Lending

ALEXANDRIA, Va. – Credit unions offering higher-risk mortgages, those with above-average interest rates, will need to get written reports by certified appraisers who physically inspect the inside and outside of homes, under new rules being issued by NCUA and the banking regulators.

TAMPA, Fla. – GTE Financial announced this morning it has become one of a handful of credit unions-the first outside the Washington metro area—to offer its members the HarmonyLoan, allowing the borrower to adjust the interest rate on their mortgage or car loan with a single click of the mouse.

WASHINGTON – Home loan rates moved slightly again this week, reaching the highest level in eight weeks, according to Freddie Mac.

WASHINGTON – The new House Financial Services Committee Chairman, an ardent opponent of the Consumer Financial Protection Bureau, questioned the legality of the fledgling agency this afternoon, even while promising Congressional review of new mortgage rules issued by the agency this morning.

WASHINGTON – The Consumer Financial Protection Bureau set new rules this morning that will require credit unions, banks and other mortgage lenders to determine a borrower’s ability to repay their loans before approving a mortgage.

NEWPORT NEWS, Va. – Langley FCU yesterday announced it is now offering private student loans through CU Student Choice.

PHILADELPHIA -- A local mortgage broker has pleaded guilty to masterminding a $4-million mortgage fraud he ran through Police & Fire FCU.

WASHINGTON – The new Chairman of the House Financial Services Program opened the 113th Congress today by proposing an end to the federally subsidized flood insurance and a privatization of the program that was most recently soaked by losses from Hurricane Sandy.

WASHINGTON – Long-term mortgage rates started the New Year in the same holding pattern they have had for months, remaining near all-time lows, according to Freddie Mac.

WASHINGTON – Purchases of mortgage loans by Fannie Mae jumped 25% in the month of November to the highest level since the refinancing boom of 2009, when the Federal Reserve first started purchasing agency MBS.

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.