Lending

WASHINGTON – NAFCU told Senate leaders last night that continued U.S. government guarantee of mortgage-backed securities through Fannie Mae and Freddie Mac is critical for credit unions.

CHESAPEAKE, Va.-After setting a goal of saving members $1.5 million with its "Honest to Goodness Savings" refinancing promotion, ABNB FCU here has already hit the $1.9-million mark-and counting.

BIRMINGHAM, Ala.-Alabama TelCo Credit Union here is reporting strong growth for the first six months of 2011, with more than 2,200 new checking accounts totaling $30 million in deposits and nearly $60 million in new loans.

LAKE BLUFF, Ill.-Raise auto loan rates and blame it on Washington. That's one step credit unions can take as a result of the downgrade to U.S. Treasuries, one economist suggests.

GREAT FALLS, Mont.-With many payday lenders leaving Montana following a voter-approved interest rate cap, Great Falls Teachers FCU has created a $500 line of credit that is accessible regardless of credit history.

HARRISBURG, Penn.-With members paying down debt faster than expected and weak loan demand in the first four months of the year, Pennsylvania State Employees CU slashed auto and home equity rates-some in half-the result being loan volume has skyrocketed.

TEMPE, Ariz.-TruWest Credit Union has lowered its auto loan rates on second- and third-tier credit-and is offering additional incentives for booking loans-all in an effort to boost its portfolio.

GREENSBORO, N.C. – First Carolina Corporate CU has signed with CampusDoor to market the company’s Private Label Student Loan Solution to credit unions.

WASHINGTON – The spreading financial turmoil overseas helped push mortgage rates to their lowest in six decades, but record low rates are failing to spur housing demand.

ATLANTA – Processing giant First data Corp. on Wednesday said it is partnering with Zoot to offer its credit union and bank customers Zoot Enterprises’ account opening and loan origination solutions.

AUSTIN, Texas – Greater TEXAS FCU is partnering with North Texas Higher Education Authority and Higher Education Servicing Corporation to offer private student loans.

MANHATTAN BEACH, Calif.-Since expanding its wholesale sales force earlier this year, Kinecta FCU is reporting it has been able to maintain mortgage loan volume despite a drop in the real estate market.

SEATTLE-Two credit unions in this region have introduced short-term, limited-fee mortgages designed to capture business from other lenders.

DALLAS-After a flurry of activity earlier this summer, mortgage lenders have spent weeks sitting, waiting and worrying about the potential impact of the qualified residential mortgage (QRM) rule.

MANHATTAN BEACH, Calif.-Kinecta Federal Credit Union is one of a handful of lenders in the nation approved to offer the HomePath Mortgage.

WASHINGTON – Rates for a five-year adjustable-rate mortgage fell for the eighth straight week and hit an all-time low this week, according to Freddie Mac.

VIENNA, Va. – Navy FCU announced this afternoon it is slashing rates on its 36-month new auto loans to just 1.79%, believed to be the lowest in the country.

MANHATTAN BEACH, Calif. – Kinecta FCU has launched a new Asset Utilization Loan Program that will allow high-worth borrowers to use a percentage of their liquid assets as income for qualifying purposes for its mortgage lending division.