Pacific Service Latest To Sign Up ForHLPR
WALNUT CREEK, Calif. - (12/29/05) Pacific Service Credit Union has becomethe latest to join in CUNAs Home Loan Payment Relief (HLPR)program, bringing the number of participants to approximately 80.PSCUs participation was approved by the CaliforniaDepartment of Financial Institutions and will allow the creditunion to offer below-market-rate mortgages to low- andmiddle-income home buyers. HLPR is a voluntary initiative in whichcredit unions assume a greater portion of the costs related toprocessing a home loan for people of modest means.The program was rolled out Oct. 31 and is a three-year ARM chargingabout one percentage point below prevailing rates. It requires adownpayment of 3%. "Rising home prices have kept many people out ofthe housing market. With (the program), we can assist our membersof modest means by lowering the required income level for amortgage, decreasing the down payment needed, eliminating closingcosts and reducing monthly payments," said Pacific ServicePresident Tom Smigielski. PSCU has committed $5 million toHLPR.