Lending

PASADENA, Calif. – Wescom Central CU on Tuesday said it has installed Akcelerant’s SOLUTION.LENDING loan origination solution.

CHICAGO – Alliant CU is moving into commercial lending and plans to make commercial loans for up to $10 million.

WASHINGTON – Fannie Mae has agreed to settle multi-million dollar claims brought by several of the biggest victims of the massive CU National mortgage fraud, more than two years after the scandal brought down the largest independent mortgage bank for credit unions.

NEW ORLEANS – ASI FCU is partnering with Good Work Network and Kiva.org to launch Kiva New Orleans, a first-of-its-kind program that enables locals in the community to support rebuilding the New Orleans economy by making microloans to local small businesses.

WASHINGTON – Long-term mortgage rates rose slightly this week from last week’s record lows, but ARM rates remained in record territory, according to Freddie Mac.

ALEXANDRIA, Va. – NCUA told Houston Musicians FCU loans of more than $50,000 to buy musical instruments are considered member business loans and must comply with its MBL rules and regulations.

SAN JOSE, Calif. – Technology Credit Union unveiled two new solar loan programs for members interested in adding solar panels to their homes or to residential properties.

DALLAS – American Home Mortgage Servicing filed suit in state court here against Lender Processing Services, Inc., alleging the firm improperly signed mortgage documents on its behalf and triggered millions of dollars in legal expenses as a result.

CHICAGO – Auto loan delinquencies continued to shrink in the second quarter, outpacing expected seasonal declines, according to TransUnion.

WASHINGTON – Efforts to reach a settlement that would end the long-running probe of foreclosure practices are snagged over whether banks will get broad legal immunity from state officials for mortgage-related claims.

VIENNA, Va. – Navy Federal Credit Union is reporting it has seen a “record surge” in mortgage applications over the past 10 days, with volume up more than 50% since early August.

CHARLOTTE, N.C. – Mortgage rates have fallen further.

WASHINGTON – The national delinquency rate on outstanding home mortgages ticked up to 8.44% in the second quarter of 2011, which means roughly $793.4 billion of residential loans are 30 days or more past due.

WASHINGTON-Credit unions nationwide have pledged a total of $1 billion toward alternative student loans for the upcoming academic year, and although one executive believes CUs won't come close to meeting that figure, the amount is indicative of a growing lending market.

BOSTON-As credit unions seek to understand reasons for their lending problems, some need to look right in the mirror.

BLUE BELL, Penn. – Norristown Bell Credit Union here has created a short-term, interest-only loan to help some of the 45,000 Verizon employees who currently are on strike.

CHARLOTTESVILLE, Va. – University of Virginia Community Credit Union has rolled out a loan program for consumers looking to make their homes more energy efficient.