Lending

LAS VEGAS - The number of foreclosures have more than doubled in the last year, and we haven't seen the worst of it yet, according to one financial consultant.

LAS VEGAS - The current mortgage situation is allowing credit unions to come out of hiding and let people know they are still around, and perhaps more importantly, still lending.

LAS VEGAS - Foreclosures are still climbing in the United States with August filings double from the previous year, according to reports published by the Associated Press.

MEQUON, Wis. - Mortgagebot has released its Benchmarks 2007 study, which is based on a comprehensive survey and analysis of the online lending practices and procedures that have been implemented at more than 3,600 mortgage-lending websites maintained by Mortgagebot for clients.

HARRISBURG, Penn. - Since the Credit Union Better Choice program's launch last October, 54 CUs have agreed to offer the loans designed to be an alternative to payday lending, and 41 of those CUs have made 1,661 loans-totaling $869,149.

GERMANTOWN, Md. - The $200-million Mid-Atlantic FCU has issued a statement reinforcing that it not only continues to offer mortgage financing, it is doing jumbo loans at a time others are pulling back. The credit union noted that many members have no choice but to get a jumbo (loans of more than $417,000), as that is the standard price range for a home in its Montgomery County, Md. market. Mid-Atlantic has been in the mortgage business since 1994, and said it has worked to create a niche in the market as a lender without "junk fees."

PHOENIX - Arizona State Credit Union is partnering with a nonprofit healthcare employer to offer its employees an alternative to payday lending.

FORT LAUDERDALE, Fla. - Credit union open-ended loan programs could take a hit if the Federal Reserve Board's proposed changes to Regulation Z take hold.

MADISON, Wis. - Credit union loan quality remains extremely high in spite of problems in the overall credit and mortgage markets, according to analysis of July 2007 data released by CUNA.

NORTH HIGHLANDS, Calif. - Credit unions have long been known for their great auto loan deals, but getting the word out about their real estate products still has a way to go, so some credit unions have found a way to tie the two products together and help members get more bang for their buck.

DAYTON, Ohio - In an effort to promote member saving during the summertime auto loan season, Day Air Credit Union started a savings program that actually increases monthly auto loan payments.

LAS VEGAS - The retail automotive industry continues to show strength which, according to one expert, will mean auto loans will remain a vital part of credit union portfolios.

LAS VEGAS - Credit unions looking to add more auto loans need to know what "scars" automobile dealers carry from past experiences, and why some hesitate to refer loans to CUs.