News

LEXINGTON, Mass. - CUMEX Mortgage Service Center of Lexington has added Mortgage Guaranty Insurance Corp.'s SingleFile program to its menu of mortgage products geared towards new and existing homeowners with excellent credit but who are typically channeled into borrower-financed private mortgage insurance or "piggyback" loans such as an 80/10/10 for...

LAS VEGAS - They played "Credit Union Jeopardy" at the National Directors' Convention and the hilarious event pitting three CU executives in a version closely matching the popular TV show nearly brought down the house. Complete with the syncopated music and lit up toteboards, the three "contestants" appearing on stage...

MCLEAN, Va. - Continuing low interest rates are spurring higher than expected cash-out refinance activity, Freddie Mac reports. In the second quarter of 2005, 74% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original mortgage balances....

HUNTINGTON BEACH, Calif. - Want to find the weak links in an institution's fraud prevention safety net? Ask a convicted mortgage fraud felon. Kevin Barnes was once an insider in the industry, working as a loan officer, branch manager and loan broker for 20 years. He became involved in an...

LAS VEGAS - The chairman of a Colorado credit union involved in a financial turnaround several years ago and who more recently helped guide the institution through a planned merger with DPSCU of Denver has been named "Director of the Year." The honors to Bert Pedri, chairman of Safeway Rocky...

HUNTINGTON BEACH, Calif. - Credit unions with an abundance of loans have two primary portfolio management strategies: securitization through secondary mortgage companies like Fannie Mae or Freddie Mac, or whole loan sales on the open market. Deciding which strategy is best - or whether a combination of both is more...