Lending

HIGHSTOWN, N.J. – At least 17 credit unions have pledged a total of $50 million to fund low-cost student loans through a new Internet portal.

ALEXANDRIA, Va. – NCUA has approved so-called shared appreciation loan modifications in which the credit union can share in the appreciation of any property for which it refinances a loan.

WASHINGTON – The National Federation of CDCUs, BECU and the credit union-sponsored Center for Responsible Lending joined the Ford Foundation yesterday to launch a nationwide effort to promote fair and safe mortgage lending practices, including a certification program.

HARTFORD, Conn. – More than 20 credit unions have pledged $17.5 million to fund a new student loan program for Connecticut students.

SUNNYVALE, Calif. – Star One CU announced yesterday a deal to provide private loans to students at the nearby Stanford University Graduate School of Business.

CHERRY HILL, N.J. – ATM Corp., the copier provider-turned ATM company said yesterday it is will now offer student loan service to credit unions.

MECHANICSBURG, Penn. – Members 1st FCU is planning a program to assist affected state employees if lawmakers cannot work out their impasse over the budget.

NEWARK, N.J. – Michael McGrath, the founder and owner of U.S. Mortgage and its CU National Corp., is scheduled to plead guilty in federal court here Thursday to bank fraud and conspiracy charges in what is growing into one of the biggest financial scandals ever to hit credit unions.

MEMPHIS – More than 40 distressed home in greater Memphis, at least 13 owned by credit unions, will be sold at auction in two sales slated for June 13 and July 14.

WICHITA, Kan. – Great Plains FCU said last week it is introducing a payday loan product in conjunction with the local non-profit Uptown Neighborhood Association.

ALBANY, N.Y. – SEFCU, formerly the State Employees FCU, said it has agreed to participate in a new web-based student loan search being launched by the New York State Higher Education Services Corporation.

LANSING, Mich. — Preliminary Chrysler sales totals for May suggest that GM's bankruptcy filing may not hurt Invest in America.

MEQUON, Wis. — Credit unions and their members will now be able to consistently communicate across multiple channels throughout the mortgage application process as Mortgagebot released its new integrated point of sale solution.

AUGUSTA, Maine-Far removed from the so-called "sand states," Maine has its own share of economic challenges.

AUGUSTA, Maine. — With predictions a purchase-mortgage boom is headed credit unions' way, Ira Oskowsky, regional sales director-Eastern sales division with CMG Mortgage Insurance, offered these pointers during the Maine league's recent annual meeting:

PEORIA, Ill. — Many credit unions are reporting that overall mortgage volume is up, but house valuation comparisons — or "comps" — used in the mortgage lending process are affecting credit unions' foreclosures and short-sales.

BETTENDORF, Iowa – Ascentra CU received a $50,000 grant from the Federal Home Loan Bank of Des Moines to provide downpayment assistance for first-time homebuyers.

McLEAN, Va. – Long-term mortgage rates rose again this week, with the average for the 30-year loan moving above 5% for the first time since March.