Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

Products Archive

Products

Workers-comp company disburses 1 M to members

 Permanent link
RANCHO CUCAMONGA, Calif. (5/15/09)--C-U First Ltd., a credit union workers' compensation program, is providing a safe haven of sorts as workers' compensation rates climb in California. The program starts its sixth underwriting year after returning an additional $1 million to its policyholders in 2008. For the first two policy terms, the program returned 33% of premium to date. In addition to policyholder returns, program members also experienced a 64% decrease in the premium rate since the program's inception in 2004. The C-U First Insurance Program chooses the loss control specialist and third-party claims administrator, allowing members to manage and control their workers' compensation losses. Artex Risk Solutions administers the captive and domicile management. Gallagher Bassett provides claims management and loss control services. Claims and loss control services are critical, and the program's average loss ratio is 19.5%, according to the California Credit Union League. "Discover Re, a Travelers Company, provides the insurance policies and the excess re-insurance portion of the program," said Sylvia Fath, league senior vice president of business services. Fath noted Travelers is highly rated by several national rating organizations including A.M. Best Co. "At this critical time, with the viability of insurance companies in question, it's beneficial for C-U First to be associated with such a highly rated organization," Fath said.

CU Acceptance Co. now CU Alliance LLC

 Permanent link
HOUSTON (5/15/09)--CU Alliance LLC is the new holding company for the Credit Union Acceptance Co. (CUAC LLC), Member Home Loan, CU Alliance Marketing, Member Auto Center and Member Auto Sales. The credit union service organization (CUSO) was formed in 1998 and provides indirect lending, mortgage, car sales and car-buying programs. "This new entity, tied with credit union collaborative efforts, offers us the flexibility we need to develop new products and services even more efficiently for the credit union industry," said Adrian Dominguez, CEO of CU Alliance LLC. CUAC LLC provides full and a la carte service indirect lending to more than 150 credit unions. Studies show that 89% of all auto financing deals are closed at the dealership. CUAC recaptures an average of 30,000 member loans and funds nearly $675 million dollars annually, said the CUSO. Member Home Loan specializes in outsourcing comprehensive mortgage solutions. The turn-key mortgage program offers a cost-effective opportunity to generate revenue, control or reduce expense, and enhance member relationships. Member Auto Center supplies the credit union with member shippers by providing an online car-buying experience. Member Auto Sales is a credit union-owned retail car sales outlet, developed to help decrease loan losses by retailing repossessions directly to consumers. It provides consumers with an alternative to the traditional haggle and hassle associated with purchasing a pre-owned vehicle. CU Alliance Marketing provides print, Web, and e-mail marketing solutions to complement traditional marketing strategies.

OpenClose Memberclose offer mortgage software for CUs

 Permanent link
WEST PALM BEACH, Fla. (5/15/09)--OpenClose Mortgage Software, a developer of Web-based, end-to-end, loan origination software, announced Thursday that it has partnered with MemberClose to promote its new MemberAssist credit union software in the Northeast. MemberClose, a service of Marlborough, Mass.-based Members Insurance Agency LLC, provides Web-based, bundled settlement solutions for credit union mortgage and equity loans. Through its partnership with OpenClose, MemberClose will offer a suite of mortgage services creating one integrated system from marketing loans to post-closing support. MemberClose’s settlement services will pull loan data directly from MemberAssist and allow credit unions to determine what services they need to complete the loan on a case-by-case basis. These services include credit reporting, appraisal services, title insurance and document preparations. MemberAssist includes a member-facing mortgage website that integrates with credit union software and an existing website. It provides 24/7 access to a credit union’s mortgage programs plus educational sources--including calculators, newsletter articles, and other reference material. Credit union members can browse products and rates, request more information, complete a “Quick App” and fill out a complete 1003 mortgage application. The new MemberAssist product fully integrates with OpenClose’s new AssistSeries, a recently released suite of mortgage products, allowing credit unions to add-on additional features to build an enterprise level, full mortgage solution. Additional services such as credit reporting, appraisal services, title insurance and document preparations can also be added.