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FHA Gives OK to Down Payment Help Following IG’s Criticism
The Department of Housing and Urban Development is telling lenders that down payment assistance programs still qualify for FHA backing despite concerns raised last year by HUD’s inspector general.   more »
WASHINGTON — The House passed a bill by a voice vote Monday that will make it easier for mortgage originators to take a new job across state lines or move from a federally regulated bank to a nonbank lending shop. more »
Ninety-two percent of homebuyers are reviewing their mortgage documents before closing on the loan since the Truth-in-Lending Act/Real Estate Settlement Procedures Act integrated disclosures, or TRID, went into effect in October, versus 74% previously, a survey by the American Land Title Association found. more »
Two recent court rulings affirmed that lenders can enforce electronically signed and transferred notes, laying important groundwork for wider adoption of electronic mortgage technology that could improve the customer experience for borrowers and save lenders and servicers a bundle. more »
Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting. more »
A study commissioned by the Massachusetts Bankers Association found a correlation between a spike in credit unions with low-income designations and an increase member business lending in the state. more »
CU Companies plans to expand into five additional states. more »
Certain types of member business loans will no longer require a personal guarantee under the new NCUA rules. more »
CU Companies added 12 new retail and correspondent mortgage lending partners since the end of 2015. more »
IMM, a provider of eTransaction automation, announced that its eSignature capabilities are fully integrated with CU Direct's Lending 360 loan origination and account enrollment platform. more »
The Treasury Department on Tuesday capped off a nearly yearlong inquiry into the burgeoning marketplace lending industry with a policy paper that recommends increased transparency and customer protections while also highlighting the sector's potential for expanding credit access. more »
As credit unions continue to experience robust growth in auto lending, the need to polish up their underwriting and decision processes also grows — as well as managing all the data that comes with it. more »
The biggest growth area in auto lending is in the subprime market, but serving that market comes with significant risks. Learn how four credit unions have met that challenge. more »
Great Rates for Everyone
Pentagon FCU has launched the first ad in a series of ads that will be released over the next two weeks and broadcast in several key markets across the country.