RANCHO CUCAMONGA, Calif. - The California Credit Union League is licensing its line of equity loans products that are part of its equity lending system, to other leagues. State leagues can subscribe to one or more of four equity loan programs: Equity Entree, for open and closed-end home equity loans; Auto Equity, for closed-end, fixed-rate vehicle loans; Equity Advantage, for closed-end, fixed-rate signature loans; and Equity Card, for credit cards. All the equity loans are written to the credit union's loan standards. The loans in the Equity Lending System are potentially tax-deductible because the credit union records show a deed of trust as an abundance of caution against the member's home. So members can deduct interest paid on various types of loans from their taxes. No appraisal or title insurance is required. State credit union leagues can modify the equity loan program to suit their state's rules and regulations governing equity loans. Research shows that credit union members with equity loans use an average of 5.3 services from their credit union, compared to an average of 2.5 services used by members without equity loans, said Brett Martinez, CCUL senior vice president, marketing and communication. So aside from saving members money, equity loans promote member loyalty and increase their perception of their credit union as their primary financial institution. -
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