Lending

PHILADELPHIA – The Philadelphia Orchestra, in Chapter 11 since April, has agreed to put up its musicians’ instruments for collateral on new financing with Sun FCU in Maumee, Ohio, it hopes will allow it to exit bankruptcy.

LAS VEGAS – Marketing to single females and hosting home buying seminars are just two of several ways credit unions can capture mortgage loans, according to experts who spoke at the America Credit Union Mortgage Association’s Annual Conference here Tuesday.

WYOMING, Penn. – In response to recent flooding, UFCW FCU is helping its members by giving them flood relief loans at 3% APR.

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

ARVADA, Colo.-Sooper CU here has found some success selling mortgages to Gen Y members.

NEW YORK-A "Credit Union Foreclosure Intervention Toolkit" has been released by the National Federation of Community Development Credit Unions.

MADISON, Wis. – A new report issued by the Filene Research Institute found loans made to foster environmentally friendly projects are profitable for credit unions and attract financially strong borrowers.

PEARL RIVER, N.Y. – Palisades FCU said it will allow its members to skip their August and September loan payments through its “Take the summer off” loan program.

WASHINGTON – Mortgage rates held steady this week near their historic lows, according to Freddie Mac.

MARLBOROUGH, Mass. – Digital FCU has signed with LenderLive Network for the credit union’s mortgage loan fulfillment (processing, underwriting and closing) needs.

CORNING, N.Y. – Corning CU has opted for a customized private student loan program through Fynanz.

WASHINGTON – With optimism waning, hundreds of credit union executives and directors trudged to Capitol Hill again this week, pushing to finally move the bill to raise the limit on member business loans that has been before Congress for a decade or more.

LA CANADA, Calif. – CalTech Employees FCU has signed with Fynanz to build a customized private student loan program using the company’s cuStudentLoans platform.

SAN ANTONIO – Security Service FCU has signed with Mortgage Cadence to replace its document and loan origination solutions with Mortgage Cadence Orchestrator and Finale Document Services.

OAK RIDGE, Tenn. – ORNL FCU has signed with Fynanz to build a customized private student loan program using the company’s cuStudentLoans platform.

NEW YORK – Five members of the National Federation of Community Development CUs will launch a new payday loan program that is easy to qualify for and requires savings for every borrowed dollar.

WASHINGTON — NCUA Chairman Debbie Matz proposed several regulatory measures this morning, including new rules on loan participations that would require originators to retain some of the loans they participate out.

RICHARDSON, Texas – CU Liquidity Services, the CUSO owned by Texans CU that is troubled by far-flung member business lending around the country, sold the DoubleTree Wilmington, a 217-room hotel in Wilmington, Del., last week for $12 million.

WASHINGTON – Long-term mortgage rates continued to decline this week to their lowest levels on record, according to Freddie Mac.

RANCHO CUCAMONGA, Calif. – CU Direct , the biggest network of indirect auto lending outlets for credit unions, this morning rolled out an Adroid app for its CUDL AutoSmart vehicle shopping website.