FENTON, Mo. (2/13/08)--Alliance CU, Fenton, Mo., reported a record year in 2007 for mortgage lending, despite the housing market crisis, and said it hasn’t had a foreclosure in years. “Our loan officers take great measure to ensure that our members are placed in a mortgage product that they understand and makes sense for them,” said Becky Smith, Alliance mortgage loan manager. A large percent of the credit union’s new home loans were sourced from a current member referral, said Dennis Sommer, Alliance president/CEO. The average home loan is six to seven years, so an adjustable loan designed to stay at a low fixed rate for 10 years makes sense for many individuals. If a member decides to stay in the loan longer than the fixed rate term of three to ten years, annual adjustments will not exceed 2% of the first year or 1% every year thereafter, with a lifetime cap of 5%, the credit union stated. Alliance offers local processing and servicing, adjustable-rate mortgages that do not adjust during the fixed period, no up-charge for jumbo loans, no pre-payment penalties and no escrow requirement.