The University of Kentucky Federal Credit Union was recognized at the CUNA Lending Council’s annual conference in New Orleans. The award UKFCU received recognized the credit union’s success in increasing the number of loans in its indirect loan program from 1,600 in 2009 to more than 2,600 in 2010 with an increase in loan balances from $29 million to $51 million.

Part of the credit unions success comes from a streamlined loan decisioning process, where 46 percent of loans are system approved. Loans approved this way do not require additional underwriting staff keeping overall credit union efficiency high.

Caption: Greg Baker, (left) Vice President of Sales & Marketing, and David Kennedy, Chief Executive Officer, accepted the award from CUNA Mutual Group in New Orleans.

“A record of nearly 50 credit unions were nominated for (the) 12^th annual awards and they were quality applicants,” said Dan Murray, CUNA Mutual Group vice president. “It’s a credit to the ingenuity and resiliency of our nominees to achieve this kind of success during times of high unemployment, a poor housing market and low consumer sentiment.”

CUNA Mutual Group, with support and expertise from the CUNA Lending Council, established the Excellence in Lending Awards in 2000 to recognize credit unions that have implemented outstanding lending programs while demonstrating sound financial performance.  The annual awards provide an opportunity for credit unions to share best practices and ideas, build networks, and recognize and celebrate lending excellence.

Other credit unions that were recognized: Texell CU (Temple, Texas), Charter Oak FCU (Groton, Conn.), Latino Community CU (Durham, N.C.), Black Hills FCU (Rapid City, S.D.).