Mortgage Activity Showing Effects of Softening Market, but Impact is Not a Hard Punch
SHREWSBURY, N.J. -- Indications of the slowing real estate market are becoming evident in credit union mortgage portfolios. As of June 2006, CUs' first mortgage originations dropped to $27.3 billion from a high of $42.9 billion three years earlier at the height of the refinance boom. The good news though is CUs' delinquency levels for real estate loans still remain low. Credit unions still need to prepare for the almost $100 billion in loans that are set to re-price or mature within five years.