First-mortgage lending is an increasingly important component of credit union lending and service to members, according to CUNA's economics and statistics department.
In 2013, credit unions originated more than $134 billion in first mortgages, up from $125 billion in 2012. That represents more than 6.5% of the entire mortgage origination market.
This pace is more than double the $61 billion of first mortgages credit unions originated in 2007, which made up only 2.6% of the market at that time. First mortgages now account for 41% of loans held in credit union portfolios, up from 33% in 2007.
Credit unions sold almost 52% of their first mortgage originations in 2013, up from 27% in 2007, due to their desire to reduce the interest-rate risk inherent in fixed-rate, long-term loans—especially at today’s historically low interest rates.
Atlanta-based Arby’s restaurants has acknowledged a data breach involving approximately a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.
CUNA continued its efforts for clarifications, including asking for credit card guidance, on the changes to the Military Lending Act Thursday. Many changes became effective last October, and credit card provisions will take effect Oct. 3.