Lending

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.

The bread and butter of the CU auto loan portfolio is coming under greater pressure, say several analysts who see banks zeroing in on former franchisees of General Motors and Chrysler who are hanging out a new shingle.

If rates tick up, terms of loans will lengthen to keep borrowers in an affordable payment, predict analysts — some of whom have spotted auto loan terms of more than 100 months.

Credit Union Journal asked auto lending execs and analysts for their advice on managing the auto loan portfolio in a rising rate environment. Here's what they had to say.

Educational Employees CU said it has seen significant lift in its auto sales and a boost in new membership after launching an auto loan promotion that doubled as a benefit for World War II veterans.

CPCU Credit Union is starting the new academic year with a "Back to School Loan" it describes as designed to assist parents, young adults and educators with the growing number of costs associated with starting a new academic year.

Freedom First FCU has won the $100,000 Wells Fargo NEXT Seed Capital Award from Opportunity Finance Network and plans to use the grant to assist the many immigrants in its area get the financing needed to apply for U.S. citizenship.

Cornerstone Federal Credit Union's "Win the Race to Become Mortgage Free" promotion was so successful, the $96-million CU was forced to suspend it on the fourth day.

ALBANY, N.Y. – After years of futile attempts to drive high-cost online lenders out of business, at least one state's regulators appear to have hit on a successful strategy: cutting off their access to the payments system.

COLORADO SPRINGS, Colo. – As more consumers buy cars from private individuals instead of dealerships, Ent FCU is looking at ways to appeal to this expanding market segment.

WASHINGTON – One day after six federal agencies issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions, insiders questioned if the changes do much to help credit unions.