Whatcom Educational Credit Union

Filing Period

Jan 1, 2011 to Dec 31, 2011

Signed

Oct 31, 2012

Return Version

2011v1.2

Gross Receipts

$50,110,804

Mission

Major Activities

Activity 2

Other consumer loans: along with credit card loans, wecu offers auto, boat, rv, personal, secured, timeline, and other consumer loans. We have very competitive rates, and often fund very small loans that other financial institutions would not. In this capacity, wecu fills a critical role in the micro-lending economy. In 2011, we issued 3,359 consumer loans (not including credit cards) to our members, totaling around $33 million. Wecu also provides access to the balance financial fitness program free of charge to members. Professional financial counselors at balance provide direction and support to any of our members who need help managing their debt and getting their personal finances back on track. In 2011, over 850 of our members used this service.

Activity 3

Real estate loans: wecu offers residential real estate loans with very competitive rates and low fees, member education seminars related to buying a home, and home $tart program loans through the federal home loan bank of seattle. During 2011, we funded approximately 740 residential first mortgages to our members. At the end of 2011, wecu had over 2,129 residential first mortgage loans outstanding which equates to a household penetration of about 4.3% in our membership portfolio. However, as of the end of 2011, we were also servicing an additional 1,472 in sold residential first mortgages to our members, increasing our overall real estate penetration to about 7.4%. The average balance of residential first mortgage loans being serviced by wecu is approximately $156,242. In addition, wecu participates in home $tart. Often referred to as the "american dream" program, home $tart is a joint program through the federal home loan bank of seattle, and it promotes home ownership by helping first-time home buyers earning up to 80% of the area's median income to purchase a home. The home $tart program provides $3.00 for every $1.00 a family contributes, up to $5,000. Home $tart grants may be used for down payments, closing costs, or rehabilitation of an owner occupied housing unit, to be used as the household's primary residence. Grants may be used in combination with funds from other sources. Our next year's goal is to surpass the number of first-time home buyers by providing educational seminars, individual counseling as well as closing cost assistance - thus enabling our neighborhood families to realize their american dream.

Filer

EIN

91-0712539