Lending

SAN ANTONIO -- Despite setbacks in the quest to get an increase in the cap on member business loans, CUNA President/CEO Bill Cheney said prospects are "not dead yet."

CUC Mortgage Corp., the mortgage group affiliated with the Credit Union Association of New York, announced that five more CUs signed up in the third quarter.

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.

While banks are the first approved lenders for a new SBA secondary market loan pool, credit unions are eligible to participate in the program that provides another liquidity source.

The economic recession and corresponding real estate market crisis have caused credit unions and other lenders to dramatically tighten their mortgage underwriting standards in order to protect their business and stay afloat in these tough times.

Automating mortgage document production can mean more than making it more efficient and cost effective to bring that pile of papers to the closing table. It can also mean automating mortgage compliance.