Lending

LIVONIA, Mich-Invest in America and CU members helped GM and Chrysler close out the year with positive signs for 2010.

WASHINGTON – Home loan rates slipped for a second week in a row, but remained above last year’s decades-lows, according to Freddie Mac.

TAYLOR, Mich. – First Catholic FCU has filed suit in federal court to terminate a mortgage servicing contract with CUSO Mortgage, which it claims has violated its servicing contract with the credit union by, among other things, failing to file Form 1098s with the Internal Revenue Service for its borrowers.

AUSTIN, Texas-Lending profitability is credit unions' biggest challenge in today's marketplace, but opportunities do abound, according to Teres Solutions CEO Tim Kelly.

ELGIN, Ill.-Credit unions have a big opportunity now to position themselves as the most convenient choice for consumers who need a loan, according to Lee Kolquist, CEO at Lending Solutions, Inc.

GLENDALE, Colo.-Mortgage lending will continue to be a bigger part of credit unions' portfolio in 2010 and going forward, according to Rick Seehausen, CEO of LenderLive.

LAKE MARY, Fla.-The pace of regulatory change is likely to pinch lending at CUs that are not as prepared as they should be in 2010.

FAIRBORN, Ohio-Credit unions simply don't have the time and money - or technology and expertise - to service their own mortgage loans, according to a number of CUs and vendors.

CORVALLIS, Ore.-CUs should service their own mortgages: the tools are affordable, and they can ultimately deliver better cross-sales and member service, say proponents of in-house servicing.

PHOENIX, Ariz.-Alan Riegler, partner at CCG Catalyst here, weighed the "pros and cons" of in-house and outsourced mortgage servicing.

MADISON, Wis.-The year 2009 will close as the lowest lending by CUs since World War II, according to a CUNA analysis.

HAUPPAUGE, N.Y. – In an effort to boost car sales, three Long Island credit unions and GrooveCar, Inc., will begin waiving the first monthly payment on auto loans for members who purchase new and used cars, effective Jan. 15.

WASHINGTON – Home loan rates dipped this week, the first decline in a month, but still remained above record lows, according to Freddie Mac.

RICHMOND, Va. – Virginia CU has lent almost $1.4 million to 2,800 state employees under its recently launched Virginia State Employee Loan Program.

ALBANY, N.Y. – A new state law will exempt state chartered credit unions from the state’s special additional mortgage recording tax, which already exempts federal charters.

HARRISBURG, Penn.-Pennsylvania Gov. Ed Rendell has announced a new $1.2-billion statewide mortgage program to help more than 11,000 homebuyers with affordable loans. The initiative is part of a partnership between the Pennsylvania Housing Finance Agency, the U.S. Treasury, Fannie Mae, and Freddie Mac.

PORTLAND, Ore.-Some 84% of member business loan delinquencies and 91% of MBL charge-offs reside in the portfolios of just 100 credit unions, according to analysis of NCUA data by CU Business Group.

WASHINGTON-With the health care legislation debate over, credit unions may get an opening for member business lending reform when the House of Representatives and Senate re-convene here later this month.

MADISON, Wis.-Should credit unions succeed in 2010 in getting Congress to lift the cap on member business loans, there is no doubt commercial loan portfolios will increase. And so, too, will business loan delinquencies.

MADISON, Wis.-The new CU Lending Council white paper on business loan collections offers the following red flags that a business is facing problems.