An innovative housing finance company is poised to introduce a new approach to mortgage lending, just when mortgage finance reform has put the future of the 30-year fixed rate mortgage in doubt.
For the first time ever, credit unions originated more than 8% of all U.S. mortgages originated in any given three month period, Callahan and Associates announced in May. The previous record had been just over 5%.
Credit unions smashed through a previous record in the first-quarter 2012 when they originated 8% of all mortgages made in the U.S. Now there are signs that their success represents more of a sustainable trend than a mere statistical anomaly.
In 1949, seven employees at the National Advisory Council for Aeronautics formed a credit union. The agency was destined to become the National Aeronautics and Space Administration in 1958, on the cusp of a time period when the space race with the Soviet Union was to end with a man...
MACUMA honors Tony Johnson and Bill Brooks with Lifetime Achievement awards.
Loan allows borrower to reset interest rate without going through refinancing, can be done online.
Columbia Credit Union, Vancouver, Wash., elected incumbents Phil Andrews, John Dingethal and Chuck McDonald to the board of directors, while Lowell McDougal and Martin Oreschnigg assumed roles on the supervisory committee.
Credit unions wrote 5% of the nation's mortgages in the third quarter of 2009 and industry analysts anticipate a similarly high number for the year overall.