From the May-21, 2008 issue of Credit Union Times Magazine • Subscribe!
CUs Are Selling Mortgages When Others Can't
WASHINGTON -- While auto lending is a shrinking part of credit unions' loan portfolio, mortgages are picking up despite, and possibly because of, market conditions. Lending was up in March, led by a healthy 2.8% increase in mortgages, the largest increase since July 1999, according to CUNA's Monthly Credit Union Estimates report for May. Fixed- and adjustable-rate mortgages have increased as a percentage of credit unions' portfolio from March 2007 to March 2008, as have second mortgages.