Lending

WOODBRIDGE, Va.-Belvoir FCU here has instituted Loan Saver, a web-based tool to help prospective borrowers see how much they can save with a loan at BFCU.

WASHINGTON – Mortgage rates were little changed this week, for the third week in a row, according to Freddie Mac.

ALBANY, N.Y. – SEFCU is partnering with the University of Albany and Empire State Development to launch a $2.5 million “character-based” microloan program.

CLARK, N.J. – CU Student Lending, marketer of the cuStudentLoans private student loan program, rolled out a member referral program that allows credit unions outside of its lending network to offer loans to members.

MANHATTAN BEACH, Calif. – Kinecta FCU said it is offering financial incentives to home agents who sell a house using a HomePath mortgage, which are financing Fannie Mae-owned properties.

WASHINGTON – A top credit union executive urged Congress this morning to retain a government role in the secondary mortgage market, lest credit unions and other mortgage lenders be left at the mercy of a privatized secondary market dominated by a handful of bank giants.

GREENWOOD VILLAGE, Colo. – Bellco CU said it is now offering private student loans through Credit Union Student Choice.

HOLLYWOOD, Calif.-Members are more than a credit application and a credit score, and Rex Johnson says credit unions that turn down members for loans without digging deeper do themselves and their members a disservice.

HOLLYWOOD, Calif.-There are a number of new rules and regulations relating to mortgage lending that credit unions must track closely, or risk penalties, fines, or even civil or criminal liability.

NEW YORK-A state appellate court has rejected the shield of the federal tax exemption for federally chartered credit unions and upheld a lower court ruling that Hudson Valley FCU and all of the state's federally chartered credit unions are liable for millions of dollars in New York State mortgage recording taxes.

ALBANY, N.Y. – Lawmakers approved legislation that will expand the state’s Capital Access small business lending program to include credit unions for the first time.

WASHINGTON – Home loan rates were little changed for the second straight week, as the spread between payments for different loans widened, according to the latest survey from Freddie Mac.

ALBUQUERQUE, N.M. – State Employees CU is offering auto borrowers a chance to win a $15,000 cash prize.

BROOKLINE, Mass. – Medical Area FCU said its Sit and Save Program, which refinances loans made at other lenders, has saved members $300,000 since it was launched in April.

POTTSTOWN, Penn.-As a way to boost its auto lending portfolio, Diamond CU here has implemented the Loyalty Assurance Program from Tranzact. But Diamond VP of Lending Lori Levengood also acknowledges that the program's long-term success is tied to a weak economy and competition from dealerships.

HAUPPAUGE, N.Y.-The limited supply of Japanese vehicles that's affecting car prices and incentives demands credit unions pay close attention to the auto loan market and be ready to move if opportunities arise.

WALL, N.J.-First Financial FCU here has launched Jersey First Auto Connection, a turn-key CUSO designed to help credit unions across the state expand their indirect auto lending portfolios.

WASHINGTON-The schizophrenic relationship between credit unions and banks was on display last week with the two sides lobbying members of the House hand in hand to roll back parts of last year's Wall Street reform bill-while simultaneously bashing each other before the Senate over the proposed increase in member business loans for credit unions.

DALLAS-More than 10 states recently made legislative and/or regulatory changes related to real estate loans and foreclosures, according to MRG Document Technologies, which regularly tracks such compliance changes.

CHARLOTTE, N.C.-Average 30-year fixed mortgage rates fell to 4.71%, the lowest level in over six months, according to the LendingTree Weekly Mortgage Rate Pulse.