Lending

TALLAHASEE, Fla. – Southeast Corporate FCU said it has signed with Sallie Mae to allow its member credit unions to offer Smart Option Student private loans through the student loan giant.

ATLANTA-The profitable small business market has been drawing various non-traditional lenders into the competition for the credit business of this important segment. According to a recent survey this could constitute a significant threat for traditional lenders.

SAN DIEGO-The online loan origination software provided to several CUs by San Francisco-based oFlows has been such a hit, the company is taking its show on the road (and into branches).

SAN DIEGO-oFlows is reporting it has been able to help several credit unions improve their loan origination an cross-sales numbers.

SAN ANTONIO, Texas – Credit Union Liquidity Services LLC, the member business loan CUSO owned by Texans CU, has agreed to sell a long-dormant real estate development on the city’s west side, one of a number of troubled projects financed by the CUSO.

ANCHORAGE, Alaska. – Alaska USA FCU has agreed to provide $4 million to refinance a $20 million loan a downtown office buildings here.

BASKING RIDGE, N.J. – Joseph Herbst, who had a key role in the failures of both U.S. Central FCU and Members United Corporate FCU, emerged last week after being hired as new CEO for CUMAnet, a mortgage lending CUSO based here.

MEMPHIS, Tenn. – Telesis Community CU, which has encountered problems on its nationwide member business loan portfolio, filed foreclosure papers this week on a mixed-use office building in the city’s South Main Historic Arts District, its second try to seize the financially troubled property.

WASHINGTON – Long-term mortgage rates moved higher again this week, for the third straight week, according to Freddie Mac.

MADISON, Wis. – Another longtime assumption related to consumers and their finances is being turned on its head.

WASHINGTON – Despite tough talk from regulators that they are cracking down on mortgage servicers that do not follow modification guidelines, the agencies have so far done little to nothing to punish firms.

WASHINGTON – The Mortgage Bankers Association is projecting that mortgage originations will fall from an estimated $1.4 trillion in 2010 to slightly less than $1 trillion in 2011.

DECATUR, Ill. – As part of the CU Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Utility Employees CU members.

WASHINGTON – Mortgage rates surged this week from record lows last week amid a sell-off of all kinds of bonds.

COLLEGE PARK, Md. – A $33 million off-campus student housing development financed by area credit unions is scheduled for opening in January.

ONTARIO, Calif. – DU Direct Corp. said yesterday it has signed three more credit unions to its CU Direct Lending platform.

LOS ANGELES – Los Angeles FCU has signed with the city of Los Angeles to offer car loans as low as 2%, as part of the growing Shop LA campaign.

ST. PETERSBURG, Fla. – PSCU Financial Services has introduced a new CUCollect-Core credit card collections service that provides automated calling during extended hours to help credit unions increase collections rates.

MADISON, Wis. – CUNA Mutual Group has completed development of an interface that allows LOANLINER documents to be signed electronically by credit union members using Integrated Media Management’s electronic document management service.

LAS VEGAS-Three issues dominate the credit union lending space: a search for loan growth, portfolio problems and regulations. That was the message from Aaron Bresko, chair of the CUNA Lending Council.