Lending

ALEXANDRIA, Va.-Credit unions took issue with Obama administration claims that the end of FFELP will mean $68 billion in savings over the next decade.

NEW YORK-When one door closes, the old saying goes, another one opens. According to Fynanz, which offers private student lending programs through CUStudentLoans.org, the end of the FFEL Program is just such a situation.

Most credit unions have managed to keep pace with the trend toward online banking — with one notable exception. Compared to the nation's leading banks, CUs are not utilizing the Internet as a way to help them grow their mortgages.

LANSING, Mich.-Chrysler has again suspended its participation in Invest in America's Affiliate Rewards Program, meaning that credit union members will no longer be eligible for special discounts on Chrysler, Dodge, Jeep vehicles.

FORT MYERS, Fla.-NCUA has entered the local real estate market here in a big way as it struggles to sell hundreds of properties it ended up holding from three large credit union failures: Norlarco FCU, Huron River Area FCU and New Horizons Community FCU.

LITTLE ROCK, Ark. – ArCUSO, which is owned by 28 Arkansas credit unions, will implement Teledata Communications’ Decisionlender loan origination solution.

SANTA CLARA, Calif. – KeyPoint CU said it has signed with AppraisalWorld to implement the company’s Collateral Valuation Report property valuation product.

WASHINGTON – Mortgage rates this week leaped to their highest levels in eight months as the Federal Reserve terminated the purchase of agency mortgage-backed securities it had engineered to keep rates low.

AUSTIN, Texas – Credit unions in Texas are opposing a proposal by the state CU Department to set new limits on fees for payday loans – just as credit unions across the state are rolling out their own payday loan product.

AUSTIN, Texas – A+ FCU is expanding its relationship with Wolters Kluwer Financial Services by adding the company’s AppOne online loan system.

HAUPPAUGE, N.Y-The best thing credit unions can do this spring to boost auto lending is to focus on — and get creative with — used car loans. With much of the new-car market ceded to banks, analysts suggest the winnable battle is with used cars because CUs' used car rates compete favorably with banks, and often beat them.

AUSTIN, Texas-As CUs place a greater emphasis on used car lending, they need to do an even better job of managing risk.

ST. LOUIS-Anheuser-Busch Employees CU more than doubled its projections for an auto-loan refinance campaign by outsourcing the telemarketing.

LAS VEGAS-Two years ago, CoastHills FCU ran an auto loan promotion that grossed $20 million in loans and 650 new members. Now the challenge is to do even better with the same promotion in a much more challenging market.

AUSTIN, Texas-Credit unions that have had large and successful student loan programs through the Federal Family Education Loan Program (FFELP) are expressing disappointment, but said they will survive the move by the federal government to cut credit unions and banks out of the program.

SEATTLE – The 30-year fixed mortgage rate spiked late last Wednesday at 4.98% before leveling off just above 4.90% over the weekend, according to Zillow Mortgage Marketplace, whose 30-year fixed currently is at 4.93%.

WASHINGTON – Analysts are suggesting that several key details are different, but the latest attempt to help underwater borrowers could run into some of the same fundamental problems that scuttled earlier efforts.

PHOENIX – Arizona Central Credit Union has launched a new website to streamline the mortgage application process for its members.

BOSTON – Fears that a new wave of adjustable-rate mortgage rates resetting will set off another wave of home foreclosures likely will not be as severe as expected, according to new analysis by Aite Group.

WASHINGTON – Though happy to have been given permission to extend its “recovery lending” program through April 30, the U.S. Small Business Administration is seeking a longer-term extension for the program.