Credit unions and other mortgage lenders faced an economic pinch in 2013 as rising interest rates began to squash demand for refinanced mortgage loans while demand for purchase money loans still struggled to grow.
Bipartisan measure would "make it easier for Main Street credit unions to offer mortgages families and loans to small businesses."
With the recent mortgage refinance boom disappearing and home purchases continuing to flounder, even though rates remain relatively low consumers are being very careful with the home buying decisions—which makes this purchase an increasingly valuable commodity for the credit union.
Two credit unions currently offering jumbo mortgage loans said they will still provide them, despite large banks in their markets beginning to aggressively price similar offerings.
One credit union cuts rates to compete, another explains why not.
Rule issued Wednesday requires use of new, simplified disclosure forms in English or Spanish.
Fewer than 1% defaults on full-financing mortgage option, biggest credit union says.
Community Mortgage Funding CEO Andrea Blais takes helm.
Workers' Credit Union in Boston area says it's serving the largest and the smallest in its market.
North Carolina credit union cites potential impact of fracking on future property values.