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According to Johnson, just 68% of credit unions offer mortgages because many smaller ones lack the resources and expertise to provide these products. Credit unions originate just 2% of all mortgages made. Of the mortgages made by credit unions, 61% are fixed rate mortgage loans while the remaining 39% are adjustable.

However, in responding to a question from Congressman Patrick McHenry (R-N.C.), Johnson acknowledged that the agency has not been collecting data on credit unions’ subprime offerings. Starting this quarter, credit unions can expect collection of this information on their 5300 Call Reports. “Because mortgage lending has evolved to now include ‘hybrid’ or ‘exotic’ mortgage products, NCUA has modified the way in which we collect information about mortgage lending on our 5300 Report…This change will enable NCUA to gain more precise information about credit union mortgage lending, and will enhance our oversight capability,” she explained in her testimony.

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