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Products and Services briefs (06/04/2010)
* COLUMBUS, Ohio (6/7/10)--Corporate One FCU has partnered with Sallie Mae to offer the Sallie Mae Smart Option Student Loan to 800 member credit unions. The referral program allows credit unions to earn fee income when their members receive a Sallie Mae-funded loan. Students pay interest while in school, graduate with less debt and pay off their loans faster than in longer-term private loan alternatives that have no payments until after graduation. The loans are underwritten, funded and serviced by Sallie Mae. Participating credit unions bear no risk because they serve as a referral point primarily via a link on their website. Credit unions receive a percentage of the principal amount for each loan granted and any subsequent loans to the member. Sallie Mae provides support and marketing materials including co-branded loan applications, online Web ads or "tiles," lobby posters, e-mail campaigns and statement stuffers. The loan is for students and families looking for private student loans to help them cover college after they've maximized scholarships, grants and federal assistance. Loan rates are based on LIBOR, the borrower's or co-signer's creditworthiness, and other factors. Silver Sword Capital Partners, a consulting firm that assisted in putting together the program for credit union, has offered marketing consultation to Corporate One members who offer the Smart Option Student Loan program ... * PHILADELPHIA (6/7/10)--Credit Union Resources Inc., the service corporation of the Texas Credit Union League, has selected VINtek as its preferred provider of electronic lien and title (ELT) services. VINtek is a provider of automotive collateral management and direct auto finance solutions for credit unions and other automotive lenders. The Texas Department of Motor Vehicles (TxDMV) launched a statewide ELT program in November, and VINtek will assist Texas credit unions with the conversion to paperless titles. ELT is a cost-effective, environmentally friendly alternative to paper-based vehicle titles that enables credit unions to receive digital titles from their local DMV ...


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