Posts Tagged ‘credit union’

Distinguished Speaker Line-up Set for Credit Union Congressional Caucus

September 4th, 2015 Comments off

natio_asoc_fed_credit_unio_nafcuThe National Association of Federal Credit Unions (NAFCU) Congressional Caucus is the association’s credit union lobbying event of the year, bringing hundreds of credit union representatives from all across the country to meet with lawmakers and earn about legislation that may affect them and their members.

The Congressional Caucus sponsors include Triad Financial Services, NAFCU Services Corporation, MasterCard, CUNA Mutual Group, FHLBank Atlanta and Geezeo, as cuinsight informs MHProNews.

Speakers for the event, set for Sept. 14-17, 2015 in Washington, include Sen. David Vitter, (D-LA), a member of the Senate Banking Committee and chairman of the Small Business and Entrepreneurship Committee; Rep. James Clyburn (D-SC), assistant democratic leader of the House; Rep. William Lacy Clay, (D-MO) a senior member of the House Financial Services Committee and the ranking member on the Financial Institutions and Consumer Credit Subcommittee; Rep. Krysten Sinema, (D-AZ), a member of the House Financial Services Committee and lead democratic co-sponsor of NAFCU-backed H.R. 2287, the “National Credit Union Administration Budget Transparency Act,” and National Credit Union Administration (NCUA) Director of the Office of Consumer Protection Gail Laster.

In addition speakers will also include Rep. Patrick McHenry, (R-NC), the U.S. House Chief Deputy Majority Whip and vice chairman of the House Financial Services Committee; and Maria Contreras-Sweet, administrator of the Small Business Administration. ##

(Image credit: National Association of Federal Credit Unions)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.matthew-silver-daily-business-news-mhpronews-com

Manufactured Home Loans Tough to Find in North Dakota

April 9th, 2015 Comments off

Sen heidi heitkamp d nd and credit union chairwoman debbi matz  bismarcktribune  creditAccording to what bismarcktribune tells MHProNews, credit unions in North Dakota are lending at a higher rate than other financial institutions. However, in western North Dakota where affordable housing is crucial due to the rapid influx of workers in the oil fields, loans for manufactured homes (MH) are increasingly more difficult to obtain.

Several credit union representatives attended a roundtable discussion at Bismarck’s Capital Credit Union with National Credit Union Administration Board Chairwoman Debbie Matz and Senator Heidi Heitkamp (D-ND), who organized the event. The discussion revolved around  the difficulties of smaller credit unions competing with larger players who have more resources, and obtaining MH loans.

Darrell Olson from Town and Country Credit Union in Minot, ND says in the past he made 20 to 30 loans on manufactured homes each year, and the market would have been much larger the past two years. However, the regulations that resulted from the Dodd-Frank Wall Street Reform and Consumer Protection Act prevented those loans from being made.

Steve Schmitz of First Community Credit Union says not only is it tough to make MH loans, but making $20,000 home equity loans is increasingly difficult. Dan Wagner, of Lisbon Farmers Union Credit Union adds it is easier to make an $80,000 loan for an SUV than for a similarly priced house in small towns in ND. ##

(Photo credit: bismarcktribune--National Credit Union Administration Board Chairwoman Debbie Matz, left, and North Dakota Sen. Heidi Heitkamp)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Multifamily Building Spikes in 2012

October 18th, 2013 Comments off

The Mortgage Bankers Association (MBA) reports last year 2,083 multifamily housing lenders provided $146.1 billion in new loans to apartment buildings with five or more units, representing a 33 percent gain from 2011. The mortgages went to a variety of investors, the biggest dollar volume share, 40 percent, going to Fannie Mae and Freddie Mac. Measuring number of loans, 80 percent went to commercial bank, thrift and credit union portfolios. As nationalmortgageprofessional reports, top multifamily dollar lender was JP Morgan Chase, followed by Wells Fargo and CBRE Capital Markets, Inc. Jamie Woodwell of MBA tells MHProNews, “In many ways, we were in a golden age of multifamily finance in 2012, that to a large extent continues today. Low interest rates, strong property fundamentals, and increasing multifamily property prices are all supporting a very favorable lending environment.”

(Image credit: GRO Architects–Jackson Green, multifamily modular apartments in Jersey City, New Jersey)