matter of utilizing business intelligence.

WASHINGTON – Fixed mortgage rates have fallen to historic new lows for a fourth straight week and are likely to fall further, according to Freddie Mac.