CUs Continue to Flock to VITA Network

ATLANTA — The IRS’ volunteer income tax assistance program has grown to include 535 credit unions, more than double the 250 figure for 2007.The VITA program offers free tax-return preparation help to low- to moderate-income people.In 2007, more than 250 credit unions were VITA partners. For the 2008 tax season, the number of participants jumped to 535, according to IRS. With more than 40,000 returns processed at credit unions this year through the VITA program, participation has more than doubled over 2007′s figure of 18,000.Through VITA, credit union-processed returns resulted in $42 million in refunds, the IRS said. Volunteers also helped individuals receive $16.2 million in earned income tax credits and $6.8 million in child tax credits.Debra Chandler, national credit union relationship manager and senior tax analyst with the agency, attributed several factors to the growth of CU VITA participation including marketing support from leagues, trade groups and the NCUA as well as the IRS’ Stakeholder, Partnership, Education and Communication offices nationwide.Credit unions were recently the recipients of more than $543,000 in grants to assist with VITA training and other related services.–[email protected]

MEMBERS Trust Taps Lee as VP

TAMPA, Fla. — Beth Brunner Lee has been named vice president to manage operations of MEMBERS Trust Co.’s reverse mortgage center.With more than 25 years of experience in managing mortgage operations, Lee helped establish the center’s policies and procedures. She joined MEMBERS Trust in August 2007 as a senior reverse mortgage specialist to establish the operations of the center.Since April, eight credit unions have signed agreements to offer the Federal Housing Administration’s home equity conversion mortgage and the reverse equity mortgage, a proprietary reverse mortgage, through the center. Lee was instrumental in establishing operating and underwriting procedures for these loans, according to the trust company.MEMBERS Trust said its experience with reverse mortgages goes back to 1987 when it provided program development and counseling for $6.2 billion Suncoast Schools Federal Credit Union to close what it claims was the first open-end reverse mortgage in the U.S. by a private-sector lender.–[email protected]