Lending

MARLBOROUGH, Mass. – Digital FCU on Thursday said it signed a deal with SunPower Corp., a San Jose, Calif.-based maker of solar power systems, to provide up to $100 million in financing for residential solar projects – which the credit union plans to participate out to area credit unions.

LAS VEGAS–While most CU executives are worried about the new Consumer Financial Protection Bureau's new mortgage regulations, one CEO thinks those fear-inducing rules will actually present a "big opportunity" for credit unions.

LAS VEGAS – Credit unions should see the “opportunity in the challenge” offered by the new mortgage rules from the Consumer Financial Protection Bureau.

WASHINGTON -- Battered by defaults on loans it insures, the Federal Housing Administration is expected to tap the Treasury Department for $1 billion to $1.5 billion to plug a budget shortfall, according to three people familiar with the agency's finances.

A new study found that it could be time for CUs to change their attitude about "predatory" payday lenders. That's because payday lenders often charge less than 75% of what depository institutions do for a $100 cash loan.

LAS VEGAS – As the credit union mortgage business transitions from a refi market to a purchase market, CUs are having to make “hard decisions” about their sales staff.

WASHINGTON – Mortgage rates declined this week, after a long-term rise, as signs of a weakening economic recovery emerged, according to Freddie Mac.

LAKE BLUFF, Ill. – Even though credit union and bank balance sheets have improved since the financial crisis, loan growth has mostly stalled or has fallen at small credit unions and community banks, according to a new study from Moebs $ervices.

LAKE BLUFF, Ill.—Even though credit union and bank balance sheets have improved since the financial crisis, loan growth has mostly stalled or has fallen at small credit unions and community banks, according to a new study from Moebs Services.

WASHINGTON – CUNA has unveiled a new compliance resource for CFPB Mortgage Rules.

NEWARK, N.J. – The estate for U.S. Mortgage Corp. and its CU National Mortgage subsidiary paid 26 credit unions and Fannie Mae an initial distribution of $8 million last week, repayment for losses accrued in the $140 million fraud engineered by company founder Michael McGrath, with additional payments expected.

WASHINGTON – Average fixed mortgage rates in the U.S. were flat in the latest week, even as mortgage applications continued to slide amid the rising rates of the past few months.

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling told credit union executives during NAFCU’s Congressional Caucus he wants to accelerate reform of the secondary mortgage market with the phase down of Fannie Mae and Freddie Mac over the next five-to-seven years and the elimination of the federal guarantee on mortgages they buy.

WASHINGTON – Ginnie Mae this week presented itself to credit unions as an additional way to sell their mortgages on the secondary market, with a new conduit it is issuing with the Federal Home Loan Bank of Chicago.

Sooper Credit Union's "solar garden" lending program has generated 42 loans for $670,000 in its first year-plus.

WASHINGTON – Mortgages rates moved higher this week amid recent data pointing to signs of a stronger economic recovery, as well as positive news coming from the housing and manufacturing sectors, according to Freddie Mac.

NEW YORK – JP Morgan Chase, the second-biggest provider of student loans, said it is exiting the market, leaving a huge opening in the burgeoning market for credit unions.

LINTHICUM, Md. – State Employees’ CU of Maryland yesterday said it contracted with CU Realty Services to provide members a full range of home-buying services.