Lending

TAMPA, Fla. — A program called Fresh Start is benefitting the Florida housing market, local consumers, and credit unions, say two CUs that offer the lease-to-own program on foreclosed properties.

LANSING, Mich. — Invest in America will soon provide credit union car-buying support to Ford, and is expanding its agreements with General Motors and Chrysler.

McLEAN, Va. – Home loan rates, which have plunged to historic lows in recent weeks, climbed this week, according to Freddie Mac.

PHILADELPHIA – The Wharton School of the University of Pennsylvania announced the launch of a custom loan program yesterday with Digital FCU that will provide financial assistance from New England’s largest credit union to international MBA students.

POWAY, Calif.–Credit unions should start preparing for loan modifications to begin showing up in members’ credit reports. Noting that the Treasury Department’s Home Affordable Modification Program will soon have more lenders working with homeowners seeking to salvage distressed mortgages, an analysis by First American CREDCO here notes that in addition to interest rate reductions, amortization term extensions and even principle forbearance, short sales and distressed refinances will also soon begin appearing consumer credit report files, as a result of the new federal guidelines.

WASHINGTON – The Treasury Department has unveiled a coordinated plan to thwart loan modification fraud schemes that are cropping up around the country. The Treasury is acting along with the Federal Trade Commission, the Department of Housing and Urban Development, the Justice Department and state officials to prosecute or disable businesses that claim to be able to secure loan modifications from lenders for up-front fees.

LANSING, Mich. – Invest in America will soon provide credit union car-buying support to Ford, and is expanding its agreements with General Motors and Chrysler.Kim Irwin, VP of Invest in America, told Credit Union Journal that Ford has agreed to conduct a pilot with the credit union-led auto buying and financing program later this year. General Motors has extended its participation though Dec. 31, 2009, and Chrysler may be close to extending its agreement with Invest in America for an additional six months.Irwin declined to provide details on the Ford agreement, but said that Invest in America’s results continue to catch the attention of the carmakers.“GM’s No. 1 metric is new customers that have not bought GM vehicles in the past,” Irwin said. “And over 60% of the customers that have bought through Invest in America are new to GM. That has well exceeded their expectations.”That has prompted GM to not only extend beyond its original June 30 cutoff, but to also discuss expanding the Invest in America partnership into used cars, leasing, and other offers, Irwin shared. Chrysler’s participation is set to end June 30, 2009, but “they are fully anticipating an extension through the end of the year,” Irwin said.One of the reasons is impressive Invest in America sales numbers, with the program, posting more than 73,000 car sales through March. Irwin explained that figure includes both GM and Chrysler sales through February, but only GM’s March totals. Chrysler’s March figures have not been added. “Both GM and Chrysler did not anticipate how much loyalty credit union members have when their CUs market an offer,” Irwin noted.

SPRINGFIELD, Ill. – Twelve Illinois credit unions agreed last week to buy $100 million of bonds issued by the Illinois Student Assistance Commission to finance low-interest, federally secured loans through the Federal Family Education Loan Program to Illinois students and their families.

WASHINGTON – A top executive with the Federal Home Loan Banks’ regulator said he resigned last month because he was no longer confident the 12 regional banks were properly valuing their mortgage-backed securities, which have been marked down by billions of dollars.

GLENDORA, Calif. — Couples who need help covering the cost of an adoption can now turn to a local credit union for help. America's Christian Credit Union introduced a new adoption loan program that will help prospective parents cover the costs of travel, legal expenses, agency fees or any other cost related to bringing a new child into their families.

Ellie Mae Reports Record Apps

HOUSTON — When everyone else was getting into mortgages, Smart Financial CU got out, and now that everyone's getting out, Smart Financial is finally getting back in.

ARLINGTON, Va. — Credit unions are shocking the experts by continuing to make loans.

WEST PALM BEACH, Fla. — While other lenders have backed away from making new mortgages-and in some cases even closed up their mortgage shops-credit unions have jumped into the market with both feet.

MADISON, Wis. — Members at UW Credit Union here can slash their mortgage costs quickly thanks to a new program that bypasses closing costs and appraisals.

LATHRUP VILLAGE, Mich. — Many CUs see a real cold spell in car loans during the winter months, but one credit union was able to jumpstart an auto lending heat wave in the midst of a cold snap.

MADISON, Wis. — Entering the second quarter of a year many expect to be a low point in a recession, demand for loans and the ability of credit unions to fund them is in large part dependent upon regional factors.

McLEAN, Va. – Home mortgage rates continued to fall toward record lows this week, as the government pumps vast new sums into the housing market, according to Freddie Mac.