Lending

ST. PAUL, Minn.–Credit unions have been bracing themselves for moratoriums in 2009 on foreclosures, but despite all the rhetoric no state has yet to pass any such legislation. Analysis by American Banker, an affiliate of Credit Union Journal, found that none of the initiatives announced to date, including those in Minnesota, New York, Michigan, and California, have resulted in legislative action. Still, observers expect the foreclosure issue to emerge again in many states next year, when millions more subprime mortgages are poised to reset at higher rates.

PLANO, Texas – A new study indicates mortgage activity for December was more than double that of one year earlier.

WASHINGTON–The Federal Reserve Board said it plans to extend the maturities of loans it makes to holders of asset-backed securities to three years, from the one year initially envisioned.

ORLANDO, Fla.-As overall mortgage market volume has declined 19% in the past year, one company has seen an 18% increase in such applications.

WARMINSTER, Penn.-To head off potential problems with its credit card portfolio and respond to banks reducing members' lines of credit, Freedom Credit Union is aggressively promoting its debt consolidation loan.

McLEAN, Va. – Long-term mortgage rates sunk again this week to their lowest in 37 years, amid continuing efforts by the Federal Reserve to prop up the market, according to Freddie Mac.

JACKSONVILLE, Ark.-There's no way Arkansas FCU could have closed 25% more first mortgage loans amidst the subprime crisis without the help of a web-based pricing engine, according to Jeff Vint, AVP of mortgage lending here.

PORTLAND, Ore.-Despite credit union complaints, business lending technology providers say their systems are, indeed, interfaced to core systems.

FT. WORTH, Texas-For all of their qualities, commercial lending technologies still don't get along with CU core systems, according to several CUs that have been in small business lending for years. While some basic interfaces are available, the more sophisticated capabilities that come from integration may not be.

FT. WORTH, Texas-Business lending technology is doing everything it should-including reducing risk, bolstering volume and offering flexibility - but it won't make peace with core systems (see related story), according to four veteran credit union lenders.

LANSING, Mich.-A faltering automobile industry and seniors struggling to pay for essentials have prompted Auto Body Credit Union to introduce two new products to help members navigate a tight economy and the holidays.

MONTPELIER, Vt.-Mortgage lending may not be as hot a commodity as it was during the housing boom a few years ago, but one credit union, like many other financial institutions, has turned to technology to play defense against increasing competition in a turbulent market.

LAS VEGAS-With so many others backing off of mortgages, credit unions are hoping to make serious inroads into marketshare, making the need for a more streamlined, technology-driven process all the more important.

JANESVILLE, Wis.-Just in time for the holidays, and before more members lose their homes, Blackhawk Community Credit Union here has placed a temporary halt on foreclosures, and put a manager in place to oversee the program.

COLORADO SPRINGS, Colo.-While economists analyze the national data on the strong uptick in mortgage lending, credit unions such as Ent FCU here are seeing it locally.

WASHINGTON-Mortgage applications soared last week, by the largest amount on record, as the government's latest rescue bid pushed rates significantly lower, providing a new stimulus to credit unions and other lenders just when they need it.

FT. MYERS, Fla. – The rush of home foreclosures in this southwest corner of Florida, estimated at as many as 25,000 in Lee County alone, has prompted county officials to recall judges from retirement and hold mass foreclosure hearings to speed up the process.