Lending

NEWARK, N.J. – The president and major owner of US Mortgage Corp. and its CU National unit is preparing to plead guilty to fraud and conspiracy charges relating to the transfer of as much as $160 million of credit unions’ mortgages being serviced by the company to Fannie Mae.

ONTARIO, Calif. — Swayed by the success of the Invest in America program and sales of GM and Chrysler products, Kia Motors America is partnering with Credit Union Direct Lending (CUDL) on a discounted car-buying program for credit union members.

McLEAN, Va. – Long-term mortgage rates moved slightly higher this week for the second week in a row, after reaching record lows, according to Freddie Mac.

PHILADELPHIA – Freedom CU offered 7.5% rate on new CDs or IRAs to mark its 75th anniversary.

TUMWATER, Wash. – O Bee CU launched a new program to reward members with cash who pay their auto loans on time.

WASHINGTON – Senators blew a big hole in the credit card reform bill yesterday when they voted to add an unrelated provision that would allow visitors to national parks to carry concealed weapons.

AMHERST, Mass. – UMassFive College FCU, which serves five local colleges, said yesterday it will be offering low-cost private student loans through the Credit Union Student Choice Program.

DALLAS – Town North Bank, which has marketed its credit card business as credit union-owned, said yesterday it has agreed to sell its $300 million portfolio of credit union loans to Elan Financial Services, a unit of U.S. Bancorp, the parent of U.S. Bank.

TUMWATER, Wash. – O Bee CU is celebrating the grand opening of their new Lacey branch, with three days of special events, and is also launching a new Pay-N-Save Auto Loan Program that rewards responsible borrowers who pay on time each month.

LATHRUP VILLAGE, Mich. -- Michigan First CU held an on-site car sale as part of its Preferred Dealer Program Friday and Saturday.

McLEAN, Va. – Long-term mortgage rates slightly this week from their decades-lows, according to Freddie Mac.

ROCKVILLE, Md. – REALTORS FCU, the first exclusively web-based credit union, said it is now offering mortgage loans.

COMMERCE, Calif. – Certified FCU said it has selected Harland Financial Solutions’ UltraData Enterprise system for its core processing.

SAN FRANCISCO – Patelco CU has installed IDology Inc.’s ExpectID identity verification suite to streamline their online account origination process and fight fraud.

DALLAS – CU Liquidity Services, the former Texans CU CUSO that financed a troubled shopping mall in suburban Chicago, filed suit in federal court last Friday claiming North Carolina’s Coastal FCU owes it more than $1 million from two loan participation deals.

GERMANTOWN, Md. – Mid-Atlantic FCU has begun offering private student loans through the CU Student Choice program.

RALEIGH, N.C. – State Employees CU said Friday it has become the first credit union to adopt new ‘Safe Credit Card Standards,’ designed to protect consumers from unfair and deceptive credit card practices.

NEWARK, N.J. – A federal bankruptcy court approved an order yesterday selling tens of millions of dollars in mortgage servicing rights held by CU National, a unit of U.S. Mortgage to a mystery company believed to be owned by one of the credit union customers.

McLEAN, Va. – Home loan rates fell further this week to record lows, spurring more refinancing activity.