Lending

Consumer misconceptions regarding auto financing are costing credit unions opportunities to book loans.

WASHINGTON – Long-term mortgage rates followed government bonds higher this week, with the average rate on a 30-year fixed-rate mortgage jumping to a one-year high, according to Freddie Mac.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services, the leading provider of payment services for credit unions, announced this morning a new suite of mortgage offerings in partnership with LenderLive Network of Glendale, Colo.

While auto lending is showing positive signs for credit unions-new car sales are up as are CU loans-credit unions are having to scrap harder for each deal, dig deeper into credit tiers, drop rates and even extend terms.

The $1.7-billion UWCU is finding it can take on manufacturer deals this year, with new car loans showing a marked increase.

COLORADO SPRINGS, Colo.-The person who was first to make the call that the used car price bubble could burst, now says the downward slide in used values is starting, as well.

Despite industry-wide numbers showing lending up at credit unions overall and auto playing a big role, a number of credit unions in this state say it is tough to make car loans this year-even with one priced at .99%.

CU Direct's CUDL brand has expanded operations into Canada with the launch of Auto Premier, which leverages CUDL products and technology to provide automotive web strategies and solutions to the Canadian credit union marketplace.

The choice of and loyalty to a specific auto lender is driven more by intangible loan factors, such as good service, ease of contacting the lender and lender responsiveness, than from more quantifiable loan factors, such as interest rates and down payment requirements, according to a new report from the Filene Research Institute.

Is there any such thing as a "good" payday loan? That is the debate at the heart of a move by the National Consumer Law Center and Center for Responsible Lending to urge NCUA to crack down on nine credit unions that allegedly engage in predatory payday lending practices.

JACKSONVILLE, Fla. – Lender Processing Services has released its “first look” mortgage report, which shows the percentage of first mortgage loans that are 30 or more days past due but not in foreclosure has dropped below 6.5% for the first time since July 2008.

WASHINGTON – Sen. Kirsten Gillibrand (D-NY) last week introduced the Federal Student Loan Refinancing Act, which would enable federal student loan holders with interest rates above 4% to refinance those loans at a fixed rate of 4%.

WASHINGTON – Two Consumer Financial Protection Bureau officials testified before the House Financial Institutions and Consumer Credit Subcommittee here yesterday about the Qualified Mortgage rule the regulator has put together.

ATLANTA – Strong demand for new cars has boosted consumer borrowing to its highest level since 2008, according to a new report from Equifax.

As the result of the new Qualified Mortgage (QM) rule from the Consumer Financial Protection Bureau, nearly half (44%) of credit unions in a survey conducted by NAFCU indicated they will cease originations of non-qualified mortgages, while another 44 percent will reduce originations.

WASHINGTON – Two consumer advocacy groups are urging NCUA to crack down on nine credit unions that allegedly engage in usurious lending practices akin to payday lending.

PLEASANTON, Calif. – If lending trends are any indication, spring has definitely sprung, according to Ellie Mae’s “Origination Insight Report” for April.

HERSHEY, Penn. – Despite industry-wide numbers showing lending up at CUs and auto playing a big role, a number of credit unions in this state say it is tough to make car loans this year – even with one CU at .99%.

RALEIGH, N.C. – State Employees CU’s First Time Homebuyer’s Mortgage Loan program has surpassed the $1-billion mark in loan balances.

MADISON, Wis. – The choice of and loyalty to a specific auto lender is driven more by intangible loan factors, such as good service, ease of contacting the lender and lender responsiveness, than from more quantifiable loan factors, such as interest rates and down payment requirements, according to a new report from the Filene Research Institute.