Lending

PHOENIX – Arizona State CU said it has saved its members more than $2 million in annual costs, with the average member saving $369 on monthly mortgage payments, through the government’s Home Affordable Refinance Program, or HARP 2.0.

WASHINGTON -- Average mortgage rates in the U.S. rose over the past week, though fixed rates remained near historic lows, according to Freddie Mac.

NEWBURGH, N.Y. -- A former Clarion Hotel filed for Chapter 11 bankruptcy last week, a few days before a scheduled foreclosure sale of the property by Hudson Valley FCU.

ONTARIO, Calif. – CU Direct Corp., the leader in indirect auto loans for credit unions, announced this morning it has expanded its retail loan operations with the acquisition of Lifestyle Lending Insights, a Salt Lake City provider of so-called lifestyle loans—for medical or retail purposes—through credit unions.

Are two credit unions ahead of the curve when it comes to lending money for compressed natural gas (CNG) fueled vehicles?

ALBUQUERQUE, N.M. – One of seven Nigerians who allegedly drained $4 million of fraudulent home equity lines of credit from a half dozen credit unions was arraigned here last week following his arrest in Georgia.

WASHINGTON – Mortgage rates fell still lower this week, to all-time lows, according to Freddie Mac.

BOSTON – First Marblehead Corp., provider of a private label student loan platform, announced this morning it has agreed to acquire certain assets and liabilities of Cology Inc., a provider of student loan processing and servicing for more than 250 lenders, most of them credit unions.

GROTON, Conn. – Charter Oak FCU said it is providing a $1.5 million member business loan package to renovate and expand the Interdistrict School for Arts and Communication, a local charter school.

TULSA, Okla. -- A Dallas-area man was charged in federal court here last week with using another person's Social Security number to finance the acquisition of sport utility vehicles and motorhomes from two Tulsa credit unions.

WASHINGTON – The Federal Reserve’s latest round of stimulus, announced last week, helped push down mortgage rates again to new lows this week, according to Freddie Mac.

Neighborhood Credit Union has begun offering vehicle return protection as an enhancement to its suite of auto lending products.

WASHINGTON – Mortgage rates again declined to all-time lows, with the average for the benchmark 30-year loan slipping to 3.49% this week from 3.55% last week, according to Freddie Mac.

BIDDEFORD, Maine – Ocean Communities FCU has selected CU Realty Services to help it expand its mortgage program.

MEDFORD, N.Y. – Suffolk FCU is offering loan rates as low as 1.22% for cars bought through Enterprise Car Sales.

Auto lenders beware: high gas prices may actually be driving down the value of small, fuel-efficient cars.

Congressional credit union supporters are seeking a way to get the member business loan measure through Congress in the final days of this year's session, with the chances of an up-or-down vote on the bill itself fading fast.

KALISPELL, Mont. — A mortgage broker pled innocent Friday to charges of bank and wire fraud in connection with a $450,000 mortgage she obtained from Whitefish CU.