Lending

GROVEPORT, Ohio – First Service CU is kicking off Military Appreciation month by offering all active members of the military a quarter-point discount on rates for new consumer loans.

WASHINGTON – Mortgage rates were almost flat this week, with the benchmark 30-year rate declining a single basis point to 5.06%, according to Freddie Mac.

ALEXANDRIA, Va. – The NCUA Board, looking to encourage more credit unions to offer payday loans, proposed lifting the maximum allowable rate on the short-term loans from the 18% APR set for all loans to as high as high as 28%.

COLUMBUS, Ohio – MidState Educators CU said it will begin offering private student loans through the Credit Union Student Choice program.

COLUMBUS, Ohio – Dayton Firefighters FCU has agreed to finance the $3.2 million expansion of the Primrose School of Centerville with a $1.6 million loan that had been rejected by 20 other lenders.

PORTLAND, Ore. – Unitus Community CU is partnering with local firm Smartway Advisors to provide car loans for people with troubled credit.

CITRUS HEIGHTS, Calif.-Credit unions selling repossessed vehicles through auto auctions are getting greater returns than liquidating cars through other wholesale channels.

WASHINGTON – Credit Union Student Choice, a CUSO that provides turn-key private student lending services to credit unions across the country, said three CUs have joined its quickly expanding student lending network.

WASHINGTON – Rates on the 30-year, fixed-rate mortgage remained just above 5% this week, remaining unchanged from last week at 5.07%, according to Freddie Mac.

RESTON, Va. – Sallie Mae, coping with the elimination of the federally guaranteed loan program, reported a first quarter net yesterday of $240.1 million, fueled by the student loan giant’s expanding presence in the market for private student loans.

ORONO, Maine – University CU said it has added students at Northeast Technical University to its field of membership and will offer the students private student loans.

PHOENIX – Desert Schools FCU was granted authority by the Department of Housing and Urban Development to fully underwrite Federal Housing Administration loans in-house, helping to speed the process.

ALEXANDRIA, Va. – Pentagon FCU, one of the biggest credit union mortgage lenders, has implemented Mortgagebot’s Mortgage Marvel online mortgage shopping service.

PHILADELPHIA – Bethpage FCU of Long Island has agreed to provide $16.25 million in fixed-rate financing for the Whitman Plaza shopping center at Oregon and Randolph in South Philadelphia.

KEENE, N.H. – Northeast CUSO has added three more credit unions to the credit union service organization that services and manages business loans.

COLORADO SPRINGS, Colo.-With government rebate programs driving consumers to seek out "greener" cars and appliances and put some "green" back into their wallets, credit unions have been stepping up to offer a variety of green lending discounts and initiatives.

SHREVEPORT, La. – Seven credit unions have teamed up to create their own CUSO to facilitate commercial/business lending in Louisiana.

WASHINGTON – Home loan rates fell significantly this week after jumping last week, according to Freddie Mac.

HAUPPAUGE, N.Y. – GrooveCar said two local credit unions, Branch 6000 NALC CU in Amityville and Transit FCU in Ozone Park, have signed on to its CU Xpress Lease program.

FRANKENMUTH, Mich. – Frankenmuth CU yesterday announced it has contracted with Auto Financial Group to implement the company’s DrivingSense as both a direct and an indirect lending option for the $200 million credit union.