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CU mortgage leaders see big gains in first quarter

WEST PALM BEACH, Fla. - 2001 was a good year for mortgage lending, and so far 2002 looks to be turning out the same. Total first mortgages for the 10 leading credit unions first quarter 2002 compared to the same period in 2001, went up 26% to $13,655.1 billion from...

By Staff Writer | Updated on July 23, 2002

WEST PALM BEACH, Fla. – 2001 was a good year for mortgage lending, and so far 2002 looks to be turning out the same. Total first mortgages for the 10 leading credit unions first quarter 2002 compared to the same period in 2001, went up 26% to $13,655.1 billion from $10,809.6 billion. In total real estate loans, their total loans went from $14,991.7 in the first quarter 2001, to $18,284.0 billion in the first quarter 2002. Nationwide among all mortgage lenders, the Mortgage Bankers Association of American predicts the total dollar volume of mortgages is expected to reach a record high of $989 billion by the end of 2002-up from $873 billion last year.

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