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
Wescom CU pulls out of wholesale mortgage lending
PASADENA, Calif. (1/8/08)--Wescom CU has elected to exit the wholesale lending business for residential real estate loans, effective immediately. The $3.853 billion credit union made that statement in a letter to its mortgage brokers on Dec. 12, noting that it made the decision "after careful consideration." Wescom told brokers that rate locks would no longer be accepted but that the credit union "will honor existing loans in our pipeline. Loans that have been locked will continue to be processed and underwritten according to our normal procedures. Approved loans will be funded as usual." The letter was posted on The Mortgage Lender Implode-O-Meter website. Several credit unions have said that losses related to the subprime mortgage lending crisis have affected traditional loan portfolios. Some credit union members who took out subprime loans elsewhere are now going delinquent on their other loans. According to Credit Union National Association statistics based on National Credit Union Administration Call Report data, the credit union had more than $1.175 billion in mortgage loans and more than $1.928 billion in other loans, with a delinquency ratio of 0.8. News Now contacted the credit union with questions about trade press reports regarding a number of layoffs, including the wholesale mortgage department. The credit union did not reply.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago