Lending

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.

Long-term mortgage rates plunged again last week to record lows, putting more pressure on credit unions and other lenders who depend on loan interest as their bread-and-butter.

Under a proposal issued last week by the Consumer Financial Protection Bureau, credit unions and banks would be required to give concise disclosure of fees and interest rates to help compare loan terms in "plain language".

As if 2.99% wasn't good enough as an across-the-board loan rate, America First FCU is giving members chances to win a 2012 Jeep Wrangler when they borrow.

WASHINGTON – Long-term mortgage rates plunged again this week to record lows, putting more pressure on credit unions and other lenders who depend on loan interest as their bread-and-butter.

LIVE OAK, Texas – Randolph-Brooks FCU has selected Mortgage Cadence LLC to consolidate its loan origination technologies into one lending platform and central system of record through the use of Mortgage Cadence Orchestrator and Finale Document Services.

JACKSONVILLE, Fla. – 121 Financial CU has introduced a short-term, 8% fixed-rate Emergency Repair Loan for members recovering from the area’s recent tropical storms.

th houses of the California state legislature have passed bills known as The California Foreclosure Reduction Act, but even before they hit Gov. Jerry Brown's desk concerns are being raised as to their impact on credit unions.

BETHESDA, Md. – National Institutes of Health FCU has introduced consolidations of private student loans.

INDIANAPOLIS -- An Evansville real estate developer was charged in a federal indictment unsealed Friday with defrauding local lenders of more than $10.8 million in loans financing the River House project in downtown Evansville, including almost $5 million in member business loans he arranged from Centra CU.

PHOENIX – A federal court yesterday dismissed a suit by a Yuma developer who claims AEA FCU, which is now being run under conservatorship by NCUA, illegally foreclosed on three of his properties that were financed as part of a massive member business loan fraud.