Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
IWash. PostI Local CUs report uptick in mortgages
WASHINGTON (8/30/11)--Credit unions in the Washington, D.C., area are reporting an increase in mortgage applications because record-low interest rates are spurring members to refinance their mortgages or buy a house. The surge in mortgage refinancings is proceeding despite heightened worries of a double-dip recession (The Washington Post Aug. 27). NASA FCU in Upper Marlboro, Md., has seen a 50% increase in mortgage applications and loans, Bill White, the credit union’s vice president of real estate lending, told the Post. Roughly 70% of the mortgage applications submitted to NASA FCU in the first three weeks of August were for refinancings, although new-purchase submissions also have gradually risen, White added. At OAS FCU in Washington, D.C., mortgage applications for new homes are increasing, Carlos Calderon, OAS president/CEO, told the newspaper. Nearly 75% of mortgage applications submitted to the credit union are for new homes, he added. Based on the uptick of applications since the start of August, the credit union expects its mortgage portfolio to further expand, Calderon told the paper. OAS had expanded its total mortgage portfolio nearly 25% before the latest dip in rates. The Credit Union National Association and the Maryland and District of Columbia Credit Union Association provided some of the credit union contacts for the article. To read the article, use the link.
Other Resources

RSS





print
News Now LiveWire
#creditunions teach #college students how to handle the plastic http://t.co/SYy24PSQmn
19 minutes ago
How you might change how you bank in 2015 @Bankrate http://t.co/wRhQsyTvul
37 minutes ago
#NewsNow Ohio, Ga. video: Merchants not watching your wallet http://t.co/7jc7rECKSF
1 hour ago
What will a viking raid? Town or your wallet? http://t.co/JJYXXAGk7g @OhioCreditUnion @GCUAGov #StoptheDataBreaches http://t.co/7jc7rECKSF
1 hour ago
#creditunions face 'perfect storm' of tech changes in 2015 #NewsNow http://t.co/K2a6GZX8k5
2 hours ago