 In this issue of Connections, we highlight our award-winning mortgage team. Our mortgage function has been recognized nationally by Fannie Mae for its community outreach, efficiency and growth. You may have read negative press about serious problems with “sub-prime” mortgage lending throughout the country as we have entered a period of slower overall economic growth and a slowdown in home price appreciation. Rest assured that your credit union does not hold sub-prime loans in its mortgage portfolio.
The Federal Reserve Board Chairman recently highlighted how regional economic problems have played a role in the downfall of sub-prime lending and “some of the states with the highest delinquency and foreclosure rates are among those most hard-hit by job cuts in the auto industry.” He also indicated that the Board sees “no serious broader spillover to banks or thrift institutions from the problems in the sub-prime market…” Our local economy has not taken severe hits like some of the states referenced above. We still enjoy very low local unemployment, and this is still an extremely attractive place to live. Affordable mortgages continue to be a prime focus of your credit union.
Some of the incredible values to come out of our mortgage incubator in the last two years are the low to no closing cost first mortgage and home equity loans (long before certain large banks started advertising their recent offers and at a much better value); the Real Estate Rebate Program wherein members enjoy real estate commission rebates up to $5,000; and the Members Advantage Mortgage that only requires 5% down and no PMI, and is available to members with two or more years of credit union membership and excellent credit.
But we’re not only concerned with mortgage lending. We continue to offer tremendously attractive auto loan, money market and CD rates. We continue to add benefits to our checking account line-up, including more free online services, and debit rewards when you use the “pen” instead of the “pin.” We have introduced a business money market account that pays a higher rate of interest than other local financial institutions, and our new Platinum Visa® card will be available this summer with an enhanced rewards program.
To encourage you to take advantage of these many member benefits, the July/August issue of Connections includes steps you can take this summer to improve your life by saving time and money with SCCU. We know everyone likes to relax a bit over the summer, so we let you accomplish these actions in just minutes, over the phone and online. Please take a few moments to scan this issue and take a step or two towards making more of your hard-earned money and precious time available for you and your family.
Credit Unions have ranked higher than banks in member or customer satisfaction for 21 consecutive years according to the American Banker/Gallup Consumer Survey. As we observe banks entering and exiting our community, often selling out to larger financial institutions, we remain steadfast in our mission to provide value to our members through local, cooperative ownership. We have been serving our community with local ownership and local decision making for 56 years and we will continue to do so with great zeal.
Thomas R. Baldwin
Executive Vice President, CFO
Click here to read the July/August issue of Connections |
