LAS VEGAS — Forum Credit Union Senior Vice President Doug True spoke at a break-out session at the National Directors Convention yesterday about the CU's newfound success with a local funeral home.
"That funeral home asked us for help and we saw no reason not to come up with a product which we're protected against losses," explained Douglas True, senior vice president, in describing a deal with Flanner Buchanan funeral home to provide a 5% full resource loan to individuals buying $2,000-$5,000 plots.
Under the arrangement, every applicant is approved regardless of credit score with a $50 application fee. The funeral home stands behind each loan and if it goes 90 days past due "we take the money from the credit union account of the funeral home to make the credit union whole on the loan," said True.
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Forum, which will do the collection, retains the depository account for the funeral home "which is an added benefit," said True who spoke at a break-out session at the National Directors Convention. Forum, he said, expects to make 200-400 of the loans a month based on the funeral home's forecast.
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