Lending

CU Teams With Bank On Viable Mortgage Program

INDIAN WELLS, Calif. - The mortgage lending industry must change to meet new challenges, because there are hundreds of thousands of families flocking to the U.S. who have money and have good jobs, but do not speak English and do not understand the American financial system, so they rent when they could buy.

WALNUT CREEK, Calif. - Pacific Service Credit Union's Home Loan Payment Relief program funded $2.4 million in mortgage loans for qualifying first-time homebuyers in 2006.

INDIAN WELLS, Calif. - The mortgage lending industry must change to meet new challenges, specifically the hundreds of thousands of families flocking to the U.S. who have money and have good jobs, but do not speak English and do not understand the American financial system, so they rent when they could buy, according to one expert.

LAS VEGAS - Planning to launch a new lending product in 2008? Start planning now.

LENEXA, Kan. - Expansion by credit unions into business lending is no secret to anyone who reads the trade press. But one person is noting the daily mass media also provide plenty of examples why business lending and business services have become such a market opportunity.

If you have attended a recent national conference, or have read from credit union trade periodicals, it is no surprise to you that business services and loans have captured the attention of credit unions nationwide. I consider these products the greatest opportunity since home banking/bill payment services were launched many years ago.

ELGIN, Ill. - If credit unions have a New Year's resolution to boost their bottom lines over the next 12 months, experts say they can start by shaking their risk-averse nature when it comes to lending and vastly improving their marketing and communications efforts.

RANCHO CUCAMONGA, Calif. - The old saw is "if you can't beat 'em, join 'em." When it comes to payday lending, however, credit unions have pursued a "join them and beat them" strategy.

SANTA ANA, Calif. - Orange County Teachers FCU is reporting it made $43 million in mortgage loans during its first year of participating in the Home Loan Payment Relief (HLPR) program aimed at getting limited-income borrowers into their first homes.

LAKE MARY, Fla. - Warren Cole, senior lending consultant for the Lending Solutions Group of Harland Financial Solutions, is urging credit unions to take a very hard look at the affect of the economy on their real estate portfolios. He cautioned CUs are not immune to the potential "valuation shock," which may affect their home equity or mortgage loans.

AUSTIN, Texas - Successful lenders are also successful cross-sellers, according to one person.

Tis the season to be shopping-but generally not for cars. What's the right strategy for credit unions when the bread and butter of auto lending takes a holiday?

State Employees' Credit Union (SECU) Board of Directors has approved a "Green" Car Loan program. The program is designed for members purchasing new Hybrid and Alternative Fuel vehicles that are more environmentally friendly and less dependent on petroleum-based fuel.