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Freedom credit union6/16/2023 ![]() Also, the credit union, which now boasts roughly $650 million in assets, more than 32,000 members, and 10 branches across Western Mass., has been making some inroads to service companies in the broad and ever-expanding cannabis industry in Western Mass., while continuing to aggressively pursue more business on the commercial-lending side of the ledger. Meanwhile, it is continuing and broadening its push into Connecticut with the opening of a loan-production office on Elm Street in Enfield. Listing examples of both, he said Freedom will soon be introducing its first interactive teller machine (ITM) as well as credit cards and a new debit-card product. So we wanted to celebrate with the community.” “It’s a big milestone these days for a financial institution to be around that long. Mostly, though, the institution has been quietly continuing those patterns of behavior listed above, he added, noting that he and his team are being both innovative and entrepreneurial as they go about writing the next chapter in a history that began with an institution known as the Western Massachusetts Telephone Workers Credit Union, formed when Warren Harding was patrolling the White House. “So we wanted to celebrate with the community.” “It’s a big milestone these days for a financial institution to be around that long,” Welch said. The milestone (July 22 was the official birthday) has been marked in various ways - from a 100-day summer food drive that raised $4,100 for the Food Bank of Western Massachusetts and collected 930 pounds of food for the Gray House, to a week of ice cream at all the branches in late July for members and employees from raffles and giveaways for members to specials on loans and CDs. There will be more of all of that, said Welch, president and CEO of Freedom, who offered what amounted to a ‘state of the credit union’ report for BusinessWest on the occasion of its 100th birthday. When asked what might come next for Freedom Credit Union, Glenn Welch said simply, “we’re going to continue doing what we’ve been doing for the past 100 years.”īy that he meant … well, a whole lot of things, from continued growth and innovation to embracing new technology from growing the base of customers to extending the institution’s geographic reach from finding new ways to serve members to giving back to the community. Each time you change your loan request, the programs change, and the LoanScore™ of each program change instantly and automatically the Fico score remains the same unless you manually change it.President and CEO Glenn Welch (center) with some of his team. Each loan program has its unique LoanScore™. And vice-versa, you can have a terrible credit score of 350 Fico and LoanScore™ of 99, which could be possible when you request a loan based on equity only and the lenders disregard the credit rating. It is possible to have perfect Fico score of 850 and LoanScore™ of 0 it means that despite the excellent credit, there are no loan programs which are matching your borrower’s needs. Good Fico score normally helps raise the LoanScore™, but it is only part of the LoanScore™. LoanScore™ (Loan Chance of Success Score) measures the likelihood you will receive loan offers from lenders based on your loan request and your financial qualifications. Fico Score measure your credit rating it is based on your credit history. FICO, or Fair Isaac, credit scores are a method of quantifying and evaluating an individual's creditworthiness. What is the different between LoanScore™ and Fico score? LoanScore™ and Fico Score are completely different scores. Lendersa loan optimization is a proprietary process the borrower can undertake to improve the results of his loan request and raise LoanScore™. A low LoanScore™ indicates no or very few lenders with a small number of matching programs. A high LoanScore™ (E.g., above 80) indicates many eager lenders who are interested in arranging the loan based on the borrower request. The LoanScore™ scores range from 0 to 99. The LoanScore™ indicate to the borrower the number and the quality of the lenders who are interested in looking at his loan request. A borrower can explore many inquiries and receive several results for each inquiry with unique LoanScore™ for every result. LoanScore™ (Loan Chance of Success Score) measures the likelihood to find participating lenders who have matching loan programs to the borrower loan request. Other unimproved residential zoned land.Undivided one/more residential zoned parcels for subdivision.Single subdivided lot for SFR, Duplex, Triplex or Fourplex.
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