Lending

EAST LANSING, Mich. – Michigan State University FCU said it is offering a $25,000 grant to a local entrepreneur as part of the start of its small business startUP Loan Fund.

HARRISBURG, Penn. – A Texas real estate broker was indicted by a federal grand jury Friday for allegedly defrauding credit unions, banks and investors out of $16 million in connection with the sale and leaseback of Jiffy Lubes and other automotive service companies in Pennsylvania, New York, North Carolina, and Wyoming.

SEATTLE – Roughly 400,000 fewer U.S. homeowners saw their mortgage fall into underwater status in the second quarter, according to new figures compiled by Zillow through its “Negative Equity Report.”

WASHINGTON – Fannie Mae is tightening its underwriting standards on adjustable rate mortgages, which accounted for just 4% of the GSE’s total loan purchases in the second quarter.

LAUREL, Md. – Tower FCU here reported it has now processed more than $70 million in mortgage refinancings as part of the government’s Home Affordable Refinance Program (HARP).

WASHINGTON – Mortgage application volume fell 7.4% for the week ending Aug. 17 with loan rates inching up but remaining near historic lows.

CHARLOTTESVILLE, Va. – The announcement by NCUA that it had doubled the number of credit unions eligible for a low-income designation, which would allow, among other consequences, exceptions to the Member Business Loan cap, only affects approximately a quarter of the 1,001 CUs included under the expanded eligibility, according to a new analysis.

CorePlus FCU here has opened two branches specifically for making loans as a way to test the waters for expansion to areas where the CU does not currently have a presence.

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.