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
Mortgage loans waaay up says CU Members Mortgage
DALLAS (7/10/09)--Federal government initiatives to boost the nation’s housing market have created a lending boom for CU Members Mortgage and its credit union partners. CU Members Mortgage reported an increase of 83.2% in the number of closed loans from January through May, compared with the same period in 2008. About 4,580 loans for $756 million were closed in the first five months of 2009 compared to 2,500 units for $386 million in January through May 2008. While 77% of new mortgages take the form of refinancings, government programs also are stimulating new home purchases--especially for first-time buyers. An $8,000 first-time home buyer tax credit will apply to home purchases closed by Dec. 1 for qualified buyers. The tax incentive, combined with record low rates and an abundance of houses for sale in the market, has prompted many to buy homes for the first time, CU Members Mortgage said. “For many, low rates and incentives make ownership possible for the first time or allow them to move up to a larger home, and that is good for our country’s economic recovery,” said David Motley, president of CU Members Mortgage. “Likewise, those who are refinancing to a lower interest rate on their existing home loans typically lower their monthly payments, and that frees up cash for other needs.” CU Members Mortgage provides mortgage services to more than 900 credit unions, credit union service organizations and leagues.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
6 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
7 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
9 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
11 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
11 hours ago