Error

An error occurred while fetching the data.

Error details: Error: INTERNAL_ERROR for 95691c10-27f6-0860-327c-ece90d59456c: {"response":{"errors":[{"message":"INTERNAL_ERROR for 95691c10-27f6-0860-327c-ece90d59456c","locations":[{"line":111,"column":9}],"path":["readnext","contents",1,"prettyDate"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2013/11/20/navy-federal-touts-low-defaults-on-100-mortgages/","canonicalUrl":"https://www.cutimes.com/2013/11/20/navy-federal-touts-low-defaults-on-100-mortgages/","generatedId":"heg45hekdd","naturalId":"blogAndPostId/blog/post/413-41700","type":"ARTICLE","postFormat":"","kickerPresentedBy":{"label":"","value":""},"presentedBy":"","title":"Navy Federal Touts Low Defaults on 100% Mortgages","readtime":"2","timeToRead":"2 minute","prettyModified":"","prettyDateTime":"November 20, 2013 at 05:24 AM","needToKnow":null,"authors":[{"name":"David Morrison","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile/david-morrison/"}],"publication":"Credit Union Times","kicker":"News","kickerNode":[{"name":"News","slug":"news-kicker","uri":"/news/","sectionName":"News"}],"prettyDate":"November 20, 2013","pubDate":"2013-11-20 05:24:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":""},"embed1":"","embed2":"","summary":"Fewer than 1% defaults on full-financing mortgage option, biggest credit union says.","categories":[{"name":"","uri":"","channelName":"Topics"},{"name":"Lending","uri":"/lending/","channelName":"Topics"}],"bodyArray":["<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Fewer than 1% of members who take <a href=\"http://www.cutimes.com/tag/navy-federal\">Navy Federal Credit\nUnion's</a> 100% finance option on a mortgage go on to default on\nthat loan, the nation's largest credit union says.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">The 4.5 million-member, $54 million institution carried almost\n85,000 first mortgages worth roughly $16.4 billion as of the end of\nSeptember, according to the credit union's Call Report for that\nmonth.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">The report on defaults came in a statement from the credit union\nsaying that 65% of people who take part in the 100% financing\nprogram, called <a href=\"http://www.cutimes.com/2013/03/14/two-credit-unions-offering-no-money-down-mortgages\">\nHomeBuyers Choice</a>, are first-time home buyers “who may have\nlimited options” for obtaining a housing finance loan through a\ngovernment program aimed at first time home buyers.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“Our goal is to match members to products and services that fit\ntheir needs and budget—be it a mortgage or anything else we\nprovide. We ensure that members are poised to perform well in our\nloans – and they have,” said Katie Miller, vice president of\nmortgage products at the credit union.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Miller also maintained that HomeBuyer's Choice loans meet the\nrequirements for Qualified Mortgages under the <a href=\"http://www.cutimes.com/term/consumer-financial-protection-bureau\">Consumer\nFinancial Protection Bureau's</a> regulations.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“Navy Federal follows the ability-to-repay requirements,” said\nMiller.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“We are here to serve our members and create products that are\nright for them. Our mission is for the members, and the CFPB's\nmission is for the consumer – so our goals have always been in\nline.”</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">In addition to Homebuyers Choice, Navy Federal offers loans\nthrough the Veterans Administration as well as conventional\nloans. The credit union also allows up to 6% of a property's\npurchase price to come from the seller and pays $2,500 towards\nclosing costs.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">The HomeBuyers Choice program remains popular, according to the\ncredit union's corporate economist, because even though the housing\nmarket has begun to strengthen many of the credit union's members\nstill struggle economically.</p>\n<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“The housing market is slowly improving and consumers are\nbecoming more confident in the economy and their finances,” said\nAlan MacEachin. “However, despite a strengthening job market,\nincome growth remains stagnant. As interest rates and home prices\ntrend higher, there may be added difficulty for many households,\nespecially first-time homebuyers, to make the cash down payment\nmost lenders require.”</p>\n"],"slides":[]},"articlePackages":[],"youmightlike":[{"uri":"/2024/03/27/valley-strong-cu-closes-3rd-securities-deal/","title":"Valley Strong CU Closes 3rd Securities Deal","byline":"Jim DuPlessis","prettyDate":"March 27, 2024","readtime":"3","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2018/05/consumer-lending-e1525784317214.jpg","width":"620","height":"401"},"summary":"The Bakersfield, Calif., CU's $332 million auto loan securitization Tuesday follows $416 million in deals in 2023."},{"uri":"/2024/03/25/mba-expects-more-bounce-in-spring/","title":"MBA Expects More Bounce in Spring","byline":"Jim DuPlessis","prettyDate":"March 25, 2024","readtime":"3","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2018/07/fair-lending-e1532011178141.jpg","width":"620","height":"414"},"summary":"Latest forecast shifts more of this year's expected mortgage origination rebound to this spring."},{"uri":"/2024/03/22/navy-federal-asks-judge-to-dismiss-alleged-racial-disparity-lawsuit/","title":"Navy Federal Asks Judge to Dismiss Alleged Racial Disparity Lawsuit","byline":"Peter Strozniak","prettyDate":"March 22, 2024","readtime":"4","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2021/02/Navy-Federal-Douglasville-e1612535470372.jpg","width":"620","height":"454"},"summary":"The court filing argues the class action lawsuit is based on incomplete data and dated public information."},{"uri":"/2024/03/21/cus-see-glimmer-of-good-news-as-existing-home-sales-surge-nearly-10/","title":"CUs See Glimmer of Good News as Existing Home Sales Surge Nearly 10%","byline":"Jim DuPlessis","prettyDate":"March 21, 2024","readtime":"3","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2024/03/home-for-sale-e1711051993302.jpg","width":"620","height":"414"},"summary":"National Association of Realtors reports the January-to-February rise is the biggest month-to-month gain in a year."},{"uri":"/2024/03/18/fed-crushes-household-net-interest-income-in-break-from-past/","title":"Fed Crushes Household Net Interest Income in Break From Past","byline":"Ben Holland","prettyDate":"March 18, 2024","readtime":"3","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2022/11/Federal-Reserve-Article-202208310817.jpg","width":"620","height":"372"},"summary":"Unlike every other Fed hiking cycle of the past half century, the latest one triggered a sharp decline in household net interest income."},{"uri":"/2024/03/18/credit-unions-gained-commercial-lending-in-2023/","title":"Credit Unions Gained Commercial Lending in 2023","byline":"Jim DuPlessis","prettyDate":"March 18, 2024","readtime":"3","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2023/03/Small-business-lending-e1680289931564.jpeg","width":"620","height":"413"},"summary":"But delinquency rates started to rise in the fourth quarter, especially in the safe haven of multi-family real estate."}],"readnext":{"contents":[{"uri":"/2024/03/26/attorneys-lambaste-navy-federal-for-not-disclosing-mortgage-lending-analysis/","title":"Attorneys Lambaste Navy Federal for Not Disclosing Mortgage Lending Analysis","prettyDate":"March 26, 2024","kicker":"News","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2024/03/Navy-Federal-Credit-Union-e1711467608247.jpg","width":"620","height":"414"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/03/25/former-cu-branch-manager-gets-no-prison-time-for-bank-fraud/","title":"Former CU Branch Manager Gets No Prison Time for Bank Fraud","prettyDate":null,"kicker":"News","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2018/03/court-ruling-e1522358937579.jpg","width":"620","height":"414"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/03/22/navy-federal-asks-judge-to-dismiss-alleged-racial-disparity-lawsuit/","title":"Navy Federal Asks Judge to Dismiss Alleged Racial Disparity Lawsuit","prettyDate":"March 22, 2024","kicker":"News","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2021/02/Navy-Federal-Douglasville-e1612535470372.jpg","width":"620","height":"454"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/03/26/rhode-islands-coastal1-cu-promotes-7/","title":"Rhode Island's Coastal1 CU Promotes 7","prettyDate":"March 26, 2024","kicker":"Career Moves","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2023/04/promotion-celebration-praise-hire-award-honor-accolade-e1681333498979.jpeg","width":"650","height":"433"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/03/22/safety-worries-lead-credit-union-to-close-branch-in-denver/","title":"Safety Worries Lead Credit Union to Close Branch in Denver","prettyDate":"March 22, 2024","kicker":"News","image":{"uri":"https://images.cutimes.com/contrib/content/uploads/sites/413/2024/03/branches240322_PartnerColorado_CentralPark_a_sent-e1711134511427.jpg","width":"620","height":"371"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}}]}},"extensions":{"DateTime":"2024-03-28T12:04:27.374104532","ResponseTime":"100ms","AuthorizedUser":false,"DebuggingData":"Kangaroo","NavServiceResponse":{"message":"Show a wall","action":"show wall","data":"WelcomeWall","placResultsPublic":{"overallContentType":"FreeWithRegContent","userState":"DENYFREEWREGNOTLOGGEDIN","showWall":"WelcomeWall","userAccess":"0"}}},"status":200,"headers":{}},"request":{"query":"query CUTimes__view_article_no_sitedir{articleData:\n getContent(naturalId: \"/2013/11/20/navy-federal-touts-low-defaults-on-100-mortgages/\", site:\"cutimes.com\") {\n uri\n canonicalUrl\n generatedId\n naturalId\n type\n postFormat\n kickerPresentedBy {\n \t\t label\n \t\t value\n \t\t}\n presentedBy\n title\n readtime\n timeToRead\n prettyModified\n prettyDateTime\n needToKnow\n authors {\n name\n description\n imageLarge\n webUrl\n }\n publication\n kicker\n kickerNode {\n name\n slug\n uri\n sectionName\n }\n prettyDate\n prettyDateTime\n pubDate\n modifiedDate\n isDownload\n primaryCategory {\n channelName\n sectionName\n name\n uri\n slug\n channelUri\n }\n tags\n image {\n uri\n width\n height\n }\n embed1\n embed2\n summary\n categories {\n name\n uri\n channelName\n }\n bodyArray\n slides {\n image\n caption\n height\n width\n }\n\n }\n articlePackages:\n getPackagesForArticle(docId: \"/2013/11/20/navy-federal-touts-low-defaults-on-100-mortgages/\", limit: 3, publication:\"cutimes.com\") {\n title \n slug\n type \n summary\n cssFile\n navigations {\n name\n link\n }\n articles {\n title\n kicker\n uri\n image {\n uri\n }\n }\n\n \n }\n youmightlike:\n getYouMayLikeForContent(naturalId: \"/2013/11/20/navy-federal-touts-low-defaults-on-100-mortgages/\", site:\"cutimes.com\") {\n uri\n title\n byline\n prettyDate\n readtime\n image {\n uri\n width\n height\n }\n summary\n }\n readnext:\n getStatsList(site:\"cutimes.com\", topic: \"\", limit: 5, timeframe: \"3days\" ) {\n contents {\n uri\n title\n prettyDate\n kicker\n image {\n uri\n width\n height\n }\n primaryCategory {\n name\n uri\n channelName\n channelUri\n }\n }\n\n }\n }"}}


Go Home
6 Signs It's Time To Modernize Your Call Center link

White Paper

Sponsored by GLIA

These unmistakable signs indicate your credit union&#8217;s call center needs a modern overhaul. Stay ahead of the curve and elevate your member service experience today.

Unlocking Real-Time Payments Strategy and Technology link

Article

Sponsored by Alacriti

Is your credit union looking toward real-time payments to modernize your services? This brief discusses technology enablers for real-time payments, clearing rules and message specifications, and customer support challenges in a real-time environment.

How Credit Unions Can Benefit Members Through Investor Set Optimization link

White Paper

Sponsored by Mortgage Capital Trading

Unlock the potential for your credit union members by optimizing your investor set. Learn how to maximize profitability, offer better rates, and enhance your market share.