Lending

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.

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.