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Monday, March 30, 2015
UMe FCU Increases Real Estate Loan Growth 30% Over Three Years
BURBANK, Calif. — Three years ago Burbank Community Federal Credit Union rebranded itself as UMe Federal Credit Union. With a mobile-first product strategy, the $165 million CU has realized significant market gains, including a 30% jump in real estate lending.
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Home prices have not recovered enough to protect the states with high concentrations of home equity lines of credit whose rates are scheduled to reset in the next few years. more »
Consumer Financial Protection Bureau Director Richard Cordray said a review of its "qualified mortgage" rule will allow enough time to consider changes if lawmakers fail to make progress on housing finance before a key deadline. more »
WASHINGTON — The Federal Housing Administration's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, housing finance industry representatives told a House subcommittee on Thursday. more »
Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances. more »
PHOENIX — As the real estate market rebounds in the Grand Canyon state's capital, once credit union here reports that a new mortgage program is attracting significant new lending business. more »
In yet another revision of its mortgage rules, the Consumer Financial Protection Bureau proposed making it easier for small and rural lenders to make "qualified mortgages." Industry representatives said the changes are poised to make a big difference. more »
The Consumer Financial Protection Bureau on Thursday proposed a series of regulatory relief measures for small institutions, especially those in rural areas, to help them provide credit while they try to follow the agency's tough mortgage rules. more »
At a hearing Tuesday, GOP lawmakers hammered FHFA Director Mel Watt for four hours over his recent decisions to allow Fannie Mae and Freddie Mac to buy loans with lower downpayments and provide money to two affordable housing trust funds. more »
WASHINGTON — Greater availability of mortgage credit along with an improving picture in the general economy will make 2015 a year of "housing opportunity," Housing and Urban Development Secretary Julian Castro said Wednesday. more »
WASHINGTON — Housing and Urban Development Secretary Julian Castro moved swiftly on Thursday to defend pending cuts to the Federal Housing Administration's premiums, rebutting GOP arguments they are premature. more »
WASHINGTON — Mortgage lenders are hoping the new Republican-controlled Congress is going to be more receptive to making changes to the "qualified mortgage" rule. more »
The Federal Housing Administration is facing severe challenges next year as some pressure it to lower premiums to deal with new competition from the government-sponsored enterprises, even while its insurance fund remains weak and it faces added scrutiny from GOP lawmakers. more »
Fannie said it will immediately begin accepting applications for fixed-rate 97% loan-to-value financing of borrowers with Fico scores as low as 620. Freddie, meanwhile, took a more cautious approach, delaying the start of the program, requiring credit counseling, and in some cases only allowing Fico scores as low as 660. more »
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Exit Interview
After 42 years at the credit union, outgoing Michigan State University FCU CEO Pat McPharlin recently looked back -- and forward -- in this brief interview one day before his retirement.
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