Lending

WASHINGTON – Mortgage rates held steady this week near all-time lows, with the continuing economic turmoil in Europe, combining with the troubles at home to keep a lid on rates, according to Freddie Mac.

ENDICOTT, N.Y. – Visions FCU, the former IBM employees still trying to survive the mass lay-offs of the past decade, has turned to a new kind of member business loan, private housing for college students.

WASHINGTON – 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.

FRANKENMUTH, Mich. — Neighborhood Mortgage Solutions announced the hiring of Greg Wischmeyer as the CUSO’s new CEO.

WASHINGTON – Credit Union executives and volunteers are very pessimistic about the prospects for their bill to raise member business loan limits and expect it to die again this year, along with the other credit union-backed bills, as Congress comes to a close as soon as next week.

Terence Roche, principal and co-founder of Scottsdale, Ariz.-based Cornerstone Advisors gives ten steps to revitalize lending.

SPRINGHILL, La. – Carter FCU has contracted for mortgage services with Member Advantage Mortgage, LLC, a Grand Rapids, Mich., CUSO.

WASHINGTON – Mortgage rates continued to hover near record lows this week, according to Freddie Mac.

CHICAGO – A Maryland patent owner filed suit in federal court here last week claiming Alliant CU is infringing on its patent for collecting debt through its call center, including its pay-by-phone collections.

Affinity Federal Credit Union has rolled out a 5/5 Adjustable Rate Mortgage it said provides members the best of both worlds-access to low rates with several protections built in.

For CUs to get their share of loans from rising new car sales, they must rethink how they approach new car lending.

Truliant FCU here has booked more than $70,000 in business loans after instituting a state-developed program to aid would-be entrepreneurs.

Don't just send the coffee mugs to the F & I team, get out of the office to solidify relationships with auto dealerships being swayed by an increasing number of captive and bank offers.

In the face of steep competition for auto loans, lenders and industry analysts weighed in with advice on what CUs can do to grab more of the lending business coming from the increase in new car sales.

With the number of U.S. college students near an all-time high, there continue to be opportunities in student lending for credit unions as a new school year approaches.

WEST JORDAN, Utah – Mountain America CU said it has saved its members almost $7 million in interest payments by refinancing, consolidating and otherwise eliminating high-interest debt by converting it to reasonable, low-interest loans in just the last four months.

WASHINGTON – Long-term mortgage rates declined this week to near all-time lows, following bond yields lower after gradually moving higher over the past month, according to Freddie Mac.

ALBANY, N.Y. – The credit union bid for exemption from a the state’s mortgage tax is shaping up as a major political battle, with the organization representing the state’s 600 cities and towns the latest to ask the state’s highest court to uphold the tax.

SAN JOSE, Calif. -- Alliance CU has combined the features of the fixed-rate mortgage and an adjustable-rate mortgage into a 5/5 ARM.