Lending

WASHINGTON – Mortgage rates rose this week, after plunging last week in the face of the Japanese crisis.

MEQUON, Wis. – Mortgagebot LLC, one of the first providers of online mortgage origination solutions, has agreed to be acquired by Davis + Henderson Corp., a Toronto-based provider of financial services, for $238.8 million in cash. Founded in 1997, Mortgagebot provides a range of consumer direct, loan officer and branch and call center mortgage origination solutions for nearly 1,000 banks and credit unions. "As a proven business with a track record of innovation and growth, Mortgagebot gives us a solid position with a large number of new customers within the US financial services marketplace. We are very pleased that Scott Happ, Mortgagebot's founder, President and CEO, and his team will be joining us to execute our shared growth plans,” said Bob Cronin, CEO of D+H. The deal will be funded through the issuance of $121.8 million of new equity and $115 million of new borrowings. MEQUON, Wis. – Mortgagebot LLC, one of the first providers of online mortgage origination solutions, has agreed to be acquired by Davis + Henderson Corp., a Toronto-based provider of financial services, for $238.8 million in cash.

DES MOINES, Iowa – TMG Financial Services said its CU Structured Finance CUSO is working with Wright-Patt CU's myCUmortgage to establish a line of credit for to fund short-term mortgages.

PHILADELPHIA-VINtek, a direct auto financing company based here, is preparing to make another major push into the credit union market, this time with direct-to-consumer lending.

RALEIGH, N.C. – State Employees’ CU, which recently began estate planning, has begun offering loans to pay for the program.

JACKSONVILLE, Fla. – Lender Processing Services, the mortgage servicing giant spun-off from Fidelity National Information Services, said this morning it has acquired PCLender.com Inc., a provider of enterprise, Web-based mortgage lending solutions and a complete loan origination system popular with credit unions. LPS said the deal complements its core loan origination platform, LPS Empower, and expands the company's reach in the loan origination market. LPS Empower will continue to target large national and regional mortgage lenders as the optimal solution for its loan origination platform. PCLender.com offers a more cost-effective solution for smaller and mid-sized mortgage companies, credit unions and community banks. Both technologies are fully-hosted ASP solutions, providing greater efficiencies, controls and security options for the mortgage lending industry. "The acquisition of PCLender.com will accelerate our growth in the loan origination space by expanding our solutions suite to address the needs of all lenders, regardless of size," said Don Covey, managing director of Lender Processing Services' Origination Technology Solutions Division. "The addition of PCLender.com gives LPS the opportunity to support more lenders with innovative technology to streamline efficiency, reduce costs and provide even better customer service." LPS was spun off in 2008 from Fidelity National Information.JACKSONVILLE, Fla. – Lender Processing Services, the mortgage servicing giant spun-off from Fidelity National Information Services, said this morning it has acquired PCLender.com Inc., a provider of enterprise, Web-based mortgage lending solutions and a complete loan origination system popular with credit unions.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services said yesterday it is offering credit unions call center services to underwrite indirect loan applications after hours and on weekends through its ExpressLink.

PORTLAND, Ore. – Unitus Community CU said it has signed with Credit Union Student Choice to offer the CUSO’s private student loans to its members.

LATHRUP VILLAGE, Mich. – Michigan First CU has introduced Zag’s one-stop auto-buying service for financing and car selection.

ST. LOUIS – St. Louis Community CU has won $1 million in affordable housing grants from the Federal Home Loan Bank of Des Moines to help eligible, first-time home buyers and to repair homes.

WASHINGTON – Long-term mortgage rates fell this week to their lowest level since January as the crisis in Japan caused a plunge in investor confidence and a rush to buy U.S. Treasury bonds, according to Freddie Mac.

OAKLAND, Calif. – Chevron FCU has signed with Credit Union Student Choice to offer the CUSO’s private student loans to its members.

WASHINGTON – NAFCU raised concerns last night about pending legislation on foreclosure mediation which could be mandatory for lenders.

TUKWILA, Wash. – Pirme Alliance Solutions announced this afternoon it will be offering reverse mortgages to its 1,900 credit union customers through MetLife Home Loans, a unit of MetLife Bank. Through MetLife, Prime Alliance will offer fixed and adjustable rate options for both traditional reverse mortgages and the newly-introduced “HECM Saver” option, which provides consumers with additional options. “This agreement with Prime Alliance will offer America’s seniors greater access to reverse mortgages through their local credit unions,” said Eric Declercq, national sales leader, reverse mortgage division, MetLife Home Loans “We’re pleased to add MetLife Home Loans as a business partner,” said Dan Green who leads for Prime Alliance’s credit union group. “MetLife Home Loans will help our credit union partners to their members with both strong products and dedicated support in the reverse mortgage arena.” Prime Alliance previously entered into a reverse mortgage agreement with Golden Gateway Financial, but the company closed its doors last year. Pirme Alliance is a CU Service Organization that was founded by Boeing Employees CU, known now as BECU. MetLife Bank is a unit of Metropolitan Life Insurance Co.

BEAVERTON, Ore. – Rivermark CU said it has signed with Credit Union Student Choice to offer the CUSO’s private student loans to its members.

SAN DIEGO – Pentagon FCU and North Island CU have signed a correspondent mortgage contract under which North Island will offer home loans originated by the Virginia-based credit union giant.

FARMINGVILLE, N.Y.-Credit unions need to take a closer look at B and C credit this year, because biggest opportunity lies in auto loans.

COLORADO SPRINGS, Colo.-The growing pain at the pump could translate into growing pain in the portfolio.

LIVONIA, Mich.-The Invest in America CU car-buying discount program continues to see steady volume of about 10,000 vehicles financed and purchased each month.

MAIMI-Experts are split on whether CUs should aggressively pursue auto leasing, with many believing auto leasing is gaining popularity with consumers and others feeling there is too much competition from manufacturers to make leasing worthwhile.