Lending

LEOMINSTER, Mass. – Leominster CU announced it is now providing special loan assistance to enrollees in training programs offered by the American Red Cross of Central Massachusetts.

McLEAN, Va. – Long-term mortgage were almost unchanged for the second straight week in the face of some conflicting economic signals, according to Freddie Mac.

ALEXANDRIA, Va. – Credit unions are calling on NCUA to allow them to charge prepayment penalties on member business loans, a practice that currently is prohibited by NCUA.

SANTA ANA, Calif. – Orange County’s CU has installed MortgageFlex Systems’ Internet-based mortgage loan system, called LoanQuest.

McLEAN, Va. – Long-term mortgage rates were virtually unchanged this week, as the housing market continued to stagnate, according to Freddie Mac.

ACUSHNET, Mass. – Acushnet FCU is allowing members to borrow up to $3,000 at 4% interest to help them finance home heating oil purchases for the winter.

WASHINGTON - Even as other financial institutions are running away from student lending, credit unions are finding ways to dive right in, with several alternatives to creating a student loan program from scratch all cropping up.

RALEIGH, N.C. - One credit union that has come to the rescue of a state student lending program has found a way to make up for other lenders’ decisions to pull out of student lending in a significant way–but it won’t be making a single loan itself.

HOLLYWOOD, Fla. - CUNA Mutual CEO Jeff Post is among those who believe student lending holds great promise for credit unions.

CARLISLE, Penn. - CUs that want the benefits of offering student loans without the potential downside of creating their own program have a variety of alternatives available to them.

McLEAN, Va. – Home loan rates dipped this week, after jumping to their highest in more than a year the week before, according to Freddie Mac.

PORTLAND, Ore. – Unitus Community CU teamed up with local bicycle shops and custom bicycle frame builders to offer a low, fixed-rate loan for bicycles.

SEATTLE – Seattle Metropolitan CU said it has introduced “green loans,” which offer discounts on auto loans for fuel-efficient vehicles, home loans for certified green homes and equity loans for energy efficiency upgrades.

MADISON, Wis. - Recent changes to the federal student loan program has driven away a lot of the players in the student loan market, creating a void in the market that credit unions can leverage into a real opportunity, according to a number of student lending experts.

LOWELL, Mass. - Understanding that members’ ability to repay their CU obligations often revolves around the mortgage – whether the home loan is with the credit union or not–NMTW Community CU has dedicated a month to counseling members about mortgage foreclosure and how to avoid it.

LOS ANGELES - With the federal student lending program in flux and the rising cost of tuition, private student lending has become a necessary bridge to students–and a lucrative opportunity for credit unions.

MADISON, Wis. - What do indirect auto lending and the federal student loan program have in common? A similar challenge: finding a way to turn those one-trick-pony members into fully engaged, participatory members.