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Article: VA 'Look-Alike' Loan Gains Ground at Credit Union.(Navy Federal Credit Union)(Brief Article)
- Article from:
- Origination News
- Article date:
- May 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Navy Federal Credit Union, not surprisingly, is a major lender of loans backed by the Department of Veterans Affairs.
But Navy Federal's fast-growing "conventional VA" loan is starting to gain market share among the credit union's membership, most of whom are or have been Navy military or civilian employees.
In January, VA-guaranteed loans accounted for just under 10% of Navy Federal's loan closings. Meanwhile, the "Veterans Choice" VA look-alike, which has the same underwriting criteria and loan-to-value requirements of a VA loan, accounted for just over 8% of Navy Federal's home loan closings.
The VA look-alike program, along with ...