Lending

MINOT, N.D. – Town & Country CU has signed with TNB Card Services to process and manage its $4.5 million credit card portfolio.

WASHINGTON – Congress is looking into the massive fraud committed by U.S. Mortgage/CU National Mortgage through Fannie Mae, ratcheting up the pressure on the mortgage giant to settle approximately $125 million in claims more than two dozen credit unions have in the case.

LIVONIA, Mich. — Having pulled its Credit Union Cash program in late summer, Chrysler is back with an Invest in America discount for CU members.

EUGENE, Ore. — A second chance for members to finance their car loans has led to first-rate results for SELCO Community CU.

ST. LOUIS — With the economy driving down prices on used vehicles at auto auctions, Gateway Metro FCU moved to sell its repossessed vehicles itself. The result? An additional $39,000 in revenue since March.

McLEAN, Va. – Long-term mortgage rates declined slightly this week, with the benchmark 30-year rate dipping below 5% again, according to Freddie Mac.

PENSACOLA, Fla. – Pensacola FCU is partnering with Sandy Sansing Mazda for a tent sale this weekend that will offer discounted rates on vehicle loans.

RIVERSIDE, Calif. – Altura CU is offering special loans to furloughed state workers at University of California Riverside campus who were required to take between 10 and 26 days off without pay because of state budget cuts.

DETROIT – Chrysler is back with an Invest in America discount for credit union members, a 1% discount off the manufacturer’s suggested retail price on a wide range of Chrysler vehicles.

FAIRBORN — Wright-Patt CU has acquired Select Mortgage Group Ltd., a mortgage-origination company, for undisclosed terms.

NEW YORK – Hudson Valley FCU has filed a suit in state court challenging the state’s mortgage tax, arguing that federally chartered credit unions should be exempt from the levy.

Credit Union Journal asked attendees at ACUMA's recent annual conference here to describe the state of their local housing market, and what steps they are taking to capture more mortgage share.

LAS VEGAS — The credit union share of mortgage lending in the U.S. hit 5.2% as of June 30, which one industry insider said can be viewed as both good news and bad news.

LAS VEGAS — Credit unions have seen a steady increase in share of the mortgage market, but issues surrounding Fannie Mae and Freddie Mac may complicate the market's future, according to one analyst.

PLEASANT GROVE, Utah — Family First FCU here is now more than a month into operating an auto sales lot next door to one of its branches.

EAST LANSING, Mich. – Michigan State University FCU FCU has become the first credit union in Michigan to allow members to close on their home electronically.

WASHINGTON – The Treasury Department has approved three more lenders, including two credit unions, to its approved servicer list for its Home Affordable Modification Program.

McLEAN, Va. – Long-term mortgage rates tipped slightly upwards this week, with the benchmark 30-year rate hitting 5% again.