Lending

ALEXANDRIA, Va. – Mid-year data for credit unions released by NCUA show strong loan growth and net worth that is at the highest point since 2008.

MADISON, Wis. – Entries are being accepted through Sept. 13 for the 14th annual Excellence in Lending Awards, which recognize outstanding lending results and practices by credit unions.

WASHINGTON – CUNA and NAFCU have joined with other trade associations and financial institutions in requesting additional modifications be made to the definition of “qualified residential mortgage” (QRM), along with other changes to a 505-page proposal currently out for comment.

CHARLOTTESVILLE, Va. – As mortgage rates continue a steady climb, U.S. financial institutions could be facing a significant decline in mortgage volumes during the second half of 2013, according to projections being made by SNL.

CHARLOTTE, N.C. – A judge has ruled that Bank of America Corp. must face a trial next month in a lawsuit alleging the bank's Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages.

WASHINGTON – Bankers and other lenders are strongly urging the Consumer Financial Protection Bureau to delay implementation of its "qualified mortgage" and other pending rules, warning that they will not be ready by the Jan. 10, 2014 deadline.

ONTARIO, Calif. – Lending in one of the states hit hardest by the recession is on the rebound.

WASHINGTON – For the first time since 2008, loan growth at credit unions has exceeded deposit growth.

SOMERVILLE, Mass. – CPCU Credit Union is offering a Back to School Loan aimed at assisting parents, young adults and educators with costs associated with a new school year.

ALEXANDRIA, Va. – NCUA said it will host two free webinars on member business lending for small credit unions during September.

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.