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CHICAGO-Retail lending grew by $700,000 at San Antonio CU during April and it is now working toward a goal of $1 million per month in funded retail loans.
Jacob Montoya, loan officer, indirect merchant financing at SACU, said the credit union, which been offering retail lending for the past nine years, averages between $500,000 and $800,000 in funded loans per month. The $2.9-billion, 255,000-member SACU uses CU Direct Lending's (CUDL) platform for retail loans, and Montoya spoke here as part of CUDL's 2012 Lending Conference.
SACU's average credit score on retail loans is 640 or above, but it also considers account relationships during the underwriting process. Delinquencies on SACU's retail portfolio are currently under 1%, said Montoya. The CUDL platform allows SACU to input specific criteria that must be met for automatic approval-such as credit scores, debt-to-income ratio and more-and loans that are not automatically approved or rejected are sent...