Daniel Weickenand, CEO of the $531 million Orion FCU in Memphis, Tenn., said low margins and risk forced him to discontinue non-QM loans.
NAFCU’s new Board of Directors has taken office at the trade group’s annual business meeting this week in Boston.
NAFCU announced last week that Jan Roche, Ed Templeton and Daniel Weickenand have won at-large seats on the NAFCU board of directors in voting that closed May 13.. Their new terms begin after the annual business meeting on July 9.
Credit union CEOs Jan Roche, Ed Templeton and Daniel Weickenand have won at-large seats on the NAFCU Board of Directors.
Orion Federal Credit Union in Memphis, Tenn., has become the largest client running the KeyStone core processing platform from Corelation Inc. after a Labor Day weekend conversion.
Memphis credit union switchover largest yet for San Diego-based core processing company.
Core processing specialist Corelation Inc. has signed its fifth and by far largest credit union client. The $535 million Orion FCU in Memphis, Tenn., is larger than the San Diego startup’s first four clients combined.
Fresh off a name change, the $535 million Orion Federal Credit Union in Memphis, Tenn., also is converting its core processing to a new vendor.
Credit unions worked hard in 2011 to continue to build their housing finance programs even as the overall housing industry continued to struggle with low home prices, high foreclosure rates and significantly tighter mortgage underwriting rules.
A credit union in Memphis, Tenn., has struck upon an approach to its foreclosed properties that could provide an example for both credit unions and banks on how to address the large stock of real estate they have come to own.