Lending

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.

ALEXANDRIA, Va. – Pentagon FCU announced this morning that during August, when a PenFed member purchases their used car through Enterprise Car Sales, and then finances it with the credit union, they will receive a 0% APR promotional rate on their auto financing for 48 months.

WASHINGTON – The federal regulator for Fannie Mae and Freddie Mac on Tuesday said he will not allow the companies to reduce loan balances of troubled borrowers, saying there would be no clear-cut financial benefit and that such a move could cause some homeowners to intentionally default in hopes of getting taxpayer aid.

DALLAS – Neighborhood CU is giving members six months to walk away from their auto loan should unforeseen circumstances cause loss of income.

WASHINGTON – Mortgage rates continued to plumb new depths this week, with the average for the benchmark 30-year, fixed-rate loan hitting 3.49%, according to Freddie Mac.

RANCHO CUCAMONGA, Calif. – CO-OP Member Center, a subsidiary of CO-OP Financial Services, yesterday said it is partnering with LenderLive Network, Inc., to provide credit unions with mortgage outsourcing services.

Credit unions are investing heavily in their lending infrastructure to book more loans before interest rates rise and to manage risk, according to one analyst.

Although there still are risks to be accounted for, Wayne Tew believes this is a good time to be in the mortgage business. But it's also a good time, said Tew, president and CEO of $480.8-million Clark County Credit Union, to define "risk."

WASHINGTON – The average rate on a 30-year fixed mortgage continued to decline this week, hitting another new low of 3.53%, down from 3.56% last week, according to Freddie Mac.

DALLAS – CU Members Mortgage said it signed 22 new credit union clients in the second quarter, among them: Kellogg Community FCU, TAPCO CU and First Federal CU.

RALEIGH, N.C. – Friday the 13th was a lucky day for some members of Electel Cooperative FCU, which was offering a 1.3% APR for 13 months for personal loans.