Lending

SPARTANBURG, S.C. – Spartanburg Regional FCU led the nation with the lowest average rate on a 30-year mortgage, 2.50%, in the newest analysis released by SNL Research, Charlottesville, Va.

SACRAMENTO, Calif. – A new analysis shows California is taking in approximately 41% of the approximately $20-billion that the five biggest mortgage servicers agreed in February to provide to homeowners in 49 states, in order to settle claims related to alleged abuses of consumers.

WASHINGTON – The average rate for a 30-year fixed-rate mortgage dropped two basis points to 3.35% from the previous week in Freddie Mac’s survey for the period ending Dec. 27.

MEQUON, Wis. – Mortgagebot reported that even with Hurricane Sandy affecting business in November, it still is projecting that more than 1 million mortgage loan applications will be submitted through its Enterprise end-to-end lending platform by yearend.

WASHINGTON – Mortgages improved their performance during the third quarter compared with one year earlier, but quality has tapered off, according to data released by the Office of the Comptroller of the Currency.

PAHO/WHO FCU here continues to see success with its annual holiday loan promo, this year offering as much as $9,000 at 0.99% for one year, and booking more than 110 loans since Nov. 1.

PLEASANTON, Calif. – November’s overall mortgage closing rate was 52.3%, down slightly from October, while HARP 2.0 is showing renewed traction, according to Ellie Mae’s Origination Insight Report for November.

WASHINGTON – Mortgage applications fell last week after interest rates edged up and consumers dialed back on refinancing.

WASHINGTON – Economists with Freddie Mac are projecting that single-family originations will decline 15% next year.

WASHINGTON – The National Association of Home Builders has released a forecast indicating it expects new home sales will increase 22% in 2013 to 447,000, following a 20% increase in 2012.

WASHINGTON – The Consumer Financial Protection Bureau has released a guide detailing how its examiners will review any private student lender to ensure compliance with applicable consumer financial laws.

Great Lakes CU believes female car buyers are being ignored by lenders and is aggressively pursuing women with a unique marketing approach.

WASHINGTON – Mortgage rates declined again to near record-lows this week, according to Freddie Mac.

WASHINGTON – CUNA was boasting yesterday of the role credit unions played in yesterday’s defeat in the Senate of the Transaction Account Guarantee bill sought by the banks.

WASHINGTON – Senate Republicans erupted with anger this morning after Senate Democratic Majority Leader Harry Reid barred all amendments from the Transaction Account Guarantee bill and the Senate voted against proceeding with debate on the banker-backed bill because of the Majority Leader’s ploy, apparently dooming the bankers’ bill.

WASHINGTON – Credit union lobbyists are predicting the Senate will fall short in moving to a final vote on the bank-backed Transaction Account Guarantee bill this morning, potentially forcing the bankers to seek a deal with credit unions on the member business loan provision.

PEMBROKE PINES, Fla. – Tropical Financial CU said it doubled its expected “Black Friday” loans, aimed at helping credit-challenged members get money to buy holiday presents

In the wake of Hurricane Sandy, lenders, particularly those in the Northeast, are being cautioned to pay closer attention to the condition of auto loan collateral, especially in looking for signs of flood damage.

Customers who walk into the Millennium Honda showroom these days take a number, just like shopping in a bakery. Contrary to the typical scenario in which a salesman meets someone as soon as they step on the lot, the wait for service can sometimes be hours for a sales consultant.

Amid the tragedy that surrounds so many lives and businesses in the Northeast, Hurricane Sandy will have some positive effects on the economy.