SF Fire Credit Union - News

SF Fire Credit Union Ranks #1 Nationwide in Returning Value to Members

2009-07-01T07:00:00Z

SF Fire Credit Union Ranked #1 Nationwide

SF Fire Credit Union maintains a national leadership position among credit unions when measured on returning high value to members in terms of products, services and pricing.* The methodology used to determine ranking is based on a calculation that takes into account a credit union’s performance in comparison to other credit unions.



Return to Member** All Other Credit Unions

Average Savings Rate 2.49%

Average Loan Rate 6.61%

Percent Income from Fees 12.94%

( * Callahan & Associates, Inc., May 2009. * * Based on Callahan & Associates, Inc., quarterly data from December 2008.)

Impacting the Financial Lives of Members

SF Fire Credit Union is devoted to serving our members best interests. We’ve come a long way from our humble beginnings in 1951, operating out of a cash box at Engine 17, to our wide-ranging products, services and access—including our newly expanded seven day-a-week call center. In today’s economic environment it’s easy to forget the benefits of membership in a financial cooperative, where the participation of each and every member results in mutually beneficial rewards versus the huge profits generated by banks for the benefit of their shareholders.

Returning Value to Members

The fundamental principal of any financial cooperative is that by pooling resources, everyone benefits. At SF Fire, our mission is to operate with efficiency and return as much of our earnings as possible to members in the form of affordable loan rates, lower fees and higher returns on deposits. This simple formula means that when more members use the full range of products available to them, the better the benefit to everyone; conversely, if members only chose to participate with a single product or cause any form of a loss, all members will share the burden of more fees and less than market-leading rates.

Working for the Benefit of Our Members

Whether it is setting up a plan to assist you in growing your savings, buying your first home or paying down your debt, we are here to help. Today’s tough economy could be placing some of our members under financial duress, and we want to work with you to help you succeed now, and in the future.

Credit Unions Turn 100

2009-06-01T07:00:00Z

More than 100 years ago, in a response to avoid being charged excessive costs on loans from lenders, the first laws were passed in Massachusetts recognizing the creation of member-owned credit unions. The idea caught on and served as a model for other states to pass similar laws, which helped grow the credit union movement across the country.

Owned by Members, Not Shareholders

Today, while banks receive the attention of the press, credit unions stand out as a bright spot amid the housing and credit crisis. As was the case back in 1909, credit unions have one major advantage over banks: they are owned by, and serve, their members. They are considered “not-for-profit” because they operate to serve the membership rather than to maximize profits.

How Credit Unions Work

The mission of credit unions is to return as much value to members as possible by generating a small profit (i.e. “surplus”). These earnings are returned to members in the form of more affordable loans, a higher return on savings, lower fees, or new products and services. This has been the outlook of credit unions for close to a century.

Credit Unions Across the Country

Today, nearly 8,300 credit unions collectively serve more than 90 million members in the United States. Credit unions continue to thrive because they are built on a history of people helping people and providing financial services to the communities they serve. It is these strengths — an engaged membership and strong ties to community — that will keep credit unions prosperous and vital for another 100 years.

Making Credit Cards Work for You

2009-05-13T07:00:00Z

Recently, some credit card issuers have taken measures to turn credit cards into a burden by arbitrarily increasing rates and penalties or lowering limits. These actions might make the idea of using or getting a credit card intimidating. It doesn’t have to be that way, as not all credit cards are the same. Here are four basic issues to examine closely when looking for, or using, a credit card:

What are the Fees?

Be aware of any fees and how or when they are applied. Minimize them as much as possible. The most common types of fees include the annual fee, late fee and over-the-limit fee. There can be fees for paying your account over the phone, making a balance transfer, requesting additional copies of your statement, or for taking cash from an ATM machine.

What is the Length of the Grace Period?

The grace period is the amount of time allowed to pay a balance in full. After that, a finance charge is added. It is usually expressed in days, starting from the billing date, i.e. “25 days from the billing date.” It’s better to have a longer grace period, since it gives more time to pay a bill without incurring a cost for the basic convenience of using credit.

What’s the Annual Percentage Rate?

The annual percentage rate (APR) is the percentage fee applied to balances that remain on the credit card past the grace period. Also, a rate can be fixed or variable. The lower the APR, the lower your finance charge will be when you have a remaining balance. Most credit cards have a different APR for purchases, balance transfers, and cash advances. Make sure you know the APR for each.

Are There Rewards?

Some credit cards offer rewards applied to the use of the card in the form of points. Review the reward structure and find out how points accumulate, or what the redemptions are (cash, travel points, etc). Find out if there is an annual fee to participate in a rewards program or if points expire after a certain period of time.

New Rules & Guidelines for Fixed-Rate Mortgages Impact Pricing and Processing

2009-04-20T07:00:00Z

   Quick Links

Factors that Impact Fees

1. Loan-to-Value

2. Credit Scores

3. Property Type

4. Taking Cash-Out

Changing Loan Limits

1. Temporary High Balance         Loan Limits

2. Permanent Loan Limits

Loan Processing Takes         Longer

1. Locking Your Rate

2. Locking After Appraisal

3. $795 Flat Fee

4. Begin the Application         Process Early

Adjustable Rate Loans Have         No Fees and Fewer         Restrictions

Many of our members are watching the housing and mortgage markets closely as they prepare to purchase a new home, or refinance their current home loan.

With so much information circulating in the media, what can be overlooked are the new rules and guidelines that lenders must abide by concerning fixed-rate mortgages.

These changes come in the wake of the “mortgage meltdown”, and are reminiscent of guidelines in place before the real estate boom of the past decade.

We encourage all borrowers to be informed, as it helps establish realistic expectations concerning rates, fees and the actual loan process.

Factors that Impact Fees

We understand that members are interested in securing a low, fixed-rate mortgage, either for a new home or to refinance an existing loan.

New fees however, are affected by many factors:

the Loan-to-Value amount,
your Credit Score,
the Type of Property,
and whether or not you’re seeking to get Cash-Out (with a refinance).

These fees can be paid in one of three ways:

Paid in cash at closing,
Added to the amount of the loan, or
Converted into a rate increase on the loan itself.

1. Loan-to-Value

Loan-to-value can affect fees, in particular, how it correlates to your credit score, as described below. Keep in mind that the value of the property is based on the professional appraisal associated with your loan application – and not estimated property values found on real estate websites such as zillow.com or housevalues.com. For this reason, it is not possible to provide exact rates or fees at the time of application as we won’t yet have a professional appraisal, or your credit report.

2. Credit Scores

Credit scores can have an impact on your loan fees. Borrowers with higher credit scores and lower loan-to-value amounts will see little to no fees – while those with lower credit scores and higher loan-to-value amounts may incur a fee of up to 3% of their total loan amount.

Additional Fee Structure based on Credit Score (Percentage of Total Loan Amount)

Credit Score Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Over 740 None None

720 – 739 0.25% None

700 – 719 0.75% 0.50%

680 – 699 1.50% 1.00%

Less than 620 3.00% 3.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND private mortgage insurance—which will increase your payment but lower the additional fee.

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3. Type of Property

The type of property can affect your loan fees. Borrowers are who are purchasing or refinancing a condominium, investment property or multiple units will incur additional fees up to 3% of their total loan amount.

Additional Fee Structure for Property Type (Percentage of Total Loan Amount)

Please note: More than one “property type” fee can apply to a single loan. For example, a 2-unit investment property with a 75% loan-to-value would have an additional fee of 4%.

Property Type Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Condominium 0.75% 0.75%

Investment Property 3.00% 3.75%

2-Unit Property 1.00% 1.00%

3 to 4-unit Property 1.00% 1.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND mortgage insurance—which will increase your payment.

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4. Taking Cash-Out

Taking cash-out when refinancing can also affect fees. Borrowers who take cash-out of more than $2,000 are subject to an additional fee, which is correlated to their credit score and loan-to-value, and can be up to 3% of the total loan amount.

Additional Fee Structure for Cash-Out (Percentage of Total Loan Amount)

Please note: The additional fee for taking cash out is separate from the loan-to-value fee listed above.

Credit Score Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Over 740 0.50% 0.625%

720 – 739 0.75% 1.50%

700 – 719 0.75% 1.50%

680 – 699 1.375% 2.50%

Less than 620 — 3.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND mortgage insurance—which will increase your payment.

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Changing Loan Limits

Temporary High Balance Loan Limits

Temporary high balance loan limits have been implemented for loans that are applied for (and funded) in 2009. These higher loan limits are available to borrowers who meet certain criteria regarding their credit score and the loan-to-value of their mortgage.

To qualify for the Temporary High Balance Loan Limit, any loan-to-value greater than 75% will require a credit score higher than 700; any loan-to-value less than 75% will require a credit score higher than 660.

Loan limits vary by county, and you can view California’s Temporary Loan Limits here.

Permanent Loan Limits

Permanent loan limits dictate the maximum allowable loan amount for borrowers who do not meet the credit score and loan-to-value criteria listed above.

These loan limits also vary by county, and you can view California’s Permanent Loan Limits here.

Loans Less than $417,000 Qualify for Conforming Rates

Borrowers will typically see two types of advertised mortgage rates. Conforming Rates apply to loans less than $417,000. Jumbo Rates (sometimes referred to as High Balance) apply to loans that are greater than $417,000. Conforming rates are typically lower than their jumbo rate counterparts. Being aware of this can help you better understand advertised rates – and have realistic rate expectations.

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Loan Processing Taking Longer

When the housing market slowed down in late 2007 and 2008, the appraisers and title companies who provided services to process loans eliminated a significant portion of their workforce. The current purchasing and refinancing “boom” – and a return to stringent guidelines – has left these companies woefully understaffed and slow to respond to demand. A process that once took several days now requires weeks and has impacted the time needed to process your loan.

A Typical Schedule for Processing a Loan

Week 1 – You’ll receive a contingent loan approval and a disclosure, including estimated rate and fees
Week 2 – Credit Union awaits official credit report, verifications and other paperwork requested of the borrower
Week 3 – Title policy and appraisal are ordered
Week 4 – Title and appraisal pending
Week 5 – Title and appraisal received by Credit Union
Week 6 – Loan processed by the Credit Union
Week 7 – Finalized loan approval including the option to lock rate and fees
Week 8 – Loan processing completed, and document signing at the title company (or a location convenient to you) can be arranged. Scheduling is contingent on the title company’s availability

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   Quick Links

Factors that Impact Fees

1. Loan-to-Value

2. Credit Scores

3. Property Type

4. Taking Cash-Out

Changing Loan Limits

1. Temporary High Balance         Loan Limits

2. Permanent Loan Limits

Loan Processing Takes         Longer

1. Locking Your Rate

2. Locking After Appraisal

3. $795 Flat Fee

4. Begin the Application         Process Early

Adjustable Rate Loans Have         No Fees and Fewer         Restrictions

Locking Your Rate

Members who are watching rates and trying to anticipate the right time to “lock” need to know that doing so is more involved than contacting us when they see a low advertised rate that appeals to them. As outlined above, there are many factors that impact the final pricing of a loan that are not known at the time of application. Getting the process started early puts you in a better position to act quickly and get the best possible pricing.

Rates Can Be Locked Upon Completion of Appraisal

Once the Credit Union has received and reviewed your appraisal (usually by week 4 – see above), it is in a position to quote a rate and fees.

At that time you will have the option to lock – but are not required to do so until the time documents are drawn by the Credit Union. Rate-sensitive borrowers should understand that once they’ve exercised the option to lock the rate they are committed to it. Making a change to the rate after the lock can result in substantial fees and delays in the loan process.

$795 Loan Processing Flat Fee for Fixed-Rate Mortgages

Beginning May 1st, the Credit Union’s flat fee for processing fixed-rate mortgage will be $795¹, which will include:

Appraisal
Appraisal Review
Courier / Fed Ex
Credit Report
Document Preparation
Flood Zone Certification
Underwriting
Tax Service
Wire Transfer
Processing

¹ Applies to California properties only, and does not include title and escrow fees. The flat fee for adjustable rate mortgages remains at $575 (see details below²).

Begin the Application Process Early

Whether buying or refinancing, it’s a good idea to get started earlier rather than later. If you’re trying to get the best rate possible, be aware of the new guidelines so you have realistic expectations. You can apply for a SF Fire Credit Union home loan – and check the status of an existing application – online, 24 hours a day, seven days a week here.

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Adjustable Rate Loans with No Fees & Fewer Restrictions 2

Borrowers who are overwhelmed with the new fees (or can’t qualify under the new guidelines) associated with fixed-rate mortgages should remember that SF Fire Credit Union continues to offer adjustable rate mortgages with attractive rates, fewer restrictions and none of the fees outlined above. You can learn more about our adjustable rate mortgages here.

² With the exception of SF Fire Credit Union’s flat fee of $575, which includes: appraisal, credit report, underwriting, document preparation, appraisal review, processing, tax service, wire transfer, flood zone certification and courier service. Flat fee does not include title and escrow fees.

California Association of Realtors offers Free Mortgage Payment Protection for First-Time Home Buyers

2009-04-02T07:00:00Z

On April 2nd, 2009, the California Association of Realtors’ announced they would be offering first-time home buyers a free ‘Mortgage Protection Program’ using funds from their own Housing Affordability Fund. This could be of great interest to our members who are interested in purchasing a home in California and expect to be working with a Realtor who is a member of the California Assocation of Realtors.

What is the program called?

The “Housing Affordability Fund Mortgage Protection Program”

Who runs this program?

The California Association of Realtors (CAR). This is a program operated and funded by this professional association – not the federal or state government.

Why are they doing this?

Because California real estate agents (who are members of the association) want to encourage you to buy a home in California.

What is the actual “Mortgage Protection”?

First-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 a month for six months, to help make their mortgage payments. A qualified co-buyer can also participate in the program and receive up to $750 per month up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

What are the requirements to qualify?

Must be a first-time home buyer, meaning someone who hasn’t owned a home in the last three years. Technically, this means you do NOT have to be a “first-time” home buyer.
Must open escrow on or after April 2nd, 2009 and close escrow on or before December 31st, 2009.
Must use a realtor who is a member of the California Association of Realtors as your agent.
Must be purchasing a California property.
Must be a “W-2 Employee”, meaning you’re not self-employed.
There are NO INCOME restrictions.
There are NO PRICE restrictions.

How do members take advantage of this program?

To learn more about this program or to apply, visit:

California Association of Realtors’ Homepage

Information on Mortgage Protection Program

Download the Application

Mortgages and Refinancing - What to Expect

2009-03-26T07:00:00Z

Many of our members are watching the housing and mortgage markets closely as they prepare to purchase a new home, or refinance their current home loan. With so much information circulating in the media, what can be overlooked are the many rules and guidelines that lenders must abide by and how these rules could impact the home loan process. Here are some things to keep in mind:

Factors that Affect Rates We understand that many members are interested in securing a low, fixed-rate mortgage, either for a new home or to refinance an existing loan. Mortgage rates and fees, however, are affected by many factors: your credit score, the type of property, your down payment, or in the case of a refinance, the equity in your current home. Add to this the fact that home values are changing rapidly, a mortgage rate is difficult to predict in advance, since any of these conditions could change. Expect a rate to adjust on any of these factors.

Conforming Loan Limits Loan amounts that meet conforming limits typically have lower rates than jumbo loans and depend on the county where the property is located. You can find your county’s current conforming loan limit here. These amount limits will also affect rates and borrowing costs.

Title Work is Taking Longer Research and paperwork is time-intensive. When the housing market slowed down in late 2007 and 2008, the appraisers and title companies who helped process loans laid off a significant portion of their workforce. The current purchasing and refinancing “boom” has left these companies woefully understaffed and slow to respond to the demand – what once took several days now requires weeks.

Begin the Application Process Early When buying or refinancing, it’s a good idea to get started earlier rather than later. If you’re planning on trying to get the best rate possible, prepare yourself with some of the details involved when making your choices. You can apply for a loan (and check the status of an existing application) online 24 hours a day, seven days a week here.

Government Seizure of Two Corporate Credit Unions - No Impact on Your Credit Union

2009-03-21T07:00:00Z

Members might be aware of recent action that has been taken by the federal government – the seizure of two large corporate credit unions. It is important to understand the nature and scope of this event, and the lack of impact it has on the safety of your accounts at SF Fire Credit Union or our soundness as a financial institution.

In the Media (New York – CNNMoney.com)

U.S. takes over two credit unions after tests find vulnerability. U.S. Central Federal Credit Union and WesCorp have combined assets of $57 billion.

The federal government, in its latest effort to prop up the financial system, took over two big wholesale credit unions Friday with combined assets of $57 billion.

U.S. Central Federal Credit Union in Lenexa, Kansas and Western Corporate Federal Credit Union (WesCorp) in San Dimas, California were placed under conservatorship “to stabilize the corporate credit union system and resolve the balance sheet issues,” according to the National Credit Union Administration (NCUA).

The administration is a federal agency that regulates, charters and supervises federal credit unions.

Neither of the failed institutions serve customers directly. As corporate credit unions, they service the credit union system. Credit unions count 90 million members nationwide.

Members of the two credit unions will not experience any disruption in service and be able make deposits and access funds, according to the regulator.

U.S. Central Federal Credit Union has about $34 billion in assets, with 26 retail corporate credit union members. WesCorp has $23 billion in assets and approximately 1,100 credit union members.

The board of the NCUA analyzed the health of the mortgage and asset backed securities held by all corporate credit unions starting on January 28th. The board determined that the two credit unions taken over had “an unacceptable concentration of risk”, according to the statement.

Relevance to SF Fire Credit Union and Our Members

What are Corporate Credit Unions?

Corporate credit unions are not like regular credit unions who serve consumers like you. They are wholesale institutions that provide services to credit unions much like a regular credit union serves the consumer. Corporate credit unions do provide investment and deposit products, but their primary function is that of being a service provider in the areas of clearing checks, processing wire transfers, and the handling of electronic payments.

Does this Impact SF Fire Credit Union?

No, it does not. While SF Fire Credit Union is one of the 1,100 credit unions who use the services of WesCorp, the action taken by the federal government will not impact us or the high level of service that our members have come to expect.

Does this Pose a Financial Risk to SF Fire Credit Union?

No, it does not. Every dollar that SF Fire Credit Union has on deposit at WesCorp is fully insured by the federal government. The excess funds we have at WesCorp equal less than 6% of our total deposits, with 80% of deposits having been used to fund loans to your fellow credit union members.

Stimulus Package Mortgage Relief

2009-03-10T07:00:00Z

On Wednesday, March 4th the Obama Administration announced the “Making Home Affordable Plan”. The plan is intended to help those Americans who need relief with their mortgages in our currently unsettled economy. This program has received ample coverage in the media, and it is understandable that our members might have questions as to how this might impact them.

Unfortunately, this plan will be of little to no benefit to the residents of California (and our members) due to the following components of the plan:

The plan is limited to mortgages that DO NOT EXCEED a loan-to-value ratio of 105%, meaning the loan amount can not be more than 105% of the value of the home. California is one of the states hardest hit by declining property values – and most homeowners will not meet this requirement.
Mortgages that are currently delinquent do not qualify. The program does not assist homeowners that are behind on their payments or who are already in foreclosure.
Homeowners must be unable to afford their current payments because of a change in income or expenses. It is understandable that people will desire to benefit from this mortgage relief plan – but it will not be available to those who can meet their current mortgage obligations.

SF Fire Credit Union understands that circumstances can arise that may cause members to fall behind on their monthly mortgage payments, and encourages those individuals to contact us to see what options might be available to get them through their financial difficulties.

Contribution Limits for IRAs and Health Savings Accounts in 2009

2009-03-09T07:00:00Z

Individual Retirement Accounts (IRAs) and Health Savings Accounts form a large part of the landscape and can help offset taxes, with the additional benefit of contributing to a well-rounded retirement plan. Here are the limits¹ for 2009:

<nbsp>	2008 Max Contribution	<nbsp>	2009 Max Contribution	<nbsp>	<nbsp> Catch-up Contribution for 2009
Traditional IRA	$5,000	<nbsp>	$5,000	<nbsp>	$1,000 if over 50 years old²
Roth IRA	$5,000	<nbsp>	$5,000	<nbsp>	$1,000 if over 50 years old²
Health Savings	$2,900 – single	<nbsp>	$3,000 – single	<nbsp>	$1,000 if over 55 years old²
<nbsp>	$5,800 – family	<nbsp>	$5,950 – family	<nbsp>	(same as single or family)

Reminder: Contributions for the previous year can still be made to IRAs (Traditional and Roth) as well as Health Savings Accounts any time before the April 15 tax deadline, up to the contribution limit for that year.

_{1 Contribution limits are based on modified adjusted gross income (AGI). Your limit may vary. Consult IRS Publication 590 or a tax professional for details.}

2 The catch-up contribution is applicable only to the calendar year where the holder turns 50 years of age, not the previous year. Note: For each of the accounts listed above, there are specific criteria to be met in order to qualify for both opening and contributing to the account.

Election Results and Art McIntyre Scholarship Winners Announced at Annual Meeting

2009-02-16T08:00:00Z

Supervisory Election Results

Congratulations to Janet Brock, who has been re-elected to her position on the Credit Union’s Supervisory Committee. We appreciate fellow Supervisory Committee candidate Duane Tapken for his interest in volunteering for the Credit Union, and the 2,400 members who participated in the voting process

2009 Arthur F. McIntyre Scholarship Recipients

The winners of the 2009 Arthur F. McIntyre Scholarship have been announced, and we wish to congratulate the following members on their being selected:

Jeff Mitchell, who attends Sir Francis Drake High School in San Anselmo.

Megan Linney, who attends Archbishop Mitty High School in San Jose.

Eric Reynolds, who attends Cal Poly, San Luis Obispo.

Meghan Parmele, who attends Bradley University in Illinois.

Visa Credit & Debit Card Breach

2009-02-14T08:00:00Z

Visa USA has notified SF Fire Credit Union that they have been informed of a security breach involving one of their payment transaction processors, and that certain card information may have been compromised. It is understandable that members might be concerned about this situation, and we would like to provide you with the latest information that we have available.

Scope of the Breach

The security breach originated with a Visa transaction processor that handles over one million transactions every month for over 250,000 businesses nationwide.

It’s estimated that this breach involves over 100 million debit and credit cards.

SF Fire Credit Union’s data systems had no involvement in this breach, and the personal information we have about you on file is safe and secure.

Impact on Members

We have identified the Debit and Credit Cards that have either incurred or at risk to incur fraudulent activity.

Members with affected cards have been contacted via mail and by special messaging within Online Banking to notify them regarding card replacement and other relevant instructions.

Members will not be liable for fraudulent activity on their cards, and are encouraged to contact us immediately if they suspect misuse of their Debit or Credit Card.

Our Commitment to You

SF Fire Credit Union is committed to the security of your personal information and protecting your account from fraudulent activity. We are taking all measures possible to respond to this situation in a manner than imposes the least possible inconvenience on our membership. We appreciate your patience, and thank you for your continued loyalty and support.

Supervisory Committee Election

2009-01-10T08:00:00Z

Ballots have been mailed to members to vote for the election of one member to the Supervisory Committee. Running this year are Duane Tapken and Janet Brock (incumbent).

Please follow the instructions listed on the ballot, and return it using the postage-paid envelope included with the ballot. Ballots must be received by RSM McGladrey Inc.(the tellers of the election) by midnight, February 13th, 2009.

The announcement and installment of the elected party will take place at our Annual Meeting of Members on February 16th, 2009.

Home Ownership in Today's Economy

2009-01-05T08:00:00Z

The current headlines regarding the housing market can be overwhelming, and certainly raise questions for those who own or are considering the purchase of a home. Rising foreclosures. Mortgage modifications. Negative equity. Property abandonment. Strict qualification requirements. These topics are prominent in the media, and we understand that members might wonder how this impacts them. While every member has a unique circumstance and perspective, there are several key points that should be considered by all.

Cyclical Nature of the Housing Market

What goes up goes down, and what goes down eventually goes back up. This can be tough to remember, especially when the market experiences decline.

Your Home is More than an Investment

At the end of the day, your home is your home. Be wary of viewing it solely as an investment that can be “walked away from” when the value falls, as doing so will make buying a home in the future difficult.

Home Ownership after Foreclosure

The foreclosure alternative has a long, lingering and negative impact on the future ability to get any type of credit – including difficulty in obtaining a mortgage – for a minimum of 7 years. After that time any subsequent interest rate, credit score and down payment requirements will be extremely stringent as the financial services sector will not want to repeat the “Mortgage Crisis of 2008.”

Message to Members

If a member owns a home and has the means to make their payment – and a desire to stay in their home – by all means continue to make payments. We understand that there are circumstances that may cause members to fall behind on their monthly payments, and encourage those individuals to contact us to see what options might be available to get them through their financial difficulties. Those members who are in a position to purchase a home are encouraged to contact us, as we’re ready, willing and able to provide you with a mortgage to suit your needs.

Santa Visit and Bake Sale for Toy Program

2008-12-03T08:00:00Z

It was a busy day at the Credit Union, with a visit from Santa Claus and a Staff Bake Sale, all in support of the San Francisco Fire Fighters Toy Program.

Santa Came to Town

Santa had his picture taken with members small (and not-so-small) and enjoyed a visit from our neighbors at Booker T. Washington Community Center.

Mr. Claus and the Credit Union also wanted to pass on thanks to Mr. Bob (“Sarge”) Cuff who made Santa’s boots—which managed to fit perfectly, for some reason.

Successful Bake Sale

Cookies, cupcakes and other baked goods enticed members upon entering the Credit Union. Staff at the Credit Union volunteered their time and baking skills to help raise over $1000, with all proceeds going to the Toy Program.

Your Deposit Insurance

2008-10-09T07:00:00Z

American Share Insurance (ASI) is a non-profit corporation that provides primary and excess share or deposit insurance exclusively to Credit Unions. They insure each and every SF Fire Credit Union account of an individual member up to $500,000—without limitation to the the number or nature of accounts held.

This coverage is comprised of $250,000 in “Primary Share” insurance with an additional $250,000 in “Excess Share” insurance. An example of how deposits at SF Fire are covered is illustrated in the table below:

<font>Member Holding</font>	<font>ASI Coverage</font>
<font>Regular Savings</font>	<font>$500,000</font>
<font>Checking</font>	<font>$500,000</font>
<font>Money Market</font>	<font>$500,000</font>
<font>Holiday Savings</font>	<font>$500,000</font>
<font>6-Month Term Certificate</font>	<font>$500,000</font>
<font>1-Year Term Certificate</font>	<font>$500,000</font>
<font>Total Insured</font>	<font>$3,000,000</font>

American Share Insurance (ASI) Insurance Facts

No Credit Union member has ever lost money in an ASI-insured credit union.

ASI is owned by Credit Unions and only insures Credit Unions. Currently, over 1.5 million individual consumers belong to Credit Unions insured by ASI.

ASI is selective as to who it insures. Not all Credit Unions that apply for coverage are accepted due to ASI’s strict underwriting standards.

ASI’s insured Credit Unions hold little or no sub-prime mortgages, as confirmed by their numerous on-site field examinations.

Like the Credit Unions it insures, ASI is safe and sound. The company’s equity ratio of 1.49% is greater than that reported by federal deposit insurance funds.

ASI is not assigned a traditional insurance industry rating by companies like A.M. Best or Standard and Poor’s due to the limited number of companies in our industry. Financial data and other information are supplied to the key rating services annually for their review and analysis.

ASI’s balance sheet exhibits solid characteristics with 25% invested in cash and cash equivalents, 70% in U.S. government-guaranteed agency bonds and US Treasuries, and 5% in other assets (certificates of deposit, accounts receivable, building and other fixed assets).

ASI does not hold any collateralized mortgage obligations (CMOs) or any of the types of exotic investments that created the need for the $700 billion bailout of AIG, Goldman Sachs and other investment firms in early October 2008, nor does it insure or guarantee the performance of such securities to any parties.

The ASI insurance fund provides our Credit Union with a strong, high-quality program that can sustain regardless of changes in economic conditions—a program that members can trust and rely upon.

Who is American Share Insurance?

The American Share Insurance (ASI) is a non-profit corporation that provides primary and excess share or deposit insurance exclusively to credit unions. Accounts are not insured or guaranteed by any Government or Government-sponsored agency.

ASI has been providing deposit insurance to credit unions since 1974. More than one million credit union members are insured under ASI’s insurance programs. In its 34 years of operation no member of an ASI-insured credit union has ever lost money in an ASI-insured account.

About American Share Insurance

American Share Insurance (ASI) is dual-regulated by the Ohio Department of Insurance and Commerce. Also, credit union examiners from each state in which ASI operates are invited to participate in a thorough annual exam of the company conducted by the Ohio Department of Commerce. The Ohio Department of Insurance conducts a cyclical statutory examination of ASI and a “big four” auditing firm annually certifies ASI’s financial statements.

ASI’s audited financial statements are available upon request from ASI by phone 800.521.6342. You can also submit your questions via e-mail at mail@americanshare.com.

<font>Credit Score</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Over 740</font>	<font>None</font>	<font>None</font>
<font>720 – 739</font>	<font>0.25%</font>	<font>None</font>
<font>700 – 719</font>	<font>0.75%</font>	<font>0.50%</font>
<font>680 – 699</font>	<font>1.50%</font>	<font>1.00%</font>
<font>Less than 620</font>	<font>3.00%</font>	<font>3.00%</font>

<font>Property Type</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Condominium</font>	<font>0.75%</font>	<font>0.75%</font>
<font>Investment Property</font>	<font>3.00%</font>	<font>3.75%</font>
<font>2-Unit Property</font>	<font>1.00%</font>	<font>1.00%</font>
<font>3 to 4-unit Property</font>	<font>1.00%</font>	<font>1.00%</font>

<font>Credit Score</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Over 740</font>	<font>0.50%</font>	<font>0.625%</font>
<font>720 – 739</font>	<font>0.75%</font>	<font>1.50%</font>
<font>700 – 719</font>	<font>0.75%</font>	<font>1.50%</font>
<font>680 – 699</font>	<font>1.375%</font>	<font>2.50%</font>
<font>Less than 620</font>	<font>—</font>	<font>3.00%</font>

<font>Return to Member**</font>	<font>All Other Credit Unions</font>
Average Savings Rate	2.49%
Average Loan Rate	6.61%
Percent Income from Fees	12.94%