April 2008 - Posts

• In our last exam the NCUA required that we create a policy and start monitoring non-owner occupied real estate loans according the regulatory requirements (Part 723.6 g) for Member Business Loans.

  This subject was submitted by Doris Ortiz, Vice President - Lending CBC FCU in CA. Doris asks... "In our last exam the NCUA required that we create a policy and start monitoring non-owner occupied real estate loans according the regulatory requirements (Part 723.6 g) for Member Business Loans.  While the regulation reads “periodic financial statements, credit reports, …” ,our regulators want us to do this annually.  I am concerned that if we require our borrowers to provide us with this information annually it will cause them to take their business to a lender that does not require it – which, I believe would be any lender other than a credit union.  I am looking for a credit union that does these periodic reviews to request that they share their policies and procedures with me.  By the way, I asked the regulator for a credit union contact and they could not provide me with the name of any credit union already doing this."   On behalf of Doris, thank you in advance for your comment! Posted Apr 14 2008, 01:58 PM by bdorsa with 7 comment(s) Filed under: Networking is Key to ACUMA Membership

• Attracting Members for conventional 3/1 & 5/1 ARM's Using Discounted Initial Rates

  The following question was submitted by Victor Petroni, SVP Lending, First New England FCU and President, Mortgage Markets CUSO, LLC. My question has nothing to do with the CU 1st mortgage penetration issue although I think it is a good one!   I am seeking out any credit unions that have been successful in attracting members to take out conventional 3/1 & 5/1 ARM's using discounted initial rates as the primary point of attraction?  We have had little success marketing ARM's in the past and I'm hoping that someone out there in ACUMA credit union land has had some success and would be willing to share information concerning their target demographics, marketing message and internal speaking points for loan officers/originators. Posted Apr 04 2008, 10:59 AM by bdorsa with 6 comment(s) Filed under: Networking is Key to ACUMA Membership