Lending

WASHINGTON-A drop in mortgage lending volumes to the lowest level in over a decade is forcing lenders to consider new cost cuts and staff reductions.

PACOIMA, Calif.-A small credit union in this working-class suburb of Los Angeles is doing its best to stimulate the economy with business loans-and at the same time demonstrate that CUSOs are not just for mid-sized or large credit unions.

ALEXANDRIA, Va.-Pentagon Federal Credit Union wanted a mortgage loan that would serve as a differentiator, and says it has found it in its 5/5 ARM product.

NEW YORK-A new study suggests that credit card users have not seen sharply increased APRs or increases in annual fees since the CARD Act was signed into law.

WASHINGTON-Students preparing for college next fall have just received notices from their schools letting them know the gap they need to cover between their federal loan, scholarship, or financial aid, and the price of tuition.

ARLINGTON, Va.-As if depressed property values squelching the real estate market wasn't enough of a challenge, there is another big factor working against what are attractive interest rates: regulatory and legislative uncertainty.

AUSTIN, Tex.-A+ FCU here has selected a group of local entrepreneurs as part of its "myBusiness" challenge, providing $150,000 in interest-free loans to the winners as a way to get the word out that the CU has money to lend for business loans.

CHATSWORTH, Calif.-Business Partners, LLC has created an online marketplace named BP Connect designed to connect sellers with buyers of loans.

MADISON, Wis. – Summit CU said it will create a $2 million loan program for residential solar power projects under a partnership proposed with the city of Milwaukee.

WASHINGTON – Long-term mortgage rates were little changed from last week, holding steady at year-long lows.

ALEXANDRIA, Va. – Pentagon FCU, the nation’s second largest credit union mortgage lender, announced its second correspondent deal this afternoon, with University of Southern California CU.

OLYMPIA, Wash. – State regulations barring senior officers from obtaining member business loans under the state’s conflict of interest rules includes senior vice presidents, but not rank and file vice presidents, state regulators ruled.

WASHINGTON – CUNA said yesterday it has extended its contract with Freddie Mac to market the company’s mortgage products and services to credit unions.

Sources suggested that credit unions need to pay close attention to lending policies and strategies due to an auto loan market that is changing — car prices are rising due to limited supply, manufacturer incentives are dropping off, and new car sales could come back strong early next year when Japanese auto production is expected to return to levels experienced before the devastating earthquake and tsunami hit that country.

IOWA CITY, Iowa-University of Iowa Community Credit Union CEO Jeff Disterhoft wasn't surprised to see his CU listed recently among the leaders for average annual growth. What surprised him, he said, was that their numbers weren't higher.

WASHINGTON – Mortgage rates fell again this week to their lowest levels since last November, with the average for the one-year ARM declining to its lowest mark on record, according to Freddie Mac.

BOSTON – The state Department of Banking told a credit union-owned mortgage lender in a new legal opinion its mortgage officers must obtain state licenses under the SAFE Act.

MANCHESTER, N.H. – St. Mary’s Bank has pledged to make $2.5 million in new funds available for low-income Home Loan Payment Relief, or HLPR mortgages, a subprime mortgage program developed by CUNA.