Although many credit unions may not have realized it, the second version of the federal government’s Home Affordable Refinance Program is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
Tower Federal Credit Union in Laurel, Md., handles $70 million in HARP loan applications since March, 70% of from members with loans with other lenders.
The $81 million Musicians’ Interguild in Hollywood, Calif., said it is winding down its interest-only modification loans because of NCUA pressure.
Payment data analysis by TransUnion, a national credit reporting bureau, demonstrates consumers’ shift in loan payment habits, making auto loans the first major bill that gets paid each month.
First mortgages were king, then credit cards, now auto loans are top consumer payment priority, TransUnion Says.
Before David A. Kwant joined Mountain America Credit Union nearly 25 years ago, he was Utah’s supervisor of credit unions. So how does that experience help him as chief financial officer at the $3 billion West Jordan, Utah-based credit union?
The lingering slowdown that is afflicting the U.S. economy is forcing credit unions to pay more attention to collections, a part of their business that is often forgotten or ignored, according to a new report prepared by the CUNA Lending Council.
At the close of 2011’s second quarter, a handful of credit unions located in the sand states, where a teetering economy has made it most difficult for financial institutions to thrive, shared hopeful bits of news: net worth ratio improvements, net income increases, loan loss reductions and operating expense cutbacks.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
Altura in California, AEA in Arizona back in black after earlier losses.