Lending

DALLAS - The question for credit unions in 2008 won’t be whether or not to ramp up collections activity but how soon to start collections and whether or not to do it in-house.

WASHINGTON — Representatives from three of the biggest student lenders among credit unions are scheduled to meet with key lawmakers this week in an effort to claim a place in last year's carve-out for non-profits from the major cuts in federal student loan subsidies.

BROOMALL, Penn. - The economic slowdown has credit unions across the country taking another look at their loan underwriting standards. Those that haven’t done so are being urged to make sure they do.

You’re feeling pretty good about yourself these days. While lenders all over the country were pushing risky loan products, you weren’t. Negative amortization? Never. 100% LTV? No way. High debt-to-income ratios? Not you. Adjustable rate mortgages not in a member’s best interest? Hey, you know better than THAT.

MERRIFIELD, Va. - Despite the fact credit unions largely didn’t get trapped in the mortgage morass that has dragged down so many other lenders, they are having to reach out to members who are now in financial trouble due to loans they have somewhere else.

ROCKVILLE, Md. - With loan delinquencies on the rise, many credit unions are considering ramping up their collections activities both in-house and outsourced.

DURHAM, N.C. - The safest and smartest choice for credit unions looking to finance mortgages right now? Begin with your own members.

TAMPA, Fla. - As credit-market stresses move from mortgages and credit cards to auto loans, some members here struggling to make their car payments are finding it easier to simply walk into the credit union and drop off their keys.

SACRAMENTO, Calif. - The $6.7-billion Golden 1 Credit Union is offering a “Mortgage Repair Loan” to members who have lost their homes to foreclosure due to an exotic mortgage.

IRVING, Texas - Despite the fact that credit unions held a relatively small percentage of all repossessed auto loans, 0.1% according to CUDL, some credit unions are looking at various ways to stem a steadily rising tide of delinquencies brought on by the credit and mortgage crises.

LOS ANGELES - With the advent of spring comes the traditional car-buying season, and Los Angeles FCU is one of many credit unions that will be holding special promotions in tandem with the season.

BOX ELDER, S.D. - One credit union has taken the “if you can’t beat ‘em, join ‘em” approach by opening a financing office inside an auto dealership.

BOCA RATON, Fla. - Credit unions may not be tightening underwriting standards to the degree other lenders are, but they would be mistaken to confuse consumers with little or no credit with subprime borrowers, according to one new analysis.

WALNUT CREEK, Calif. - With tax, home improvement and vacation seasons coming soon, Pacific Service CU is taking advantage of the Fed’s recent interest rate lowering campaign by offering its members a 5.99% interest rate on Visa cards.

SACRAMENTO, Calif. - A representative of the California Credit Union League addressed members of the California Senate Banking, Finance and Insurance Committee during a recent informational hearing regarding proposed revisions to Regulation Z.

MEDFORD, Wis. - Peoples Choice Credit Union here has introduced a solution to combat payday lending–Peoples PAL (Payday Alternative Loan).

SILVER SPRING, Md. - A “Reality Check” related to mortgages is proving to be just that.