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CU System briefs (09/01/2011)
* MANHATTAN BEACH, Calif. (9/2/11)--Kenecta FCU has unveiled a new Asset Utilization Loan Program for its mortgage lending division to assist high-net-worth borrowers with significant liquid assets. The program is tailored to the Manhattan Beach, Calif.-based credit union's 5/1, 7/1, or 10/1 Jumbo Adjusted Rate Mortgage (ARM). The borrowers, including self-employed and retired individuals, can use a percentage of those assets as income for qualifying purposes. "This is a valuable niche and a great opportunity for both our retail members and our wholesale business partners who have clients with strong credit histories and financial backgrounds, but are hampered by complex income situations," said Todd Helmerson, director of wholesale loan production. Eligible assets include checking, savings, certificates of deposit, stocks, bonds, 401(k)s, individual retirement accounts and insurance police surrender values. Annuities, trust funds and hedge funds can also be used if there is evidence that the funds are available to the borrower. Loans are available for $417,000 to $3 million. Kinecta has about $3.5 billion in assets … * BILLINGS, Mont. (9/2/11)--Valley FCU of Montana President/CEO C.H. "Chuck" Steele has announced he will retire, effective Jan. 1. He served the Billings, Mont.-based credit union as CEO for 26 years and served 46 years in the financial industry (BillingsGazette.com Aug. 30). The $170 million asset credit union has six branches in south-central Montana and one in Cody, Wyo. ...


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