More home purchasers in the Madison, Wis., area chose the $1.4 billion UW Credit Union to finance their home loans than any other lender in 2010, according to data collected by the Federal Financial Institutions Examination Council.

FFIEC collects home mortgage data and published a report on the 2010 data in September. The Madison statistical area includes Dane, Sauk and Iowa counties and the report showed the credit union had lent $83 million in money to fund new real estate loans in 2010.

Many credit unions crave so called “purchase money lending” more than mortgage refinancing since purchase money loans tend to bring more members and offer greater stability over the long haul.

Mortgage refinance business, by contrast, tends to rise and fall with interest rates and other factors.

“This is the first time the federally published data has reported a credit union in top position for home purchase financing in the Madison Metropolitan statistical area,” said Paul Kundert, CEO of the 158,000-member UWCU.

Although home purchase volumes have been trending down, the credit union's home purchase mortgage lending market share has been on the rise and has more than doubled since 2005, Kundert said.

“Our members and the community know that they can turn to us for fair treatment in financing a home purchase. People at all levels of financial capacity aspire to own their own home, and we're here to help for the long-term,” he said.

“We are committed to helping improve the well-being of the community through consumer-friendly products and free financial education,” Kundert added, pointing in particular to his credit union's FHA, VA, WHEDA, My Community and Home Attainable loan programs.

Instant Insights /

UW Credit Union Leads Market for Purchase Money Lending

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