ARLINGTON, Va.-Refinancings for 2003 are tracking very closely to the "wave" of 2001, according to NAFCU's October Flash Report. The approximately 120 respondents to NAFCU's survey said that 35% of their 2003 mortgage originations were refinancings, up slightly from the 30% from 2001. More than half (52%) of mortgage originations this year have come from refinancing of a loan from another institution. In 2001, this number was 54%, NAFCU economists found. However, NAFCU member credit unions have become more active in the secondary market, having sold nearly half of their 2003 mortgages on the secondary market, as opposed to 42% in 2001. Seventy-three percent of those went to Fannie Mae, while the remainder were sold to Freddie Mac. NAFCU has a deal with Fannie Mae so its members can receive discounted rates and other perks from housing government sponsored enterprise. In addition, most NAFCU credit unions (95%) have chosen to maintain the servicing rights on the mortgages sold. In 2001, it was 97%.