As we are all well aware, the challenges of the pandemic continued during 2021. The Credit Committee is pleased to report that the Credit Union continues working hard to provide appropriate loans and other types of credit-related services to members, and to work closely with those affected by COVID-19.

As is our custom, our committee meets every week to review all credit applications and ratify loans approved by the lending officers during the week. We understand that lending is half of the credit union’s purpose, and we ensure that it gets done effective and responsively.

The year 2021 was perfect for quality lending at OAS FCU. We disbursed $1 million in Relief Loans, a loan especially tailored for those with specific needs during the pandemic.

We also booked $33 million worth of home loans for you, our members. Our outstanding success in 2021 continues to come from the 10/1 Adjustable-Rate Mortgage, a promotional loan program we launched in May 2021, as well as the 15/15 Adjustable-Rate Mortgage and the 15-Year Balloon. By December 31, 2021, we had approved $13,000,000 in 10/1 ARMs, $8,456,941 in 15/15 ARMs, and $6,060,520 in 15-Year Balloon mortgage loans. We are pleased to see that these loan programs met your needs.

The loan portfolio continues to grow overall. The increase to 2021’s ending balance of $159 million represents a growth of 22.22% from the previous year. Part of the loan portfolio increase stems from the purchase of $18,832,000 in Loan Participations.

Last year, the Credit Committee reviewed 615 applications, of which 583 were approved. That means that we turned down 5% of applications. This figure is markedly lower than that of the previous year. That means that our efforts to help our members prosper and request suitable loans at the correct times, for amounts that they can afford, are proving successful.

The Credit Committee is always on the lookout for ways to help members with their finances. We want to remind you that OAS FCU provides you unlimited one-on-one financial counseling sessions, debt management services, and financial education tools through our partner GreenPath; most of these essential services come at no cost to you. Please check the Credit Union’s website for more information.

As part of our loan retention strategy, but more importantly, in order to help members save money in refinancing costs, the credit union continues to offer a streamlined refinance. With this strategy, in 2021 we refinanced 31 loans for a total of $12.8 million. Without even calculating what these refinances will save our members in interest payments, we have saved them an estimated $250,000 in closing costs alone!

As volunteers of the Credit Union, we the Credit Committee members, are proud to assist in this not-for-profit venture and hope to continue serving you in providing you reliable financial services of the highest quality and delivering specialized solutions for you and your family worldwide. Stay safe, and please stay healthy.