Lending

HAUPPAUGE, N.Y.-CUs should not expect a great deal of demand for loans for the new electric vehicles until manufacturers pull back incentives, according to one analyst, who does not see that happening for a few years.

ANN ARBOR, Mich.-Will lenders qualify borrowers for a higher payment on an electric car than a comparable gas model?

MAPLE GROVE, Minn. – TopLine FCU said it has signed with Fynanz Inc. to offer private student loans through the company’s EdAccess cuStudentLoans.org network.

WASHINGTON – The benchmark 30-year rate for mortgage lending declined again this week to its lowest level in five decades, as confidence in the economy continued to slide, according to Freddie Mac.

ALBUQUERQUE, N.M. – Sandia Laboratory FCU said it has signed with Fynanz Inc. to offer its members the company’s private student loans at its cuStudentLoans.org private student loan marketplace.

ALEXANDRIA, Va. – NCUA said federal credit unions can make only one long-term, residential mortgage loan, to a single member, with few exceptions.

FAIRFAX, Va. – CU Mortgage Association said it has signed with Mortgage Harmony Corp. to offer the company’s Harmony Loan interest-rate resetting mortgage to its more than 40 credit union members based mostly in the Greater Washington, D.C. area.

Competition from banks and captive lenders combined with declining new car sales have more CUs increasing their emphasis on used car financing.

The 13.6% decline in credit union new car loan balances may signal CU market share is returning to more "normal" levels than what occurred during 2009.

HAUPPAUGE, N.Y.-Balloon loans, "rate marketing," and leasing can help credit unions compete with low new car rates.

WASHINGTON – The Office of the Comptroller of the Currency has ordered seven of the nation's largest residential bank servicers to review their foreclosure processes in the wake of revelations by Ally Financial that it had cut corners when taking title to homes backed by delinquent mortgages.

NEW YORK – Recent revelations that Ally Financial Inc. and JPMorgan Chase & Co. may have cut corners on their foreclosure paperwork have sent the servicing industry into a tizzy, with concerns being raised about massive delays in foreclosures and a reduction in company ratings.

SAN ANTONIO – NASCUS continues to raise concerns with the Federal Trade Commission over a potential new rule related to disclosures in mortgage advertising that would apply to state-chartered CUs only.

SAN FRANCISCO – Credit unions may find themselves competing against national lenders that are ramping up offers of unsecured personal loans to consumers who can no longer borrow against their home equity and have grown disillusioned with credit cards.

LAS VEGAS-Credit unions have been told for more than a year that an opportunity exists in mortgage lending space-but there has been significantly less concrete information on exactly how to do it.

LAS VEGAS-At the ACUMA 2010 Annual Conference, Credit Union Journal asked, "How is mortgage lending faring at your credit union?"

LAS VEGAS-When used properly, social media can help credit unions make connections with Realtors, which in turn will increase CUs' share of the mortgage market.

WASHINGTON-Rep. Paul Kanjorski derided a plan by Republican lawmakers to phase out Fannie Mae and Freddie Mac, insisting to do so would cost the federal government an estimated $1-trillion.

WASHINGTON-Rep. Maxine Waters, the Democratic chair of the House Financial Subcommittee on Housing, called on credit unions to add payday lending to their service offerings to pose as an alternative to existing high-cost services.

WASHINGTON – Mortgage rates were unchanged this week, holding at five-decade lows, according to Freddie Mac.