The more than $1 billion in mortgage loans that the 4.2 million member, $51.6 billion Navy Federal Credit Union booked in October represents the most recent crest of a very strong housing year for the nation's biggest credit union and not merely a spike or other single occurrence, executives said.
“We have had a very strong year in mortgages with a series of records broken,” said Katie Miller, vice president for mortgage products for the Vienna, Va., credit union. “October was merely the latest.”
Miller and lending spokesman Dana DeSarno attributed the growth to both the lower interest rates which have been prevailing for some time as well as the mix of mortgage products the credit union offers as well for the increase.
The credit union offers a mix of 15- and 30-year housing finance loans, including FHA and VA programs. Many are eligible for 100% financing as well, the credit union said, adding that the volume had been made up of both refinance and purchase money loans.
Purchase money loans are those made to finance a home purchase and not just refinance a previously issued loan.