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The National Credit Union Administration said it has accepted a $29 million offer of judgment from Credit Suisse to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest Corporate Credit Unions.
CU Companies on Monday said it finished 2015 with "significant growth" in its mortgage lending partnerships.
The Morgan Stanley settlement follows a similar agreement with Barclays Capital in October that resulted in a recovery of $325 million.
Mountain America Credit Union has partnered with Pavaso to implement a new digital collaborative closing process to provide a better experience to members applying for mortgages called QuickClose.
Credit union loan balances grew at an 11% annualized pace in June, while loan delinquency rates fell, according to the latest Credit Union Trends Report from CUNA Mutual Group.
CUNA and NAFCU each submitted comment letters to the Consumer Financial Protection Bureau regarding 2013 Regulation X (RESPA) and Regulation Z (TILA) mortgage servicing rules, urging the CFPB to adopt several changes and clarifications.
In less than four months, mortgage providers across the nation must be ready to meet new disclosure requirements.
When it comes to millennials, the $64,000 question is when will this generation be ready to start buying their first homes?
Credit unions as a whole will continue to grow their share of the mortgage market in 2015 and into 2016, say industry experts.
As the real estate market rebounds in the Grand Canyon State's capital, one credit union here reports that a new mortgage program is attracting significant new lending business.
Though the refinance boom is over and several mortgage giants are reeling as originations decline, some credit unions are thriving as they tap into a new source first-time homebuyers.
As a bill that could bring monumental changes to Fannie Mae and Freddie Mac works its way through the Senate, some credit union executives are concerned that larger players would have too many advantages at the expense of small lenders.
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