Lending

CUNA Senior Economist Steve Rick told The Credit Union Journal that the credit quality of the credit union mortgage portfolio is not deteriorating, despite falling home prices in certain regional markets and rate shock posed by rising rates of Adjustable Rate Mortgages and Interest Only mortgages.

SharperLending, LLC, provider of a secure Web-based platform that enables lenders to order, store and manage products and services from multiple vendors at a single point of entry, has partnered with Online Documents Inc., a subsidiary of Stewart Mortgage Information (SMI), to offer lenders access to compliant mortgage documents and simplify the closing process.

Ent Federal Credit Union is using a new card partnership with a local university to reach out to young people, an area in which credit unions traditionally don't often thrive.

Purdue Employees Federal Credit Union has bucked the trend of credit union's selling off their credit card portfolios and instead gone head-to-head with credit card giant MBNA to garner the affinity card relationship with the Purdue Alumni Association.

The only thing worse than a root canal is paying the dentist's bill afterwards. That's what inspired Affinity Group CU CEO Tom Miller to ask his dentist how patients paid for expensive procedures.

Members sign loan documents electronically - completing car loan applications in less than an hour-at one $64-million CU here.

Home equity loan volume doubled in one year at a $25-million credit union here, thanks to an automated lending solution, according to Lisa Hansen, lending manager at First American FCU.

RALEIGH, N.C. (07/25/06) -- The state had agreed to provide a total of $1.5 million in grants to help finance mortgage programs at two minority credit unions. The money awarded to Latino Community CU and Generations CU will help the two community development credit unions to build equity to support lending for affordable mortgages. The funding will help both urban and rural areas because both credit unions have a statewide presence. The funding is projected to help as many as 500 families obtain mortgages over the next five years.

Telesis Community CU has signed a deal to finance the $10.2-million purchase of a 24-story office building in downtown Little Rock, Ark.

McLEAN, Va. -- After a brief respite, mortgage rates began to climb again this week, back to their highest level since the spring of 2002, Freddie Mac reported Thursday. The average for the benchmark 30-year, fixed-rate loan rose to 6.84% this week, from 6.74% last week; while the average for the 15-year, fixed-rate mortgage moved to 6.41%, from 6.37%. ARM rates also moved higher, with the average for the one-year ARM rising to 5.80%, from 5.75% last week; and the average for the five-year ARM inching up to 6.36%, from 6.33%.

Award winning consumer and mortgage lending case studies and "lifestyle lending" are featured in two new white papers from the CUNA Lending Council.

Forget what you heard about why you shouldn't get into auto leasing. Changes in laws surrounding auto leasing have opened the door, according to one expert, and with auto loan demand flailing, leasing could offer new opportunities for credit unions.

NECUS Partners With Lease One

What better place to think of a new auto loan program than in your own car?

Bellco Credit Union of Greenwood Village, Colo. has become the sixth owner of Centennial Lending, LLC, a Credit Union Service Organization (CUSO). With their purchase, Bellco will have a seat on the board of directors of Centennial Lending.

While the increasing costs of automobiles is forcing members to borrow over longer terms, one person is more concerned with the rates at which some credit unions are making loans.

Mortgage rates held their ground for the week ending July 7, shortened by the Independence Day holiday, at four-year highs.

Auto lending, long the bread and butter of credit union business, continued to trend downward in April according to an economic analysis by CUNA Mutual Group.

A college education was historically limited to the wealthy. But after World War II and the G.I. bill, Americans of all income levels started to attend college. The escalating costs of education are threatening to limit college to the wealthy once again.