Lending

WASHINGTON – A new proposal is being floated in Congress here that calls on the federal government to start from scratch and create an entirely new secondary market agency that would replace Fannie Mae and Freddie Mac.

NEW YORK – While home sales remain sluggish, rates on mortgages remain at near record lows.

WASHINGTON – The mortgage debt held by Americans has dropped to its lowest level in five years, thanks in part to foreclosures and fewer people buying homes.

N. CHARLESTON, S.C. – South Carolina FCU has rolled out a “Best Mortgage Guarantee” in which it allows comparison shopping with any competitor’s rate.

ATLANTA – There are signs of life in prime borrowers and that could bode well for lending growth improvement in 2012.

HOUSTON – Auto Financial Group, an online provider of residual-based financing products, said a number of CUs have opted for its DrivingSense balloon loan program, including Anheuser Busch Employees FCU, Congressional FCU, Corning Credit Union, Dupaco Credit Union, Frakenmuth Credit Union, GPO, SeaComm FCU and Security Credit Union.

PLANO, Texas – Credit unions can expect moderate loan demand to continue into 2012, according to Brian Turner, director of advisory services for Catalyst Strategic Solutions.

WASHINGTON – Americans borrowed more during October to buy cars and attend college, while also charging more on their credit cards, the second straight month consumers have done so, according to the Federal Reserve.

DALLAS – CU Members Mortgage reports it is seeing a 65% conversion rate and an acceleration of loan processing since it launched PowerSite, an integrated point-of-sale solution (IPOS) available from Mortgagebot.

McLEAN, Va. – There will be a little less Grinch at Freddie Mac this season.

MISSOULA, Mont.-If a big box retailer can open early near the Thanksgiving holiday to draw a crowd, why not a credit union?

NEW ORLEANS-Tired of losing member loans to local dealer financing, Cabrillo Credit Union has stepped into the used car business and is now doubling loan volume over 2011 projections.

NEW ORLEANS-The opportunity in credit cards is going to get bigger, and so is the competition. That's why CUs need to devise strategies to get more members using the credit union's card and battle the big banks that are stepping up their offers, insisted PSCU EVP Chuck Fagan.

NEW ORLEANS-Regulatory change is coming, but this time it's going to be bigger-and different-than what financial institutions have ever experienced.

NEW ORLEANS-Coming from a former comedian who hosted a cooking show and peeled potatoes with a workbench grinder, CU lenders got some not-so-silly advice-pay attention to what members and customers want in this changing economy.

NEW ORLEANS-At CUNA Lending Council's 2011 Annual Conference here, Credit Union Journal asked attendees, "What's working with loans?"

MOON TOWNSHIP, Penn. – Clearview FCU has been accepted as a member of the Federal Home Loan Bank of Pittsburgh, which will give the $730-million credit union access to the FHLB’s correspondent services as well as mortgage funding.

BOULDER, Colo. – Elevations CU will be managing a new loan being offered by Boulder County to fund energy efficiency projects for residences.

WASHINGTON – Mortgage rates remained near record lows this week, with the average for the benchmark 30-year, fixed-rate loan clocking in at 4%, according to Freddie Mac.

COLORADO SPRINGS, Colo.-As more credit unions expand into private student lending, others are cautioning that there is a need to proceed with care.