NAPLES, Fla. – Four credit unions were selected from among nearly 40 nominees to receive Excellence in Lending awards from CUNA Mutual Group for their achievements in 2001 in consumer and mortgage lending. Two awards each were presented in two asset categories – under $200 million in assets and over $200 million in assets – in consumer and mortgage lending. This year’s recipients were: * Family Trust FCU, Rock Hill, S.C. (consumer, less than $200 million in assets): budgeted $5.8 million consumer loan growth, and its actual growth was $15.3 million, an increase of 19.4% from 2001. FTFCU ran a “Rates Are Falling” auto promotion that resulted in over $10 million in gross auto loans, 75% of which were for used autos that were refinanced from other financials. It changed the pricing structure of its Visa cards to low interest rates with no annual fee over other `add on” features and began offering a Platinum card. FT FCU’s Visa promotion showed an increase of 28% in outstandings for 2001. * FORUM CU, Indianapolis, Ind. (consumer, more than $200 million in assets): budgeted $255 million in consumer loan growth and realized $$302 million, an increase of 119% from 2001. Forum increased indirect lending in its portfolio from 70% of all loans in 2000 to 85% in 2001, and it aggressively pursued secured loans. It collaborated with an outsourced call center to begin an outbound calling campaign that contacted over 4,000 members with 61 new auto loans booked for $700,000. In addition, an auto loan promotion resulted in 30 vehicle sales totaling $525,000 in new auto loans and the addition of new members for Forum CU. * General Mills FCU, Minnetonka, Minn. (mortgages, under $200 million in assets): exceeded its mortgage budged by 158% in 2001 and increased loan production 500% from 2000. GMFCU is one of three preferred lenders for General Mills Relocation for General Mills’ employees. It secured 25% of the company’s relocation business in 2001. * Baxter CU, Vernon Hills, Ill. (mortgages, over $200 million in assets): BCU saw an 124% increase in its mortgage portfolio in 2001 from the previous year. It attributes 95 mortgage loans with over $15.9 million in volume to a direct mail piece it sent to targeted groups of its members. The credit union also became a seller/service designation from Fannie Mae and closed over $77 million in loans that were sold to Fannie Mae. It converted and installed a new loan origination system what has a servicing piece that interfaces to the CU’s core data processing system.
The disruption could introduce new risks into the system by compelling banks to loosen lending standards and take on greater risk.
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