Tag Archives: Credit Unions

Credit Union National Association (CUNA) revealed Friday that credit union memberships grew by 3.6 percent last year, the highest growth rate since 1994. Loan portfolios also saw a solid increase over the year.

In a comment letter addressed to the Federal Housing Finance Agency's (FHFA) general counsel, Alicia Nealon, director of regulatory affairs for the National Association of Federal Credit Unions (NAFCU), voiced the association's opposition to the proposal, which she says would "disenfranchise over 1 million credit union member-owners."

In a lawsuit filed earlier this week, the National Credit Union Administration (NCUA) charged Deutsche Bank National Trust Company with negligence in its role as trustee for 121 residential mortgage-backed securities (RMBS) trusts, leading to the collapse of five corporate credit unions.

According to a quarterly report from the National Credit Union Administration (NCUA), institutions last quarter reported $673.9 billion in outstanding loan balances, an increase of 9.8 percent compared to the second quarter of 2013—the largest annual growth since the first quarter of 2006, the group reported.

Credit unions continued to grow during the first quarter of 2014, although higher interest rates slowed mortgage originations, according to the National Credit Union Administration (NCUA). The group reported that the pace of mortgage originations slowed in the first quarter, down to $42.6 billion in Q1 2014 from $102.9 billion in the first quarter of 2013.

Minnesota's ninth largest credit union is now using Ellie Mae's Encompass software as its mortgage management solution, the California-based mortgage software firm announced.

With Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco considering lowering loan limits for the GSEs, congressional and industry leaders are speaking out against such a plan, saying it poses a threat of hindering the housing recovery. In the last week, the Mortgage Bankers Association, National Association of Federal Credit Unions, and 66 House representatives have all written to DeMarco, decrying the potential move and even questioning its legality.

Genworth's U.S. Mortgage Insurance (USMI) unit has been recognized by the National Association of Federal Credit Unions (NAFCU) for its efforts to educate companies on mortgage origination practices.

The National Association of Federal Credit Unions (NAFCU) offered a comment letter Tuesday addressing the Federal Housing Finance Agency's (FHFA) proposed restrictions on lender-placed insurance practices. In a response for the association, NAFCU senior regulatory affairs counsel Tessema Tefferi urges FHFA to scale back the discussed restrictions, which he believes are too broad. In addition, Tefferi asks the agency to ensure its policies and regulations are consistent with those already laid out in the Real Estate Settlement Procedures Act (RESPA).

Mortgage Daily tracked a total of 15 mortgage-related business closings in the first quarter of 2013, putting the year on pace to see the fewest number of mortgage banking failures in seven years. While Q1's casualty rate was greater than Q4 2012 (when 13 businesses shut down or collapsed), it's an improvement over Q1 2012, which saw 27 total closings. At the current pace, Mortgage Daily forecasts around 60 mortgage-related closings this year, down from 83 last year and the lowest level since 2006.