Lending

NEW YORK – Fynanz Inc., a provider of private student loans for credit unions and operator of the cuStudentLoans.org program, announced that CU Student Lending, LLC, its affiliated CUSO, has lowered rates to just 2.75%, one of the lowest rate private student loans in the nation.

WASHINGTON – Long-term mortgage rates backed off from yearly lows this week, but still remain historically cheap.

MADISON, Wis. – University of Wisconsin CU said yesterday it is now offering a private student loan program to other credit unions through a new wholly owned CUSO, CU Campus Resources.

BAY CITY, Texas – Texas Dow Employees CU has agreed to move its new 5,000-square-foot branch 132 feet to the west to make way for a new retail development complex and a new credit union building.

SHREVEPORT, La.--To fill a void created by financials that have backed away from small-to-medium size business loans in this state, and to gain economies of scale, seven Louisiana credit unions have formed a business lending CUSO.

WASHINGTON – Long-term mortgage rates declined near the lowest level on record this week, according to Freddie Mac.

WILMINGTON, Del. – DEXSTA FCU has signed with Cology Inc. to install the company’s Volta loan origination platform to originate and disburse its new private student loan programs.

HORSHAM, Penn. – Gateway Funding Diversified Mortgage Services, L.P., said it has launched a Correspondent Lending Division, buying loans from credit unions and others lenders in the Mid-Atlantic States.

ALEXANDRIA, Va. – Pentagon Federal CU has extended its ARK payday loan program to eight other credit unions and is looking for new credit union partners.

AUSTIN, Texas-The growing number of CU failures has forced NCUA's Asset Management and Assistance Center, which had been managing as many as 1,000 residential properties in south Florida, to expand into California and Las Vegas in recent months.

NEW YORK-A group of Hudson Valley FCU members last week filed a class action suit claiming the credit union illegally collected thousands of dollars in mortgage recording taxes from them at closing, racheting up the stakes in the $2.7 billion credit union's own legal fight with the state over the levy.

NEWARK, N.J.-In the latest legal salvo over the $140 million fraud at U.S. Mortgage/CU National Mortgage, Suffolk FCU, the biggest victim in the case, filed suit in federal court last week against Fannie Mae for return of some $42 million the secondary mortgage market giant bought under false pretenses from the failed mortgage company.

BATON ROUGE, La.-A single mom is taking her kids to soccer practice and a middle-aged man has a job thanks to Neighbors FCU.

ONTARIO, Calif.-Credit unions may have become more risk averse than banks when it comes to auto lending, observed one vendor that is helping CUs plan for a careful expansion of car lending portfolios in the second half of the year.