Lending

Financial institutions that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.

National home values continued their year-long climb as prices rose in October for the twelfth consecutive month, according to Zillow.

The Mortgage Bankers Association said its index of mortgage activity, which includes both refinances and purchase activity, fell 2.2% for the week ended Nov. 16 from a week earlier.

While some CUs are reporting strong volume in HARP loans, others say they’ve seen little activity at all.

A number of credit unions that say that have “embraced” the government’s HARP program say it has hugged them back by boosting lending.

WASHINGTON--Credit unions have posted their strongest-ever loan performance through their first three quarters of 2012, according to analysis of 5300 Call Report data by Callahan & Associates.

VIENNA, Va. -- Navy FCU said yesterday its October mortgage closings surpassed $1 billion, a new monthly milestone.

PHILADELPHIA – Radian Guaranty said Friday it has agreed to provide private mortgage insurance in the self-adjusting HarmonyLoan mortgage provided by several credit unions through Mortgage Harmony Corp.

Mortgages, portfolio diversification, member convenience strategies, and auto loans (see related story) are what's working in lending, according to a survey of lending executives at the 2012 CUNA Lending Council Conference.

Pick-up trucks are holding their value better these days than compact cars, an interesting trend in light of the high gas prices, pointed out Ricky Beggs

Credit unions shouldn't pay too much attention to negative headlines regarding private student lending.

WASHINGTON – Average fixed mortgage rates fell to new lows over the past week, again, according to Freddie Mac.

PENSACOLA, Fla. – Navy FCU and Pen Air FCU announced this morning they are partnering to provide member business loan financing for a 152-room Holiday Inn resort development on nearby Oskaloosa Island, the two credit union giants’ third hotel project together.

PLANO, Texas – Credit union CEOs’ expectations for loan demand rose in the third quarter to their highest point in three years, according to Catalyst Corporate FCU’s most recent quarterly CEO Confidence Survey.

WASHINGTON – The community banking lobby is refusing to budge in its opposition to the credit union member business loan bill and says Congress should wait to see the impact of NCUA’s recent move to exempt an additional 700 credit unions from the MBL cap before considering the long-sought legislation.

DURHAM, N.C. – Self-Help FCU has teamed with a Chicago community development group to buy 1,100 mortgages mostly held by Hispanic borrowers from the FDIC that were made by the failed Second Federal Savings & Loan Association.

Credit unions’ efforts to focus more on B and C credit should be made with an even more watchful eye now, cautioned several lending executives attending the 2012 CUNA Lending Council Conference.

Some mortgage applicants continue to be surprised they need to prove they actually have a job and do not carry too much debt.

Awareness that they make mortgage loans has long been an issue for credit unions. Not so for the $5.7-billion San Diego County CU.

With low rates largely a commodity but with fees that are below market, the $2-billion Redwood CU has found another factor is helping drive mortgage volume: being locally owned.