Monday, November 14, 2016

Five Credit Unions Earn Top Honors for Lending Excellence

By Eric Nelson

Five credit unions recently took home top honors for exemplary lending practices via the Excellence in Lending Award at CUNA Lending Council’s 22nd annual conference this year. Our own Andrea Stritzke, Director, Product Management, presented the awards to this year's best-of-the-best in the following categories:

Business Lending: 
Service Credit Union, Portsmouth, N.H. won for its comprehensive strategy. This centered on commercial construction lending, floor plan financing and a CUSO initiative to allow lending opportunities beyond its initial business lending footprint.

Consumer Lending, Less than $250M in Assets:
NET Credit Union, Olyphant, Pa., simplified its previously complex loan policy to focus on FICO score and debt-to-income ratio. This delivered more lending across all credit tiers. The credit union also launched new auto lending products and promotions, including a 125 percent LTV loan option and a first-time car buyer program.

Consumer Lending, More than $250M in Assets:
USF Federal Credit Union, Tampa, Fla., won for its refocused strategic plan for loan growth. This included expanding indirect auto lending operations as well as credit card and balance transfer incentive programs. The credit union also launched an auto loan recapture program targeting both current and potential new members.

Low-to-Modest Means Lending: 
Lower Valley Credit Union, Sunnyside, Wash., won for its collaboration in the community to best serve immigrant members. The credit union developed path-to-citizenship loans to help cover expenses associated with the naturalization process. It accepted alternatives to social security numbers from working nonresidents for auto and home loans. And, it offered financial education classes and materials in both English and Spanish.

Mortgage Lending: 
United Nations Federal Credit Union’s, New York, N.Y. mortgage portfolio grew by 20% in 2015, thanks to its focus and efforts on expanding markets. It opened anew branch opened in Washington, DC, and a services center in Virginia. The focus of both was servicing mortgages. The credit union also introduced a special program for qualified United Nations employees and retirees who were seeking to finance homes in Nairobi, Kenya.

Congratulations to all of this year’s winners!

Check out more coverage on the winners this year via Credit Union Magazine and CUInsight.