The 50,000-member, $689 million Coast Hills Federal Credit Union in Lompoc, Calif., is thelatest to report that its members have been refinancing a lot ofmortgage loans through the latest version of the government's HomeAffordable Refinance Program.
|The original HARP program was largely judged, at best, a smallsuccess, due to burdensome paperwork and a loan-to value cap whichwas universally judged to have been set too low. But the currentHARP 2.0 program has been open to many more homeowners and creditunions have been harvesting the rewards.
|CoastHills' experience echoes those of other credit unions. Since April or 2012, the California credit union reports that it has booked $33million in HARP 2.0 loans and saved its members $600,000annually.
|The credit union reported that it had booked 135 HARP 2.0 loansand that these have saved members an average $360 in monthly loanpayments.
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