Lending

SAN FRANCISCO – Wells Fargo is laying off 2,300 mortgage jobs nationwide as the result of flagging demand for mortgage refinancing.

JACKSONVILLE, Fla. – As refinancing volumes have begun to decline, many lenders are now trying to extend the home financing boom by pitching adjustable-rate mortgages to borrowers, harkening back to the precrisis boom years.

VIENNA, Va. – Navy Federal Credit Union said its mortgage originations are at an all-time high despite difficulties in some of the housing markets it serves, as it booked nearly $8 billion in loan production through the month of July.

BECU has found success leveraging Pinterest as part of a larger lending campaign.

ARLINGTON, Va. – NAFCU’s Economic & CU Monitor shows government-sponsored enterprises Fannie Mae and Freddie Mac play an outsized role in the credit union industry’s mortgage products – a finding the trade group says underlines the importance of credit unions’ continued access to the secondary mortgage market.

WASHINGTON – The Consumer Financial Protection Bureau released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013.

WASHINGTON – Long-term mortgage rates remained unchanged this week, with the average for the 30-year home loan remaining at 4.4% for a second week in a row, according to Freddie Mac.

ROANOKE, Va. – The Opportunity Finance Network announced this morning that Freedom First FCU is the winner of a $100,000 NEXT Seed Capital Award to introduce the American Dreamer Loan, which will provide Roanoke-based immigrants financing they need to apply for citizenship, the first loan program of its kind in the area.

NEW YORK – New analysis released by the Federal Reserve Bank of New York suggests that a revival of subprime auto lending, which has spurred concern in some quarters about excessive risk, should not be a concern.

VACAVILLE, Calif. – Travis CU has partnered with Yolo Family Resource Center on Tanda loans, a program that incorporates financial education, peer learning, and social reinforcement and rewards to the local underserved Hispanic community.

A mortgage product introduced to take advantage of a declining rate environment is seeing new interest even as rates rise.

WASHINGTON – Average mortgage rates were mixed in the latest week, showing little change following a weaker-than-expected July jobs report, according to Freddie Mac.

LIVONIA, Mich. – Co-op Services Credit Union announced it achieved its goal to save members of the community more than $200,000 in auto loan interest through its “Amazing Auto Loan Challenge.”

PHOENIX – President Obama called on Congress to speed elimination of Fannie Mae and Freddie Mac yesterday, issuing his strong support for some kind of government backstop in the secondary mortgage market – a critical priority for credit unions.

MANSFIELD, Texas – People who purposely default on their mortgage have gotten a lot of attention in the past few years, but only a tiny percentage of North Texans think such action is ever justified, according to a Texas Trust Credit Union survey of homeowners.

Credit Union ONE here plans to push auto loans all throughout the summer of 2013-even though some of those loans may not be fully paid off until the summer of 2020.

GERMANTOWN, Md. – Montgomery County Employees FCU has introduced private student loans from Sallie Mae.

ARLINGTON, Va. – The National Cooperative Bank has purchased a $7.25 million loan participation in a $12.25 million loan facility with Alaska USA FCU for the refinancing of the KeyBank Center midtown in Anchorage.

WASHINGTON – Mortgage rates went back up this week, after declining the previous two weeks following a six-week fall, according to Freddie Mac.