Credit Unions Hit Another Mortgage Record: Callahan
Credit unions made more housing finance loans than ever before during the second quarter of 2012, according to an analysis of data conducted by Callahan & Associates. Callahan analyzes data collected and released by the NCUA along with its own data.
“Credit unions have stepped up their role over the past five years as the mortgage lending market has undergone an unprecedented transformation,” says Jay Johnson, executive vice president at the Washington-based consultancy.
“The key for credit unions will be in continuing to drive these trends as the housing market shifts from a refinance to a purchase market,” Johnson said.
The firm reported that credit unions originated $84.5 billion in housing finance loans for the quarter ending June 30. Combined with first-quarter originations, activity through the first six months of 2012 totaled $157 billion.
“This shatters 2009’s standing record of $144.3 billion originated in the first six months of the year,” the firm said.
“Credit unions are continuing to build momentum in the marketplace and are increasingly seen as a go-to source as consumers look at their financial options,” Johnson said.
“We are seeing this in lending trends, which are following the acceleration in membership growth across the country. Members are not only joining credit unions, they are also bringing with them their full financial relationships,” he said.