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Stuart Camblin of Point Loma Federal Credit Union was incorrectly identified in the June 29 issue. Camblin is chief operating officer. Ellen schmall is chief executive officer. The credit union currently has assets of $129 million.
A San Diego credit union official is leading an effort to make California credit unions more competitive in the real estate lending market by creating a new mortgage banking corporation.
A task force headed by Gordon Dames, chief executive officer of the $205 million San Diego County Credit Union, has recommended the establishment of CU Mortgage Corp., which would buy mortgages from credit unions and sell them to investors on the secondary market.
By going through the corporation, some San Diego credit unions believe they will be able to make more fixed-rate loans and provide better service to their members.
But not all agree that the corporation, as proposed, will be beneficial.
The Assembly of Delegates for the Pomona-based California Credit Union League in June approved the recommendation for the corporation, which would be owned by state credit unions and operated by the league. It is expected to go before the state Department of Corporations this week.
Access to a secondary market is critical, said CCUL Senior Vice...