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Two credit unions currently offering jumbo mortgage loans said they will still provide them, despite large banks in their markets beginning to aggressively price similar offerings.
Jumbo loans exceed the value of loans that can be sold to Fannie Mae or Freddie Mac. In most of the U.S., that defines the loans as those larger than $417,000, though in some higher-priced areas, the cap is $625,000.
National and regional banks have begun to price jumbo mortgages with lower interest rates than conforming loans, in part to attract high-income customers, but also for other reasons, according to an executive with a leading housing finance analytical firm.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
NCUA and Fed data also show credit unions’ share of auto loans in September has fallen from a year earlier.
With this rate shift and its many implications in mind, now is the time for CUs to reevaluate their lending strategies.
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