(The following information is provided courtesy of CUNA Mutual Group.)
|Roger Montes and Oscar Saavedra (at right, standing beside CUNA Lending Council sign) of Latino Community CU are pictured with the other Excellence in Lending award winners, as well as representatives of CUNA Mutual Group and the CUNA Lending Council.|
Latino Community CU and four other credit unions received recognition for their lending prowess with CUNA Mutual Group’s Excellence in Lending Awards at the CUNA Lending Council’s 17th annual conference, which was held Monday, November 7. Latino won two of the six awards conveyed at the ceremony.
Dan Murray, CUNA Mutual Group, vice president, presented the 12th annual awards to:
• University of Kentucky FCU, Lexington, Ky.: Consumer Lending, Assets More Than $250 million;
• Texell CU, Temple, Texas: Consumer Lending, Assets Less Than $250 million;
• Charter Oak FCU, Groton, Conn.: Mortgage Lending, Assets More Than $250 million;
• Latino Community CU, Durham, N.C.: Mortgage Lending, Assets Less Than $250 million;
• Black Hills FCU, Rapid City, S.D.: Business Lending;
• Latino Community CU, Durham, N.C.: Low to Modest Means;
“A record of nearly 50 credit unions were nominated for 12th annual awards and they were quality applicants,” Murray said. “It’s a credit to the ingenuity and resiliency of our nominees to achieve this kind of success during times of high unemployment, a poor housing market and low consumer sentiment.”
CUNA Mutual Group, with support and expertise from the CUNA Lending Council, established the Excellence in Lending Awards in 2000 to recognize credit unions that have implemented outstanding lending programs while demonstrating sound financial performance. The annual awards provide an opportunity for credit unions to share best practices and ideas, build networks, and recognize and celebrate lending excellence.
Latino won the recognition in the follwing categories --
MORTGAGE – Assets Less than $250 million:
Latino Community CU ($102 million+ in assets; 50,000+ members) – Latino Community Credit Union of Durham, N.C., understands its core purpose and delivers affordable and accessible mortgage loans to its low-income Latino membership throughout the state of North Carolina. In 2010, LCCU experienced loan growth of approximately 20 percent, an overall loan yield of close to 7 percent, while limiting loan losses to less than 1 percent, despite many of its members having no credit history. LCCU attributes that low loss experience and 2 percent delinquency rate to its very effective financial education program.
LOW TO MODEST MEANS:
Latino Community CU ($102 million+ in assets; 50,000 members) – It’s rare for a credit union to win two awards in the same year, but judges were unanimous in bestowing the honor on LCCU. As it did as a mortgage winner, this credit union delivered the overall lending products and services to meet the membership needs of many previously unbanked Latinos in North Carolina. Its fully bilingual and bicultural staff delivers low-cost check cashing, money transfer services and low-interest credit builder loans. LCCU’s attributes its 2 percent delinquency rate to its award-winning financial education program, despite much of its membership having no credit history. The credit union’s outreach is aided by the many partnerships it has with businesses and organizations in the communities it serves.
Excellence in Lending judges for the 2011 awards included, Bill Vogeney, Ent FCU; Joel Luebkeman, CMG Mortgage Insurance; Jennifer Cowles, American Eagle FCU; Fawn Terwilliger, Service Credit Union; John Dangoia, CUNA Mutual; Jason Osterhage, Delta Community CU; Keith Reynolds, Citizens Equity First CU; Rich Fischer, CUNA Mutual; Chuck Anderson, Arizona State CU; Aaron Bresko, BECU; Tom Keepers, CUNA Mutual and Vicki Lovett, Suncoast Schools FCU.
The CUNA Lending Council is a community of credit union lending professionals dedicated to being the primary source of the best lending practices and educational opportunities in the industry.