One credit union cuts rates to compete, another explains why not.
SNL Financial sees shakeout coming, especially among younger mortgage finance firms.
Service allows borrowers to lower rates without refinancing.
The Consumer Financial Protection Bureau released final mortgage rules that restrict loan originator compensation methods and increase the level of service loan servicers must provide to borrowers. However, due to the way credit unions already do business, trade associations say neither rule will have a major impact on the industry.
Lenders may still recover the cost of obtaining the appraisal, but not for providing a copy to the borrower.
CFPB final mortgage servicing rule hits slightly more than 200 of 6,900 federally insured credit unions.
First Financial FCU in New Jersey offer includes interest rates as low as 2.5% and $599 in closing costs.
It seems likely that 2013 will contain two distinct aspects for credit union mortgage programs. On the one hand, it seems certain that credit unions will continue to take a greater share of the overall mortgage market.
Retirement plans and paying off the mortgage have traditionally gone hand-in-hand as people approaching retirement anticipate eliminating a payment that typically claims the largest single chunk out of the monthly budget.
National average mortgage rate for previously occupied homes down to 3.36%