Lending

MADISON, Wis. — When it comes to private student loans, the growing success of Internet-driven lending models that can offer lower rates has caught the attention of some credit unions executives.

At a hearing Tuesday, GOP lawmakers hammered FHFA Director Mel Watt for four hours over his recent decisions to allow Fannie Mae and Freddie Mac to buy loans with lower downpayments and provide money to two affordable housing trust funds.

WASHINGTON — Greater availability of mortgage credit along with an improving picture in the general economy will make 2015 a year of "housing opportunity," Housing and Urban Development Secretary Julian Castro said Wednesday.

Credit unions provide better interest rates on customers' checking and savings accounts than other financial institutions, according to a report from personal finance social network WalletHub, a unit of Evolution Finance.

WASHINGTON — Housing and Urban Development Secretary Julian Castro moved swiftly on Thursday to defend pending cuts to the Federal Housing Administration's premiums, rebutting GOP arguments they are premature.

Credit unions are making community banks sweat in the small business lending arena.

A strong 2014 for credit unions should bode well for the New Year—at least as far as lending is concerned.

VIENNA, Va. — In a sign that the nation's largest credit union plans to expand its member business lending, Navy Federal has created a dedicated commercial participation loan position.

WASHINGTON — Mortgage lenders are hoping the new Republican-controlled Congress is going to be more receptive to making changes to the "qualified mortgage" rule.

WASHINGTON — The Federal Housing Finance Agency is in an uncomfortable spot in 2015, caught between a Republican majority already critical of its recent actions and an Obama administration bent on increasing access to credit in part by using the agency's powers.

MIDLAND, Mich. — Whether the money is for coping with an unexpectedly high gas bill or just paying for holiday gifts, the "Whatever Loan" continues to be a big success for Members First CU here.

Member business loans are often touted as a major area of opportunity for credit unions, but they also come with additional risk not the least of which are special concerns related to collections.

The Consumer Financial Protection Bureau is urging the Department of Defense to finalize a proposal meant to stop lenders from offering expensive credit to military personnel.

The Federal Housing Administration is facing severe challenges next year as some pressure it to lower premiums to deal with new competition from the government-sponsored enterprises, even while its insurance fund remains weak and it faces added scrutiny from GOP lawmakers.

WASHINGTON — OAS Staff FCU here has $220,000 in new loans on the books after a summertime promotion offering loans to help their soccer-mad members afford to travel to Brazil to see the World Cup.

SEATTLE — Verity Credit Union, a $432-million federally-insured state-charter, launched a program last year to further encourage the local popularity of bicycle riding.

Eight months into the Non-Prime Auto Lending (NPAL) pilot, none of the participating credit unions has had to write off a single loan, according to the program's consultant.

The Small Business Administration has introduced a new online credit scoring tool that can be used for most of its small business loans of $350,000 or less

Data indicates that not only are more and more people acquiring credit cards from credit unions, but that the default and delinquency rates were lower for credit cards issued by credit unions than those offered by banks.

Fannie said it will immediately begin accepting applications for fixed-rate 97% loan-to-value financing of borrowers with Fico scores as low as 620. Freddie, meanwhile, took a more cautious approach, delaying the start of the program, requiring credit counseling, and in some cases only allowing Fico scores as low as 660.