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Calif. Nevada leagues team with CU Student Choice

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WASHINGTON (10/29/12)--The California and Nevada Credit Union Leagues have partnered with Credit Union Student Choice, a provider of higher education financing solutions to credit unions.

"It's very clear that today's students and families face significant challenges when funding their higher education," said Diana Dykstra, the leagues' president/CEO. "Rising costs and a sluggish economy force many families to rely on private student loans to fill funding gaps after lower-cost sources have been exhausted. By working with a knowledgeable partner to efficiently enter this market, credit unions have a distinct opportunity to deliver much-needed economic value and financial education to borrowers."

A credit union service organization (CUSO), Student Choice is owned by 12 natural person credit unions and several CUSOs. It manages many of the challenges and risks commonly associated with student lending. The Student Choice solution allows a credit union to make school-certified private student loans that are held on the credit union's own balance sheet.

CU Campus Resources volume up offers white paper

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MADISON, Wis. (10/29/12)--CU Campus Resources clients processed nearly 5,000 applications for private student loans for their members from July through August--a 45% increase over 2011 volumes.

CU Campus Resources offers a suite of private education loan products and services that participating credit unions can make available to their members. The turnkey solutions can be customized to a credit union's attributes and the college campuses they serve.

Also, CU Campus Resources will release a white paper, "Demystifying Private Student Loans," in cooperation with CU Student Choice on Nov. 6 at the CUNA Lending Council Conference in Miami.

"There are so many misconceptions in the market today about student lending," said Mike Long, CU Campus Resources chief operating officer. "We wanted to provide some perspective by featuring the good work that credit unions are doing in this space. The real story is very compelling."

Mortgagebot Online applications soar

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MEQUON, Wis. (10/29/12)--With 800,000 online mortgage loan applications submitted through September, Mortgagebot clients have surpassed total annual volume of any previous year, including 2010 with its then record-breaking 725,000 applications.

The volume is an indication of the online channel's strategic value in the mortgage lending industry, said the company.

Aided by a refinancing surge, refinance application volume reached its highest level in more than three years in September. The provider of the Mortgagebot Enterprise end-to-end lending platform anticipates hitting the one million mark by year-end.

Consumer traffic to Mortgagebot client websites is also rising, with nearly 42 million visits year-to-date, a six million increase from the 36 million visits for 2011. About 40% of Mortgagebot clients, which comprise various-sized credit unions, large mortgage lenders and community banks, take more than one quarter of their mortgage applications online.

Mortgage lenders are quickly realizing the need to keep pace with borrower preference for conducting transactions through the online channel, and the numbers show it, said Mortgagebot. The company estimates client numbers since 2010 have increased 33% to nearly 1,300 from 962. The lenders handled nearly 870,000 applications year-to-date, about a 50% increase over the 600,000 applications of 2011.