X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BEDMINSTER, N.J. – Affinity FCU’s mortgage CUSO, like the rest of the credit union industry, benefited from the record-setting low mortgage rates by setting a new mortgage origination record of its own. Executive Vice President/COO Mark Cochran said as of September the CUSO originated $518 million in mortgages. Eighty percent of those loans were refinances; and 70% of the refi business was new money for the 50 credit unions that use the CUSO’s mortgage services. The CUSO originated $425 million in mortgages for the full year 2001, and 60% of those were refis. Cochran said he realizes rates will eventually begin to rise again and origination volume will recede, “but there will always be a market for adjustable rate mortgages, even if the refinance market isn’t as hot,” he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.