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Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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Credit Union Shows Mortgage Industry How To Do It
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Credit Union Shows Mortgage Industry How To Do It
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Credit Union Shows Mortgage Industry How To Do It

December 15 2010 (Chris Moore)
credit-union-people-image
Two years ago, a North Carolina credit union launched a mortgage assistance program that has had unprecedented success and should be a model for the mortgage industry. At a time when mortgage holders have been overwhelmed with foreclosures, the State Employees Credit Union (SECU) has used a little old fashioned preventative medicine to keep homeowners in their homes.

When the program was launched almost two years ago, the giant credit union asked its loan officers to contact its members who were showing signs of financial distress, primarily those who were 30 days or more behind on their payments, and to let them know that the credit union had alternative payment plans available to them.

SECU’s Mortgage Assistance Program offered its member’s options like extending the length of a mortgage, accepting partial payments for six months, and modifying the terms of the loan.

The payoff for SECU…last year the credit union foreclosed on 179 homes out of 121,625 outstanding mortgages and home equity loans or 0.15%. Compare that against the industry standard of 10.54 percent of loans belonging to the state’s banks. This year, the rate stays the same, as only 175 out of 123,815 loans have been foreclosed on.

“None of the programs we have in place call for the rest of the membership to subsidize a mortgage,” said Coburn. “The homeowners still owe it, but they will be paying it later. When they already owe us the money, we will make exceptions to our normal underwriting guidelines … to make the payments affordable.”

The league, he added, has also kept foreclosures rates low by practicing conservative loan policies. “When you take out a loan from a credit union, in effect you’re borrowing money from other credit union members.”

By comparison, private mortgage companies and banks traditionally wait to hear from the borrower to call them first before they take any steps towards assisting the homeowner. By the time the borrower contacts their lender, they’re so far behind it’s almost impossible to catch up and with the sheer numbers that we have seen during the economic downturn, it’s easy to see why we have a crisis.

SECU says that their mortgage assistance program isn’t that much different than the loan modification packages that are being offered by the huge servicing companies and banks, but its SECU’s “execution and resources” that has given them the advantage in how they’ve been able to help their homeowners cope.

Another North Carolina credit union, Local Government Federal Credit Union (LGFCU), has been able to duplicate SECU’s success with its more than 190,000 members by emulating SECU’s program.

Tags: mortgage loans, mortgage assistance, mortgage industry, credit union, mortgage assistance program, homeowners, payment plans, loan modification, mortgage companies, banks

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Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 15 2010 (Chris Moore)
credit-union-people-image
Two years ago, a North Carolina credit union launched a mortgage assistance program that has had unprecedented success and should be a model for the mortgage industry. At a time when mortgage holders have been overwhelmed with foreclosures, the State Employees Credit Union (SECU) has used a little old fashioned preventative medicine to keep homeowners in their homes.

When the program was launched almost two years ago, the giant credit union asked its loan officers to contact its members who were showing signs of financial distress, primarily those who were 30 days or more behind on their payments, and to let them know that the credit union had alternative payment plans available to them.

SECU’s Mortgage Assistance Program offered its member’s options like extending the length of a mortgage, accepting partial payments for six months, and modifying the terms of the loan.

The payoff for SECU…last year the credit union foreclosed on 179 homes out of 121,625 outstanding mortgages and home equity loans or 0.15%. Compare that against the industry standard of 10.54 percent of loans belonging to the state’s banks. This year, the rate stays the same, as only 175 out of 123,815 loans have been foreclosed on.

“None of the programs we have in place call for the rest of the membership to subsidize a mortgage,” said Coburn. “The homeowners still owe it, but they will be paying it later. When they already owe us the money, we will make exceptions to our normal underwriting guidelines … to make the payments affordable.”

The league, he added, has also kept foreclosures rates low by practicing conservative loan policies. “When you take out a loan from a credit union, in effect you’re borrowing money from other credit union members.”

By comparison, private mortgage companies and banks traditionally wait to hear from the borrower to call them first before they take any steps towards assisting the homeowner. By the time the borrower contacts their lender, they’re so far behind it’s almost impossible to catch up and with the sheer numbers that we have seen during the economic downturn, it’s easy to see why we have a crisis.

SECU says that their mortgage assistance program isn’t that much different than the loan modification packages that are being offered by the huge servicing companies and banks, but its SECU’s “execution and resources” that has given them the advantage in how they’ve been able to help their homeowners cope.

Another North Carolina credit union, Local Government Federal Credit Union (LGFCU), has been able to duplicate SECU’s success with its more than 190,000 members by emulating SECU’s program.

Tags: mortgage loans, mortgage assistance, mortgage industry, credit union, mortgage assistance program, homeowners, payment plans, loan modification, mortgage companies, banks

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 15 2010 (Chris Moore)
credit-union-people-image
Two years ago, a North Carolina credit union launched a mortgage assistance program that has had unprecedented success and should be a model for the mortgage industry. At a time when mortgage holders have been overwhelmed with foreclosures, the State Employees Credit Union (SECU) has used a little old fashioned preventative medicine to keep homeowners in their homes.

When the program was launched almost two years ago, the giant credit union asked its loan officers to contact its members who were showing signs of financial distress, primarily those who were 30 days or more behind on their payments, and to let them know that the credit union had alternative payment plans available to them.

SECU’s Mortgage Assistance Program offered its member’s options like extending the length of a mortgage, accepting partial payments for six months, and modifying the terms of the loan.

The payoff for SECU…last year the credit union foreclosed on 179 homes out of 121,625 outstanding mortgages and home equity loans or 0.15%. Compare that against the industry standard of 10.54 percent of loans belonging to the state’s banks. This year, the rate stays the same, as only 175 out of 123,815 loans have been foreclosed on.

“None of the programs we have in place call for the rest of the membership to subsidize a mortgage,” said Coburn. “The homeowners still owe it, but they will be paying it later. When they already owe us the money, we will make exceptions to our normal underwriting guidelines … to make the payments affordable.”

The league, he added, has also kept foreclosures rates low by practicing conservative loan policies. “When you take out a loan from a credit union, in effect you’re borrowing money from other credit union members.”

By comparison, private mortgage companies and banks traditionally wait to hear from the borrower to call them first before they take any steps towards assisting the homeowner. By the time the borrower contacts their lender, they’re so far behind it’s almost impossible to catch up and with the sheer numbers that we have seen during the economic downturn, it’s easy to see why we have a crisis.

SECU says that their mortgage assistance program isn’t that much different than the loan modification packages that are being offered by the huge servicing companies and banks, but its SECU’s “execution and resources” that has given them the advantage in how they’ve been able to help their homeowners cope.

Another North Carolina credit union, Local Government Federal Credit Union (LGFCU), has been able to duplicate SECU’s success with its more than 190,000 members by emulating SECU’s program.

Tags: mortgage loans, mortgage assistance, mortgage industry, credit union, mortgage assistance program, homeowners, payment plans, loan modification, mortgage companies, banks

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS