Consumers Credit Union has been selected to receive the 2013 Credit Union Excellence in Lending Award in the Consumer Lending category. Steve Owens, VP of Lending, and Tim Kosak, Consumer Lending Manager, accepted the award from the Credit Union National Association earlier today at the 19th Annual CUNA Lending Council Conference in Phoenix, Arizona.
The Excellence in Lending Awards recognize individual credit unions for their ability to serve members while sustaining sound financial performance.
Owens shares, “At Consumers Credit Union, we are committed to the strategy of a 100% loan-to-share ratio. We continually evaluate the services we provide to our members to ensure we’re helping them to improve their finances—no matter what their stage in life or financial goals.”
Consumers Credit Union’s Silver Lining Lending program is the result of this attention to member needs. Silver Lining Lending is a unified approach to finances by consolidating loans with a competitively priced short-term home equity loan specifically designed for members approaching retirement with changing budgetary needs.
During the economic downturn, mortgage rates hit historic lows, providing savings to homeowners who refinanced over traditional terms of 15 to 30 years. Silver Lining Lending allowed those refinancing for shorter terms of 5 to 7 years to also benefit from the lower rates, as well as the reduced closing costs associated with a home equity loan.
In addition to providing peace of mind and significant monetary savings to the members who have taken advantage of Consumers’ Silver Lining Lending program, maintaining a strong loan portfolio throughout the economic downturn better positioned Consumers to be able to continue providing the quality, innovative products and services that contribute to the economic and social well-being of the credit union’s entire membership.
Says Kit Snyder, CEO, “This award is simply a confirmation of the excellent service our lending department and member service representatives provide to our members on a daily basis. I’m pleased to congratulate our staff on the accomplishment.”