RALEIGH, N.C., March 1, 2011 /PRNewswire/ -- State Employees' Credit Union (SECU) is pleased to announce another positive change for its members. Effective immediately, SECU will absorb the cost of an appraisal for home equity lines of credit and closed end second mortgage loans. This announcement follows a long list of beneficial lending changes that took effect last fall, when first mortgage loan appraisal fees were also waived for members. In its research, the Credit Union found that the cost of an appraisal is often a deterrent for members who are contemplating a refinance. With expected total member savings of $1.2 million annually from this change, SECU hopes the absorption of appraisal fees will open the door for more members whose finances can greatly benefit from the refinance of a mortgage or home equity product.
Spencer Scarboro, Senior Vice President of SECU's Loan Originations department states, "We hope these recent changes will encourage members who are trapped in high interest rate loans to seek a better option at their Credit Union. SECU personnel and its volunteer Board of Directors aggressively look for new and better ways to assist members, and there is no better time than the present to come up with good solutions to help members improve their economic condition. The approval of so many beneficial changes by our Board of Directors demonstrates the commitment of the Credit Union to make a positive difference in the lives of its members."
Some other recent member-friendly lending changes include a reduction in the lifetime cap from 8% to 6% for 2-year Adjustable Rate Mortgage (ARM) loans, an increase in the maximum loan term for used vehicle loans to 72 months and SECU's waiver of DMV Lien Recording fees for vehicle loans.
Jim Barber, Chairman of SECU's Board of Directors adds, "These changes, combined with the appraisal fee waiver and numerous other improvements are having a positive impact on the wallets of SECU's members, allowing them to lower interest rates and monthly payments while improving their budgets during a very difficult economic time."
SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Currently serving more than 1.6 million members, SECU provides services through 236 branch offices, nearly 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.
SOURCE State Employees' Credit Union