Lending

WASHINGTON – President Obama called on Congress last week to act soon to prevent a scheduled end to the 3.2% rates on Stafford Loans, which are slated to double to 6.8% July 1.

ALEXANDRIA, Va. – NCUA said yesterday a credit union need not obtain an appraisal when selling a participation interest in a seasoned member business loan.

REDONDO BEACH, Calif. – South Bay CU said yesterday it signed with Sallie Mae to offer the student loan giant’s Smart Option private loan to its members.

WASHINGTON – Long-term mortgage rates held steady this week still near record lows, according to Freddie Mac.

LAKE MARY, Fla. – CFE FCU said its recent car sale at the Central Florida Fairgrounds in Orlando produced more than $2.7 million in new loans, about three times as much as previous tent sales.

NEWARK, Del. – Student loan giant Sallie Mae reported a 36% decline in first quarter earnings yesterday, to $112 million, even as it’s growing private loan business rose by 23%, to $1.2 billion.

WASHINGTON – The new Consumer Financial Protection Bureau put banks, credit unions and other lenders on notice this afternoon that it is stepping up enforcement of anti-discrimination laws.

CARMEL, Ind.--Allied Solutions has introduced a new interactive marketing platform called iSolutions it said is designed to help credit unions communicate competitive advantages to their membership and further drive increases in loan volume, portfolio yield, and fee revenue.

NORFOLK, Va. – A member of NAE FCU who enlisted in the Army after the credit union financed his pick-up truck is suing the credit union in federal court here for allegedly violating the Servicemembers Civil Relief Act by failing to reduce the terms of his loan and repossessing his vehicle.

KALAMAZOO, Mich. – Consumers CU is introducing a program offering home buyer assistance grants of up to $7,500 for qualifying first-time home buyers.

RYE, N.Y. – USAlliance FCU has signed with Credit Union Student Choice to provide the CUSO’s white label private student loan program to its members.

The question of whether the current mortgage market is "risky" or "ripe" depends on how a financial institution delivers the loans, according to Kim Westover VP of mortgage lending for $686.6-million One Nevada Credit Union.

The real estate lending process at $3.6-billion Patelco Credit Union has been "transformed completely" in the last 18 months, according to Vince Salinas, VP-home loans.

MONROE, Mich. -- Monroe County Community CU is partnering with Habitat for Humanity of Monroe County on a project to build new homes in a foreclosed subdivision, the local Habitat chapter’s first such project.

WASHINGTON – Long-term mortgage rates declined again toward new territory this week, with the average for the 15-year loan dipping to a new low, according to Freddie Mac.

WASHINGTON – CUNA urged the regulator for Fannie Mae and Freddie Mac today to rethink a proposal to allow the two mortgage giants to forgive principal on at-risk mortgages because of the effects the program would have on the broader mortgage market by encouraging borrowers to enter into strategic defaults in order to pressure their credit unions into similar loan forgiveness.

TINTON FALLS, N.J. – United Teletech FCU has introduced the government sponsored Home Affordable Refinance Program 2 to help homeowners refinance their mortgages, even if they owe more than the home’s current value.

WASHINGTON – Credit unions could be hurt by a proposal aired today that would allow Fannie Mae and Freddie Mac to write down the principal on millions of at-risk mortgages, industry leaders warned this afternoon.

WASHINGTON – A bill introduced in the Senate would require colleges to counsel students before they sign on to private loans and inform them if they are eligible for federal loans.

WASHINGTON – The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, at 3.98%, as the cost of home-buying and refinancing stayed near record lows.