Lending

SAN FRANCISCO – Wells Fargo is terminating eight mortgage joint ventures, including a partnership with HomeServices Lending, an affiliate of Berkshire Hathaway, and said approximately 300 jobs will be affected over the next year or so.

ATLANTA – First mortgages deemed “seriously delinquent” declined by 156 basis points in June on a year-over-year basis, according to Equifax’s latest National Consumer Credit Trends Report.

WASHINGTON – Mortgage rates declined again last week – continuing their up-and-down motion – amid recent strong homes sales data for June, according to Freddie Mac.

WASHINGTON – Distressed homeowners are redefaulting in droves on loan modifications received through a government program, costing taxpayers billions and raising questions about the Treasury Department’s oversight of mortgage servicers.

HOUSTON – Promise Credit Union is partnering with Neighborhood Centers, Houston’s largest nonprofit, to offer the city’s 300,000 immigrants who are legal permanent residents “Citizenship Loans” that may be used to help them fund their naturalization applications, which can cost $700.

WASHINGTON – A leading credit union expert told Congress this afternoon that credit unions and other community lenders should have a major role in creating and overseeing a proposed federally backed secondary mortgage market agency in the case of a wind down of Fannie Mae and Freddie Mac.

ALEXANDRIA, Va. – Pentagon FCU, for a limited time, is offering auto loans for as low as 0.49% when shoppers use the PenFed online Car Buying Service.

LIVE OAK, Texas – Randolph-Brooks FCU has partnered with Pedernales Electric Cooperative to offer PEC members low-interest loans to finance energy efficiency or renewable energy projects.

WASHINGTON – Long-term mortgage rates declined this week, from a two-year high last week, according to Freddie Mac.

SAN JOSE, Calif. – Technology CU this week announced it has closed a $3-million member business loan for residential construction to venture fund Menlo Capital.

WASHINGTON – A leading credit union executive urged lawmakers this afternoon to maintain a role for the federal government in whatever reform scheme they adopt for the secondary mortgage market, even as a House proposal would eventually phase out the government role.

WASHINGTON – Department of Commerce FCU has selected LenderLive Network to service loans and manage document services.

WASHINGTON – Credit unions are selling increasing amounts of their record mortgage loans on the secondary market, almost all of them to Fannie Mae and Freddie Mac.

JAMESTOWN, Penn. – USSCO Jamestown FCU has developed a marketing agreement with Unifirst Mortgage Corporation it says will enable members to avoid the upfront fee other mortgage providers typically charge.

WASHINGTON – Mortgage rates resumed their climb this week, after they declined last week for the first time in six weeks, according to Freddie Mac.

WASHINGTON – House Republicans on Thursday proposed legislation that would eliminate Fannie Mae and Freddie Mac within five years and all but remove the government guarantee on mortgages, putting it at odds with a Senate bill tackling the issue.

PLANO, Texas – Catalyst Corporate FCU said it plans to roll out an agent loan participation program, now that NCUA has finalized its new regulations on participations.

WASHINGTON – NCUA and banking regulators on Wednesday issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans.