Credit unions may be at a disadvantage to other mortgage lenders when it comes to experience or convenience, but not when it comes to cost controls. Daniel Mudd, chief operating office for Fannie Mae, said average credit union costs for closing a mortgage loan are almost half that of all other lenders, $883 compared for credit unions, compared to $1,689 for other lenders. And some credit unions are able to close mortgages for as little as $354, Mudd said during remarks to NAFCU's Congressional Caucus. Mudd said the secondary mortgage market giant has been growing its business and the mortgage business for credit unions through its two-year-old alliance with NAFCU. The alliance has helped facilitate lending, as well as new innovations, such as a 40-year mortgage, which was developed through Fannie's CU Advisory Council, and is being adopted by growing numbers of credit unions. Fannie, said Mudd, has also extended its partnership for its online mortgage underwriting tool with credit union mortgage lender Prime Alliance through 2011. Prime Alliance, a Tukwila, Wash., CUSO, does business with as many as 600 credit unions.
-
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
1h ago -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
2h ago -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
2h ago -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
3h ago -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
4h ago -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
5h ago