Lending

A variety of reasons are behind credit unions' strong performance in the market for first mortgage loans, according to an executive with Callahan and Associates.

The pullout by banks in financing nonprofit charities opened the door to Alabama's largest credit union, the $2.5 billion Redstone FCU, for a linkup with a local YMCA.

The $1.4 billion Baxter Credit Union has joined the echelons of 60 peers that service more than $1 billion in mortgage loans, even though it has only been in the mortgage business for eight years.

Members of Eastern Financial Florida Credit Union will soon be able to open deposit accounts and apply for loans over the phone thanks to its merger partner Space Coast Credit Union.

Of the 170 intermediaries in the SBA's micro loan program, only two credit unions are currently involved. The agency said it is working hard to increase those numbers.

The $627 million-American First Credit Union is suing to recover against at a member who defaulted on a 2008 Lamborghini Gallardo, and owes nearly $226,000 plus interest according to legal documents filed in Orange County, Superior Court.