Employees of federal credit unions have a conflict of interest if they disapprove a loan to a member and then refer the member to a mortgage banker that compensates that employee.
The $22 billion State Employees' Credit Union has begun to prepare for what it expects may be a significant increase in the number of members seeking mortgage loan modifications.
Offering private student loans can be advantageous to a credit union in many ways, and more and more CUs are taking an interest in the product.
CUNA Mutual Group has added electronic signature capabilities to its widely used LOANLINER lending documents and loanliner.com online lending application.
The ubiquitous LOANLINER documents from CUNA Mutual Group can now be signed electronically, using a new interface developed with Integrated Media Management.
Two credit unions with assets of less than $300 million have found that smaller size need not preclude them from having strong mortgage programs.
Credit unions needing to serve more members with fewer staff during these hard economic times might consider simplifying their products, increasing their use of technology and cooperating with other CUs.
The question of whether a CUSO can act as a loan broker for loans used to finance the purchase of New York City taxi medallions was recently addressed by the NCUA.
A CUSO seeking to act as a loan broker for loans used to finance the purchase of New York City taxi medallions is permitted to do so, the NCUA said.
LAS VEGAS -- The economic downturn has forced many credit unions to take a more "real world" approach to their mortgage lending.