Lending

MORENO VALLEY, Calif. — Steve VanSickler, VP of lending and collections for Visterra CU, Moreno Valley, Calif., said recent legislation has placed "great burdens" on the mortgage industry participants that "were heretofore unregulated for the most part."

PHOENIX-The "best" mortgage reform bill would be "no" mortgage reform bill, according to Paul Stull, SVP of strategy and brand for $1.3-billion Arizona State CU.

TUKWILA, Wash.-Proposed rules regarding appraisals have drawn the concern of two officials at $9.5-billion BECU.

LAS VEGAS-Bob Dorsa, president of the American Credit Union Mortgage Association, believes one thing credit unions do not need is any hand-out or carve-out.

Credit Union Journal asked: "If you could write a bill aimed at cleaning up mortgage industry practices, and especially abuses, what would you make sure was in it?"

WASHINGTON-In news that surprised many, new U.S. single-family home sales rose during April, the second straight month of gains and prices increases, according to the Commerce Dept.

LAS VEGAS-All residential mortgage originators at credit unions and banks are required to register with the Nationwide Mortgage Licensing System (NMLS) by July 29.

DALLAS-Will a credit union that has not yet registered its mortgage staff by July 29 be forced to shut down operations as the result of a new law?

WASHINGTON – Mortgage rates declined again this week for the sixth week in a row, to their lowest levels this year, according to Freddie Mac.

OLYMPIA, Wash. – State regulators called on credit unions to incorporate good risk management when embarking in private student loan programs and to limit the growth in the programs until a level of expertise is obtained.

RALEIGH, N.C. – State Employees’ CU announced this morning it is eliminating the common practice of garnishing wages to collect on delinquent loans, one of the first credit unions in the nation to adopt the policy.

WARREN, Mich. – Extra CU said yesterday it signed with AnyHour Solutions for the company’s AnyHour Loan-By-Phone 24/7 Call Center service.

VANCOUVER, Wash. – Columbia CU has signed with Security One Lending to offer its members reverse mortgages.

ALEXANDRIA, Va. – The NCUA Board last week made several proposals aimed at kick-starting the agency’s Community Development Revolving Loan Fund, which hasn’t made a loan in more than a year and, as a result, is sitting on almost $15 million of cash.

WASHINGTON – Mortgage rates declined again this week, for the fifth week in a row, to their lowest level this year, according to Freddie Mac.

CLARK, N.J. – CU Student Lending, LLC, a CUSO that developed and manages the cuStudentLoans private student loan program, has launched its 2011 EdAccess Private Student Loan, which features zero origination fees to the borrower.

WASHINGTON – The Consumer Financial Protection Bureau’s prototypes for a single mortgage disclosure form won praise from industry groups yesterday for their streamlined format, as well as the unorthodox way they are being developed.

RESTON, Va. – Sallie Mae said it is reducing the rates it charges on private student loans for the 2011-2012 academic year.

SUITLAND, Md. – Andrews FCU announced yesterday it signed with Gila Group to provide it with collection services on its delinquent accounts.

RIVERWOODS, Ill. – Card company Discover Financial Services agreed last week to acquire the mortgage loan business of Tree.com, formerly called LendingTree.com, adding a residential mortgage component to Discover's direct-to-consumer banking business.