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CU Members Mortgage Scorecard winners announced

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DALLAS (10/18/11)--CU Members Mortgage has recognized six of its credit union partners and one league for for mortgage performance. The credit union organizations recognized include:
* Greater Texas FCU, Austin, Texas; * Riverland CU, New Orleans; * Eli Lilly FCU, Indianapolis; * Security Service FCU, San Antonio; * Sandia Area FCU, Albuquerque, N.M.; * League of Southeastern Credit Unions, which serves Alabama and Florida credit unions; and * Eli Lilly FCU, Indianapolis.
The awards were based on the credit unions’ scores using CU Members’ Scorecard. The scorecard process was developed to emphasize how credit unions can evaluate the progress, effectiveness and quality of their mortgage program. The scorecard takes into account factors such as the ratio of home loans that are purchased compared to home loans refinanced, average borrower FICO scores, a low percentage of early payoffs, and a scant default ratio. Credit unions also score points for innovative marketing initiatives and attending educational training sessions. “As the economy continues to flounder, these credit unions have performed on the opposite end of the spectrum--excelling in a time when many are not,” said Linda Clampitt, CU Members Mortgage senior vice president. “They have exceeded in a tough mortgage lending market when they are against some formidable odds. Instead of scrambling during these tough times, they have stepped up and provided their members with a great service that without a doubt has increased their value.” Dallas-based CU Members Mortgage provides mortgage services to more than 1,000 credit unions, credit union service organizations and leagues nationwide.

TrueCar to power online car-buying programs

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SANTA MONICA, Calif. (10/18/11)--TrueCar Inc., a publisher of real-time new- and used-vehicle transaction data in the U.S. market, will power the online car buying programs for credit unions through its new “Member Showroom” platform. Credit unions launching TrueCar-powered car-buying services are:
* Michigan First CU, Lathrup Village, Mich.; * Baxter CU, Vernon Hills, Ill.; * Congressional FCU, Oakton, Va.; * Fairwinds CU, Orlando, Fla.; * Pacific Service CU, Walnut Creek, Calif.; * Aspire FCU, Clark, N.J.; * Arlington Community FCU, Arlington, Va.; * Northwest FCU, Herndon, Va.; * Pennsylvania State Employees CU, Harrisburg, Pa.; and * Commonwealth One FCU, Alexandria, Va.
Together, the 10 credit unions represent more than a million members in seven states. Using TrueCar’s platform, credit union members can locate a local price for vehicls using the customized Member Showroom--designed to help credit union customers discover what others paid for their car--and receive a better price. To date, TrueCar has facilitated the sale of more than 350,000 vehicles--saving consumers more than $1 billion off the Manufacturers Suggested Retail Price. The credit union partnership announcement follows TrueCar’s purchase of ALG from DealerTrack Holdings Inc., a source for automotive residual values, and the recent securing of over $200 million in debt and equity financing to fund the development of new revenue streams, growth and strategic acquisitions.