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News Now

CU System
Mortgage CUSO Refinance business booming
FAIRBORN, Ohio (9/17/10)--Refinancing is alive and well in Ohio, according to a mortgage credit union service organization (CUSO). myCUmortgage, a Fairborn, Ohio-based CUSO credit unions employ to help members with homeownership, processed a record 2,450 loan applications in August and closed a record 764 loans totaling $103 million in a single month. "Based on our 17% increase year-to-date in applications, it proves that members are turning to credit unions for their refinancing and mortgage needs," said Tim Mislanski, myCUmortgage president. The increase in home refinances was attributed to low interest rates. On Thursday, mortgage buyer Fannie Mac said that 30-year mortgages climbed for the second straight week but remained near the lowest level in decades (The New York Times Sept. 16). The average rate was 4.37%, up from 4.35% a week earlier and 4.32% the previous week. The 4.32% rate was the lowest level on records since 1971. The average rate on 15-year fixed loans dropped to 3.82% this week, the lowest since 1991 and down 3.83% last week. Rates have been at or near the lowest level in decades since spring, when investors sought the safety of Treasury bonds, which lowered their yield. Mortgage rates tend to track that yield. Hopewell FCU, a $64 million asset credit union based in Heath, Ohio, partnered with myCUmortgage and closed more than $3.5 million in mortgage loans in August, said Jim Johnson, Hopewell president/CEO. myCUmortgage also announced it will host a free webinar at 2 p.m. to 3 p.m. ET on Sept. 27 about mortgage solutions for credit unions.


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