Lending

COLORADO SPRINGS, Colo.-Strong auto sales in 2011 may not be the tonic to cure lending ills at credit unions, as much of the financing is being scooped up by banks and captives.

ALEXANDRIA, Va.-One of the biggest credit union auto lenders in the country believes its 2.99% rate needs some help to compete with bank and manufacturer financing, and has added a car-buying website that offers members prices averaging some $4,000 below MSRP.

HAUPPAUGE, N.Y.-GrooveCar President David Jacobson has noticed credit unions getting much more aggressive on A-plus paper, a change from a year ago when competition for top-tier credit drove many CUs away from that market.

MIAMI — Activity in the leasing market supports that consumers are worried over gas prices and are unloading SUVs and trucks.

WASHINGTON – The House Financial Services Committee last week approved bills to repeal two Obama administration programs aimed at helping refinance troubled homeowners, including the Home Affordable Modification Program, which has subsidized more than two dozen mortgage refis through credit unions.

WASHINGTON – Financial regulators are expected to introduce rules as soon as this week that would require mortgage borrowers to have down payments of at least 20% in order to qualify for a federal guarantee, that is, have their loans sold to Fannie Mae or Freddie Mac.

WASHINGTON – Mortgage rates were mostly unchanged in the latest week, with the average rate on 30-year fixed-rate mortgages edging slightly upward, according to Freddie Mac.

LOS ANGELES – Matadors Community CU signed with CampusDoor to offer the company’s CU Student HELP Smart Option Student Loan through Sallie Mae.

KILLEEN, Texas – Texas Partners FCU has contracted with CRIF Lending Solutions to provide the credit union with online loan services.

LARGO, Md. – Money One FCU said yesterday it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

GROTON, Conn.-Charter Oak FCU here has been named Eastern Connecticut's No. 1 Mortgage Lender, based on data compiled by The Warren Group. No CU in Eastern Connecticut has ever earned top mortgage lender honors.

ANCHORAGE, Alaska-Credit Union 1 managed to jump start its fourth quarter lending activity and stir some excitement among its members with a "Clean Slate Giveaway" promotion.

MUSKEGO, Wis. – Corporate Central CU is the latest credit union to offer “Smart Option” private student loans through Sallie Mae.

RALEIGH, N.C. – Coastal FCU signed with CRIF Lending Solutions for loan origination solutions.

RALEIGH, N.C. – State Employees’ CU announced yesterday it is eliminating appraisal fees for home equity lines of credit and closed end second mortgages.

WASHINGTON – Mortgage rates declined again this week, for the third straight week, according to Freddie Mac.

RAPID CITY, S.D. – Black Hills FCU, the biggest credit union in South Dakota, said it signed with Fynanz to offer the company’s customized private student loans to members.