Lending

With manufacturer incentives driving auto loan rates down, down, down, Pentagon Federal Credit Union is offering 0% this month, turning to a unique arrangement not unlike that between automakers and their dealers.

DURHAM, N.C. – In response to a shift in policy by the Obama Administration, Latino Community Credit Union has moved quickly to create a “Dreamer Loan” aimed at students who qualify for Deferred Action.

WASHINGTON – Although credit unions reported robust first-half lending volume driven in large part by mortgages, mortgage applications fell sequentially by 4.5% for the week ending Aug. 10.

WASHINGTON – Fannie Mae and Freddie Mac have expanded efforts to get refunds on soured mortgages, boosting the cost of faulty home loans and foreclosures at the biggest U.S. banks since 2007 to at least $84 billion.

NEW YORK – Small-business lending by credit unions dropped in July over the previous month, according to the newly released data from the Biz2Credit Small Business Lending Index.

WASHINGTON – Credit unions recorded their highest loan volume ever during the second quarter of 2012.

CHICAGO – Another sign the economy may be recovering: The national mortgage delinquency rate dropped for the second consecutive quarter, according to data released by TransUnion.

A unique lending promo at A+ FCU is not only helping six small startup businesses succeed, it's making the credit union a better business lender.

Massachusetts Gov. Deval Patrick has signed a new law that will make it harder for credit unions and banks to foreclose by requiring lenders to jump through additional hoops.

As many as 1,000 additional credit unions are eligible for NCUA's low-income designation and the exemptions it affords under a White House initiative unveiled last week to try to alleviate conditions caused by the historic drought plaguing much of the country.

Wright-Patt CU has formed a partnership with a local real estate company, Irongate Inc. Realtors, with a goal of expansion as the relationship develops.

WASHINGTON – The banking lobby was irate last week over NCUA’s announcement that 1,000 credit unions are immediately eligible for low-income status and thus exempt from the congressionally mandated cap on member business loans.

WASHINGTON – Long-term mortgage rates ticked up again this week from record lows – for the second week in a row – according to Freddie Mac.

SEATTLE – The Federal Home Loan Bank of Seattle on Wednesday said it purchased $238 million of Utah Housing Corp. bonds that were used to finance mortgages by several of Utah’s biggest credit unions and banks.

BOSTON – Massachusetts Gov. Deval Patrick has signed a new law that will make it harder for credit unions and banks to foreclose by requiring lenders to jump through additional hoops.

WASHINGTON – Freddie Mac reported a $1.2 billion second quarter profit this morning, meaning the housing giant will not require government bailout funds this quarter for the first time since its 2008 federal takeover.

INDIANAPOLIS – FORUM CU yesterday said it will offer private student loans through Sallie Mae to its members.

Now is a time lenders must pay close attention to used values, advises Ricky Beggs, VP and managing editor at Black Book.

RACINE, Wis.-Add $1.4-billion Educators Credit Union to the list of CUs that are effectively using loan transfer programs to save members on interest payments while building loan portfolios.

WASHINGTON – Average rates on 30- and 15-year fixed mortgages climbed slightly higher this week, breaking a run that saw rates match or set new record lows for 13 out of the past 14 weeks, according to Freddie Mac.