Credit Unions Grew Market Share
For the first time ever, credit unions originated more than 8% of all U.S. mortgages originated in any given three month period, Callahan and Associates announced in May. The previous record had been just over 5%.
Lydia Cole, director of industry analysis for the firm, said that credit unions hit this high point during the first quarter of this year to credit union mortgage executives attending a mortgage lending regional workshop in Orlando, Fla. The firm reported that credit unions originated $26 billion in first-mortgage loans, which included both purchase money loans and refinancings. That figure ranked the industry as a whole as the third largest mortgage lender in the country, behind Wells Fargo and Chase Bank.