Lending

GREAT FALLS, Mont. – Great Falls Teachers FCU is offering a new type of payday loan that offers up to $500 regardless of credit history.

WASHINGTON – Mortgage rates fell this week for the first time in more than a month, with the average rate on 30-year, fixed-rate mortgages falling to 4.8%, according to Freddie Mac.

WASHINGTON – Two credit unions will participate in a new, two-year pilot program that will offer qualified borrowers living in certain parts of the country low-cost loans to make energy-saving improvements to their homes.

BOSTON – The Federal Home Loan Bank of Boston, still digging out from tens of millions of dollars of losses on its private label mortgage-backed securities, filed suit this week against Wall Street underwriters of the faulty securities, the sixth FHLB to take its MBS case to court.

DOVER, Del. – Dover FCU was approved by the U.S. Small Business Administration to finance SBA guaranteed loans.

WASHINGTON – HEW FCU announced yesterday it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

WASHINGTON – Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Federal Reserve yesterday.

ARLINGTON, Va. – The vast majority of credit unions reject the Republicans’ plan to privatize Fannie Mae and Freddie Mac and insist that the government retain a role in the secondary mortgage market, according to a new survey by NAFCU.

VACAVILLE, Calif. – Travis CU was awarded two grants from the Federal Home Loan bank of San Francisco to help fund affordable housing projects.

VIENNA, Va. – In response to the Fort Campbell Army Homecoming this year, Navy FCU is offering personalized loans with up to 100% financing for soldiers who are returning home from overseas.

UPPER MARLBORO, Md. – NASA FCU has added what it said are two unique, high loan-to-value mortgages to its home loan portfolio: a 100% LTV loan up to $650,000 with no private mortgage insurance, and a 95% loan for refinancings, also without PMI.

WASHINGTON – Mortgage rates rose again this week, for the fourth straight week, but the benchmark rate for the 30-year loan remained below 5%, according to Freddie Mac.

PHOENIX – Arizona FCU has contracted with Akcelerant for the use of the company’s new loan origination system.

WALL, N.J. – First Financial FCU said yesterday it has developed its own indirect auto lending CUSO, Jersey First Auto Connection.

MADISON, Wis.-Loan demand for credit unions declined again in February for the sixth month in a row and has fallen more than 2.2% over the past year, according to data released by CUNA last week.

ALEXANDRIA, Va.-Pentagon Federal Credit Union doesn't have to rely on its own marketing efforts to promote its offerings; the credit union has also received considerable mass media attention. A look at credit card products mentioned in the media.

ALEXANDRIA, Va.-It all comes down to one word for James Schenck: price. Or rather, PRICE.

CAPITOLA, Calif. – Bay FCU rolled out a new loan program intended to help local residents affected by the March 24 and 26 floods that swept through Capitola Village, and the tsunami waves that hit the Santa Cruz Small Craft Harbor on March 11.

WASHINGTON – Long-term mortgage rates inched up this week, but the 30-year rate remained under 5%, according to Freddie Mac.

ALEXANDRIA, Va. – NCUA said a director of lending who has disapproved member loans may not earn a fee by referring those members to a mortgage broker because it is a conflict of interest.