Lending

LAS VEGAS-Credit unions continue to see strong demand for mortgages, especially from members looking to refinance existing loans, according to attendees at the CUNA Lending Council conference here.

LIVONIA, Mich.-To help boost CUs' year-end auto loan volume, Invest in America has introduced a new private offer from General Motors.

KANSAS CITY, Mo. – TruHome Solutions LLC said it has signed three more credit unions to mortgage loan origination and servicing deals.

WASHINGTON – Mortgage rates fell this week for the first time in a month, towards their lowest on record, according to Freddie Mac.

MECKLENBURG, N.C. – California’s Evangelical Christian CU, one of the biggest church lenders in the country, is expected to sell Greater Salem Church in another foreclosure, after the church’s pastor was convicted of siphoning millions of dollars in funds that were meant to pay the mortgage.

ALEXANDRIA, Va. – NCUA said amendments to the Fed’s Reg Z, the Truth In Lending Act, now requires credit unions to provide members with an opt-in option when they convert credit life insurance to voluntary debt cancellation coverage.

ALEXANDRIA, Va. – NCUA said yesterday that credit unions must accept alternative, non-traditional credit reports at a member’s request when deciding on a member’s creditworthiness.

GAHANNA, Ohio-KEMBA Financial CU has enjoyed 14% loan growth over the last year by being aggressive with several products, while also taking advantage of every opportunity banks are giving them.

MADISON, Wis.-Credit union lending declined again last month-for the ninth time in the past 12 months-and is on pace for a full-year contraction for the first time in 30 years, since the recession of 1980, according to CUNA.

LAS VEGAS-The recent record decline in mortgage rates is doubling, even tripling mortgage refinance business at some credit unions. But the boon is also bringing with it the temptation to keep loans on the books to drive ROA, in addition to issues with loan processing time.

PEORIA, Ill.-CEFCU has decided to keep more of its fixed-rate loans than in the recent past. The $4.5-billion CEFCU had been selling 35% to 45% of its fixed-rate products, and now is selling less than 10%.

WASHINGTON – The federal government, which has been operating Fannie Mae and Freddie Mac under conservatorship since September 2008, reported Friday that the two mortgage giants lost another $7.8 billion in the third quarter and will need another $2.6 billion in financial aid–but paid the government $3.7 billion in dividends–the first time the payouts have exceeded the company’s financial aid.

ALEXANDRIA, Va. – Pentagon FCU, which has emerged as one of the leading mortgage lenders in the Washington, D.C., market, said it plans to open as many as ten new offices of its wholly owned PenFed Realty CUSO.

SAN FRANCISCO – San Francisco FCU said yesterday it has signed with California Reverse Mortgage Consultants to offer reverse mortgages to its members.

WASHINGTON – Mortgage rates were almost flat this week, remaining near record lows, according to Freddie Mac.

WASHINGTON – Credit Union Student Choice, which provides private student loans for more than 100 credit unions, said it plans to offer private consolidation and graduate business loan programs in 2011.

ROCKVILLE, Md. – The National Institutes of Health FCU announced the launch of a new member business loan program for qualified professionals in Maryland, the District of Columbia, Virginia and West Virginia.

MADISON, Wis. – Credit union lending declined again last month – for the ninth time in the past 12 months – and is on pace for a full-year contraction for the first time in 30 years, since the recession of 1980, according to CUNA.