Lending

BURBANK, Calif. – Lockheed FCU announced a Summer Loan Sale which features a best rate guarantee.

McLEAN, Va. – Home loan rates declined again for the third week in a row, according to Freddie Mac.

ALEXANDRIA, Va. – The NCUA Board voted yesterday to renew the interest rate ceiling for federal credit unions at 18% for the next 18 months.

WASHINGTON – Credit unions continue to sell increasing portions of their home loans as interest rates fall to decade-lows.

TUKWILA, Wash. – BECU said yesterday it has contracted with PSCU Financial Services to perform early stage collections for its credit card portfolio of 184,000 accounts.

RICHMOND, Va. – Gov. Tim Kaine unveiled a new payday loan program yesterday exclusively offered by Virginia CU, originally the state employees’ credit union.

LIVONIA, Mich. — Invest in America has announced that the GM and Chrysler member discount programs have been extended through Dec. 31, 2009, according to the Michigan Credit Union League, which helped spearhead the creation of the program.

TUKWILA, Wash. — Startling national re-default rates should not discourage credit unions from initiating or continuing loan modification or workout programs, according to a number of industry experts.

McLEAN, Va. – Long-term mortgage rates slid this week to their lowest since the end of May as a weakening labor market dragged down the government debt yields used to peg home loan costs.

WASHINGTON – Credit Union Student Choice, the private loan program for credit unions, said yesterday it signed with Overture Technologies to market the fledgling plan to students.

SACRAMENTO, Calif. – SAFE CU said it has joined three local banks in providing a $95 million secured credit facility for McLellan Business Park, the redevelopment of McClellan Air Force Base, which was shut down a decade ago.

KINGSTON, N.Y. – Hudson Valley FCU has arranged commercial financing of $6.3 million for three local businesses.

TUKWILA, Wash. – BECU said yesterday it has signed with Golden Gateway Financial to provide reverse mortgage services to its members and those of hundreds of credit unions served through its Prime Alliance Solutions mortgage subsidiary.

LAKE JACKSON, Texas – Texas Dow Employees CU is inviting members to ‘Triple the Buying Power’ with a new MasterCard targeted for high-end members that blends revolving and non-revolving credit.

AUGUSTA, Me. – Credit unions will partner with the state’s MaineHousing agency in a new program to aid first-time homebuyers with cash incentives of up to $5,500.

NEW YORK — "When America gets a cold, we get pneumonia," said Cliff Rosenthal, CEO National Federation of Community Development CUs.

WASHINGTON — Credit bureau TransUnion reports that the average credit score fell six points from the third quarter of 2008 to the first quarter of 2009, and one expert suggests that trend won't reverse any time soon.

FORT LAUDERDALE, Fla. — Helping members gets harder when credit scores fall, but understanding what's behind the decline can help CUs find their way.

JEFFERSON CITY, Mo. — As Credit Union Journal examined why certain CUs remain robust lenders, one theme was cited repeatedly: solid and experienced staff.

PORTLAND, Ore. — When asked to identify why it is such a successful lender, Sunset Science Park FCU believes one reason rises above all others: common sense.