Lending

SAN DIEGO – San Diego County CU announced it is eliminating all closing costs on its 5/5 ARM for all home purchases and refinances up to $1.5 million.

HERNDON, Va. – Northwest FCU is hailing a 14-year-old entrepreneur its youngest member to open a business account. The youngster started an ice cream franchise that has grown into a local rage, with a website, a menu of flavors and shelf space at neighborhood stores.

WASHINGTON – Mortgage rates declined this week for the fifth week in a row, inching nearer to record lows, according to Freddie Mac.

WASHINGTON – The White House announced this morning it plans to nominate 11-term Democratic Rep. Melvin Watt, a strong credit union supporter, to head the Federal Housing Finance Agency, which regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.

WASHINGTON – U.S. Senate FCU has chosen LendKey, known until recently as Fynanz, to provide it with a platform to offer private student loans and private student loan consolidations through its cuStudentLoans program.

SUITLAND, Md. – Andrews FCU has selected LendKey, known until recently as Fynanz, to provide it with a platform to offer private student loans and private student loan consolidations through its cuStudentLoans program.

WASHINGTON – Mortgage rates fell for the fourth straight week, with the average for the 15-year loan dipping to a new low, according to Freddie Mac.

WASHINGTON – Mortgage lenders received welcome news in the form of clarifications and changes to the voluminous new mortgage rules released in January by the Consumer Financial Protection Bureau.

EAST HARTFORD, Conn. – American Eagle FCU, the state’s second biggest credit union, said it is now longer offering member business loans because of inaction by Congress in increasing the MBL limit.

VIENNA, Va. – Navy FCU, which has emerged as the Washington-area’s leading mortgage lender, said this morning it is offering members 100% financing on home loans.

WASHINGTON – Mortgage rates headed lower again this week amid weak consumer spending data, according to Freddie Mac.

GESSUP, Ga. – Interstate CU has partnered with Sallie Mae to offer a private student loan program, the Smart Option Student Loan.

BRADENTON, Fla. – Manatee Community FCU has teamed with the Jaensch Immigration Law firm for a program that will allow immigrants to begin preparing for the costs of reform such as penalties and naturalization fees, according to a written statement.

WASHINGTON – Mortgage rates tumbled for the second week in a row, falling to near all-time lows, according to Freddie Mac.

The $268-million Southwest Airlines FCU is among those attempting to get its arms around new mortgage lending rules from the CFPB.

With eight months to go before new mortgage rules from the Consumer Financial Protection Bureau take effect, credit unions are struggling with how to respond-or even which rules to respond to.

Unlike some credit unions that are still deciphering the new CFPB mortgage rules that take effect in January, $622-million Silver State Schools CU says it already is prepared.

It's a common refrain: credit unions need to build relationships with Realtors to improve their purchase mortgage business. The $186-million TEG FCU here has taken action.

With demand up and supply down, one analyst is declaring the housing crisis over. But the good news comes with a caveat, as one person is warning that credit unions need to capture as many purchase mortgages as possible because the long-running refinance boom is winding down.