Lending

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.

WASHINGTON – The members of the Mortgage Insurance Cos. of America did nearly $8 billion in Home Affordable Refinance Program workouts in 2Q13, up from $7.8 billion in 1Q13.

CHARLOTTE, N.C. – Bank of America has become the latest bank to announce major mortgage layoffs.

PLANO, Texas – Credit union CEOs are entering September with heightened expectations for the lending performance of their credit union.

COSTA MESA, Calif. – Leasing has been picking up over the last year, and the momentum only will accelerate as loan rates rise, analysts agree.

WASHINGTON – The Federal Housing Finance Agency is mulling a reduction in Fannie Mae and Freddie Mac's loan limits that is slated to kick in Jan. 1, 2014.

A unique "co-opetition" between two credit unions 2,800 miles apart — Red Canoe CU, just north of Portland, Ore., and Empower FCU, in upstate New York — has helped save their members more than $2.7 million.

Pickup trucks of all sizes are expected to hold their value better than all other vehicle segments during the next two years, according to Black Book.

CUNA Mutual's latest Trends Report shows short-term credit, primarily vehicle loans, accounted for most of the annual gain in new auto loans.

With the CFPB zeroing in on buy-rate financing, the agency's next target may be auto dealer insurance add-ons-and that could significantly hike the indirect loan price consumers see, cautions one CU exec.

When auto loan rates eventually tick up, and analysts agree a rising rate environment is coming, credit unions will be in a better position to battle for new car loans.