Lending

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.

REDDING, Calif. – Members 1st CU has partnered with Sallie Mae to offer its members private student loans through Sallie’s Smart Option Student Loan program.

TUSCALOOSA, Ala. -- Tuscaloosa CU is backing a program to help home buyers with poor credit realize their dreams of home ownership, following the departure of the big banks from the local mortgage market.

State lawmakers approved new mortgage protections for California homeowners that prevent credit unions and banks from foreclosing on a mortgage holder who's applied for a modification.

ORLANDO, Fla. – A federal court this morning dismissed a suit brought by New York’s Sperry Associates FCU over failed participations it bought from the MBLs CUSO of Eastern Financial Florida CU, the failed Florida giant that was acquired in 2009 by Space Coast CU.

SCRANTON, Penn. – Tobyhanna FCU has issued a “holiday” on employee member loan payments, allowing them to skip their monthly loan payments for the months of July and August.

INDIANAPOLIS – Student CU Connect, a CUSO owned by seven area credit unions, signed with First Associates Loan Servicing to service the CUSO’s portfolio of private student loans.

VIENNA, Va. – Navy FCU announced this morning the introduction of a commercial loan participation program which will buy member business loans from other credit unions.

The Bank Transfer Day boon and the power of social media combined to help ArrowPointe FCU pull in $826,400 during its One Day Loan Sale, more than tripling results from the same promo a year ago.

Consumers CU here has begun offering its own twist on the government's HARP 2.0 with a program, dubbed the "High Five Refi," that has now processed more than $5 million in loans.