Lending

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.

NEW YORK – cuStudentLoans, a private student loan and private student loan consolidation program through a CUSO owned by 160 CUs, said it has developed a new private student loan refinancing program for joinStampede.

MADISON, Wis. – Credit unions are showing a “healthy” 5.2% annual growth in lending, according to analysis of Q1 data by CUNA Mutual Group’s Trends Report.

WASHINGTON – The House Financial Services Committee will roll out a bill to scale back the Federal Housing Administration’s single-family program in the “next month or so,” according to Rep. Randy Neugebauer, R-Texas.

NEWPORT BEACH, Calif. – At least one analyst is bucking the conventional wisdom that says Fannie Mae and Freddie Mac need to be reformed to encourage private capital to move back into the housing market.

ONTARIO, Calif. – More credit union members, especially younger ones, are placing as much emphasis on convenience as rate when shopping for a car and closing the loan.

WASHINGTON – Home loan rates moved up this week, after declining the previous four weeks, according to Freddie Mac.

WASHINGTON – Fannie Mae, riding the crest of the mortgage market recovery, reported a $58.7 billion first quarter net this morning, much of it from a one-time accounting move that allowed the company to lower its tax liability.

WEST JORDAN, Utah – Mountain America CU said it has added paperless origination to its Quick Close mortgage process.

WASHINGTON – Freddie Mac reported a $4.6 billion profit for its fiscal first quarter this morning, its second highest ever and another sign of the recovering mortgage market.

OLYMPIA, Wash. – Generations CU, in partnership with Thurston Energy, is buying down the interest rate on loans for qualifying home energy efficiency projects.