Lending

WASHINGTON-A 5% decline during the first quarter in overall lending at credit unions has led to several different interpretations of what it might portend.

PALO ALTO, Calif.-Stanford Federal Credit Union has partnered with New York-based Newtek Business Services to offer an expanded line-up to small business.

COLUMBUS, Ohio – Corporate One FCU said Friday it is partnering with Sallie Mae to offer the Smart Option Student Loan program to its nearly 800 member credit unions.

WASHINGTON – Long-term mortgage rates were almost unmoved this week, keeping near record lows, according to Freddie Mac.

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 this morning against Fannie Mae for return of some $42 million the secondary mortgage market giant bought under false pretenses from the failed mortgage company.

SAN DIMAS, Calif.-A sluggish economic recovery, less stimulus money and a tough job market will likely make mortgages an area of weakness in the second half of 2010.

WASHINGTON-New home sales unexpectedly jumped in April, rising by an annualized 14.8% from 439,000 units in March to 504,000 units in April. Sales were up by 47.8% on a year over year basis.

DALLAS-Mortgage-related jobs eked out a gain last quarter according to a report from MortgageDaily.com.

BEAVERTON, Ore.-The ongoing sovereign debt crisis in Europe could lead to another surge in mortgage refinance volume this summer, but CUs should temper their optimism.

COLORADO SPRINGS, Colo.-Successful credit union mortgage lenders are reporting the secret lies, fittingly, at home with their own members.

FAIRBORN, Ohio-A nationwide advertising blitz appears to be paying off for one mortgage solution provider.

TUKWILA, Wash.-The banking collapse and refinance boom have helped credit unions gain more of a toehold in the mortgage marketplace, but one credit union EVP believes CUs should shoot for increasing its share to 10% by 2016 from 4.5% today.

WASHINGTON – Mortgage rates declined this week to the lowest level of the year as investors poured money into the safe haven of U.S. government securities.

WASHINGTON – The decade-long effort to lift the member business loan limit, which had been dying on the vine, was revived by the written endorsement of Treasury Secretary Timothy Geithner.

ERIE, Penn.-A novel indirect lending program for a wide variety of consumer products, combined with an aggressive marketing and community outreach campaign, has led to big results for one CU here.

LATHRUP VILLAGE, Mich.-To get ahead of banks' re-entry into small business lending, Michigan First CU has launched a robust online business banking site to double its business lending portfolio by the end of the year.

ASTON, Penn. – Sun FCU has rolled out a payday loan program, called Sun On Your Side, as part of the credit union’s expansion into underserved communities surrounding its West Lawn branch near Reading.

DAYTON, Ohio – Wright-Patt CU has committed at least $53 million to private student loans, including for graduate school.

WASHINGTON – Mortgage rates declined to the lowest level of the year this week, as rates fell on U.S. government securities, according to Freddie Mac.

SOMERSET, N.J. – Renaissance Community Development CU is partnering with local First Baptist Church of Lincoln Gardens to refinance high-rate auto loans at a lower rate.