A variety of reasons are behind credit unions' strong performance in the market for first mortgage loans, according to an executive with Callahan and Associates.
Jay Johnson, an executive vice president with the credit union industry consultancy and data analysis firm said credit unions captured 5.2% of the overall market in first mortgages in part because credit unions have become stronger mortgage competitors, but also because they have kept lending during the downturn.
"While other lenders have been tending to lend less during this downturn, credit unions have been continuing what they have been doing and even expanding their mortgage role a bit," Johnson said.
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He also noted that credit unions have had their numbers of first mortgages helped by the efforts to refinance troubled first mortgages from other lenders. When a first mortgage is refinanced, as opposed to modified, it is considered a first mortgage origination Johnson explained.
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