Lending

OGDEN, Utah — Pricing, both in the way it prices its loans and compensates its lenders, has been pivotal in keeping loan volume strong at Weber State CU.

PORTLAND — Chris Anderson believes a "window of opportunity" has always been available to CUs and isn't limited to the current struggling economy.

LA CROSSE, Wis. — Rate and turnaround time are generally credited for driving loan volume, but Governmental Employees Credit Union here believes its success has more to do with an old credit union standby.

PORTLAND, Ore. — Like a lot of CUs, Advantis CU chalks up much of its success to its focus on service. But in this case that also means service to auto dealers.

FORT LAUDERDALE, Fla. — Consumers finding it harder to pay the bills are seeing their credit scores fall, and that means credit unions are having to go old school with more character- and relationship-based loan decisions.

FAIRFAX, Va. — As delinquencies and defaults continue to rise, credit unions are searching for ways to help both members and the bottom line by offering loan modifications, but there are a number of wrinkles CUs need to iron out first to be successful.

PORTSMOUTH, N.H. — Perhaps in no area of lending is experience more critical than indirect auto loans.

WASHINGTON – The Treasury Department said it has approved two credit unions, Wescom Central CU and Technology CU, to its mortgage relief program.

MADISON, Wis. – Gov. Jim Doyle vetoed a bill yesterday that would have allowed Educators CU to continue operating its controversial auto dealership.

ALEXANDRIA, Va. – NCUA awarded another five 1% loans from its Community Development Revolving Loan Fund last month, marking a spike in demand for the low-interest loans.

VANCOUVER, Wash. – Three lucky members will win loan payments for a year under Columbia CU’s Payment Free Promotion, meaning the credit union will pay their mortgage, home equity or auto loan payments for the next 12 months.

PENSACOLA, Fla. – In what is being touted as a rare partnership between credit unions and banks, Navy FCU and PenAir FCU have joined with Superior Bank to lend $38 million for a new hotel on Pensacola Beach.

ALEXANDRIA, Va. – NCUA has approved a plan by a group of Florida credit unions to create a CUSO that would buy and collect on troubled loans.

NEWARK, N.J.-Among the credit unions victimized by the fraud and the amount of claims they filed with the bankruptcy court: Suffolk FCU, $33.8 million; Picatinny FCU, $15 million; Proponent FCU, $21.6 million; Sperry Associates FCU, $9.2 million; Treasury Department FCU, $8.7 million; Novartis FCU, $3.1 million; Educational Systems FCU, $3.1 million; County Educators FCU, $2.8 million; Energy FCU, $2.6 million; Rutgers FCU, $2.2 million; Piedmont Aviation FCU, $2.1 million; Pinnacle FCU, $1.8 million; Velocity County FCU, $1.5 million; TCT FCU, $1 million; Lassen County FCU, $832,000; JM Associates FCU, $502,000; Miami Firefighters FCU, $490,000; First Florida CU, $448,000 and Newark Board of Education Employees CU, $440,000.

NEWARK, N.J. — Authorities are doubtful of locating any of the $125 million of credit union funds missing from U.S. Mortgage Corp. after its owner and founder Michael McGrath surreptitiously sold them to Fannie Mae in what has become the biggest credit union fraud.

MT. LAUREL, N.J. – PHH Corp., which operates the biggest mortgage bank for credit unions, said Terence Edwards has resigned as president and CEO, after being voted off the board of directors.

SAN DIEGO – CU Lending Solutions said it is introducing its program aimed at selling older, higher mileage cars on the east coast.

McLEAN, Va. – The long-term home loan rats rose slightly this week, slowing from the violent see-sawing of recent weeks, according to Freddie Mac.