VIENNA, Va. – By yearend, Navy Federal Credit Union will be servicing over 91,000 first mortgage loans, totaling more than $10.3 billion outstanding. In addition, Navy Federal will close over $3 billion in first mortgages in 2001. During 2001 alone, Navy FCU’s mortgage servicing portfolio grew over $1.3 billion, a 15% increase in total mortgage loans outstanding serviced this year. By the end of the third quarter, the world’s largest credit union already reached $10 billion in servicing. Navy Fed sells approximately 82% of its mortgage loans in the secondary mortgage market, but it retains the servicing rights and provides lifetime mortgage loan servicing. Navy FCU currently services $8.4 billion in mortgage loans for investors on the secondary mortgage market. It services an additional $1.5 billion in equity loans. Navy FCU has $14 billion in assets and more than 2 million members.
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