Lending

A year since introducing an alternative payday loan program to its community, Prospera Credit Union has saved 1,500 participants more than $75,000 in fees for the combined $550,000 that they've borrowed.

RALEIGH, N.C. – State Employees CU announced Tuesday that it plans to offer a ‘green’ mortgage program to encourage home-energy conservation. The mortgages will be available for homes that have received an Energy STAR rating. That rating indicates that the home's level of energy efficiency is at least 15% better than the minimum requirements set forth in the 2004 International Energy Conservation Code. The program will feature an expanded debt-to-income ratio, a 50% reduction in origination fees and 100% financing for qualifying members.

While many credit unions struggle to add to their meager mortgage loan share, one CU drew a flurry of activity with a marketing campaign that tapped into the "buzz" surrounding a piece of pop culture.

Members of Desert Schools Federal Credit Union will be able to obtain fleet rates for automobiles at selected car dealers in the CU's three-county area under its new "MVP," or Member Value Pricing program.

The ability of many Americans to buy homes continues to be tested.

Consumers Consumers Consumers

The Massachusetts Credit Union League has created the "Credit Union Community Hope Initiative," which will be the umbrella identity under which the league promotes solutions for problems that relate to affordable housing and homelessness.

Fannie Mae presented GTE FCU with an Excellence in Affordable Lending Award in the large-sized credit union category (over $500 million in assets). Prime Alliance awarded GTE FCU and Suncoast Schools Federal Credit Union with the 2005 Emerging Market Award.

First mortgage real estate loans, credit unions' largest loan category, grew 5.7% during the first six months of 2006 despite a generally plain-vanilla approach.

A new study has found, perhaps not surprisingly, that consumers with mortgages have an average credit score that is 55 points higher than consumers without a mortgage.

A rapid rise in foreclosure filings in the Brockton area has inspired a partnership of credit unions, banks and non-profit lenders to help borrowers in danger of foreclosure restructure their loans with more affordable, fixed rates.

Point West Credit Union has expanded its product menu as it seeks to serve the local Latino community and provide an alternative to check cashers and payday lenders.

The number of credit card accounts at credit unions fell during the second quarter of this year, although average balances per account increased, according to a new analysis.

Some dogs chase cars, this one helps loan officers sell additional auto-related protection at the time a car loan is being closed.

CU Members Mortgage, the Fort Worth, Texas mortgage services provider was honored here recently by Fannie Mae during the Prime Alliance Symposium, earning the CUSO of the Year Award.

PHH Corp., the biggest mortgage bank for credit unions, reported it will be unable to file its financial report for the second quarter, as it works to restate earnings going all the way back to 2001.

Many lenders have decried the supposed lack of opportunity in this oft-cited "rising-rate environment," but one CU here brought in 165% of its goal during a recent home equity loan campaign thanks to an attractive interest rate offer.

The long arm of those adjustable rate mortgages (ARMs) and Interest only (IO) mortgages is driving consumers into the arms of credit unions and may finally help boost the CU market share at last, according to a number of mortgage experts.