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Member Business Solutions hits 5000-loan milestone

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TALLAHASSEE, Fla. (2/14/12)--Member Business Solutions (MBS), a credit union service organization of Southeast Corporate FCU, based in Tallahassee, Fla., recently processed its 5,000th loan.

South Carolina FCU (SCFCU), Charleston, S.C., put MBS over the top with its business member, MacHill Machinery Solutions LLC. MacHill Machinery imports computer numerical control machines, and then modifies them with the addition of robotics and custom-engineered tooling solutions.

The $1.3 billion SCFCU, which has worked with MBS since 2006, has 5,004 business members, with business deposits of more than $28 million.

The credit union targets businesses with fewer than 25 employees and sales under $2.5 million, said Steven Majewski, business services officer.

Currently SCFCU has 276 business loans outstanding, with an average loan amount of $45,000.

"As our economy gains traction, we want to be positioned to help businesses grow," said Majewski. "The personal knowledge of our loan officers, combined with the underwriting expertise at MBS, has enabled us to expand our portfolio with quality loans."

The Credit Union National Association and credit unions have been urging Congress to raise the member business lending limit to 27.5% of assets from the current 12.25% of assets. Doing so would provide $13 billion to lend to small business owners. Injecting that amount into the economy would create roughly 140,000 new jobs at no cost to the taxpayer.

CUNA also sponsored a Small Business Hike the Hill event in Washington, D.C. last week to support the MBL increase.

CU Realty CUs save members 1.8M

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SCOTTSDALE, Ariz. (2/14/12)--In 2011, CU Realty Services awarded a total of $1.8 million in cost savings to credit union members who bought or sold their homes using the company's network of real estate agents.

On average, members saved $1,499, about 20% in real estate commissions. The top participant was Bank Fund Staff FCU in Washington, D.C., which saved its home-buying or selling members $382,000. Following closely was Northwest FCU in Herndon, Va., which disbursed a total of $337,460 in savings to its members.

Scottsdale, Ariz.-based CU Realty helps members find a house, research a neighborhood and connect with an agent, while acting as an active lead channel when the member is ready for financing.

The company helps credit become the first point of contact for members looking for a home, important because more than 80% of homebuyers stick with the first realtor they meet, said Mike Corn, CEO of CU Realty Services.

"Using our online program, credit union members can pre-qualify for a loan before they ever speak with an agent," Corn said. "And we also make it easy to choose from among pre-screened, trained realtors who steer members back to the credit union for financing."

CU Realty says the program helps buyers, credit unions and realtors: members save on closing costs and are provided with a network of knowledgeable realtors, who provide high-quality service; credit unions increase their mortgage portfolios; and qualified agents receive pre-approved leads from the credit union.