Lending

As the San Francisco Bay Area housing market continues its recovery, $3.8-billion Patelco Credit Union expects to set a record for mortgages this year and top it in 2013.

This seaside city has long been the bell cow for California real estate market, which may be good news.

As credit unions from the California and Nevada leagues stage their annual meeting this week, there are finally signs that health is returning to the housing and mortgage markets.

The Golden 1 Credit Union is in the middle of one of the biggest refi booms in its history.

With the housing market staging a “minor recovery” in the Silver State’s capital city, one credit union lender here is finally seeing an equal number of purchase mortgages and refinances.

Don’t try telling Jennifer Denoo, chief operations officer for Great Basin Credit Union, it is difficult or impossible for consumers to get a mortgage due to tighter underwriting standards in a post-crisis market.

Although this market has a well-earned reputation as a depressed real estate market crushed by a glut of unsold housing, Wayne Tew, president and CEO of Clark County CU believes already strong mortgage volume would be even better if there were more homes to sell.

The housing market’s gradual recovery on a national level has picked up “measurable speed,” according to new analysis from Veros Real Estate Solutions.

As credit unions increasingly are turning to mortgages to boost their loan portfolios, three CEOs said real estate lending is a key factor in their success.

WASHINGTON – Mortgage rates remained flat in the latest week, holding near all-time lows, according to Freddie Mac.

MIAMI – CUNA Mutual Group announced winners of its annual Excellence in Lending Awards during this week’s 2012 CUNA Lending Council Conference.

MIAMI – A federal appeals court yesterday denied a request by Power Financial CU to order NCUA to uphold a $15 million real estate loan deal the federal regulator had agreed to, then rescinded because the borrowers did not fit within the credit union’s field of membership.

WASHINGTON – Troubled secondary mortgage market giant Freddie Mac reported net income of $2.9 billion this morning for its second quarter, its second straight quarterly profit and the latest sign of a rebounding mortgage market.

VIENNA, Va. – Navy Federal Credit Union originated $2.63 billion of home mortgages in the third quarter, more than doubling its production of a year ago.

NEW YORK – Credit unions around the county were reaching out over the weekend to needy members and employees, donating emergency aid for Hurricane Sandy relief and doing what they do best--offering special loans to begin the rebuilding after last week’s devastating storm.

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

RAEFORD, N.C. – State Employees’ CU’s SECU Foundation has agreed to provide 0% financing for another low-rent teachers’ project here, a $2.4 million 24-unit project for teachers in Hoke County.

DENVER -- The state of Colorado will receive $1.8 million as part of a settlement with Lender Processing Services for past mortgage document execution practices by LPS subsidiaries, DocX and LPS Default Solutions, including “surrogate signings” of documents.

Credit Union Journal asked attendees of the recent annual conference of the American Credit Union Mortgage Association how they are generating mortgages while also balancing risk.