Mortgage originations dropped sharply in the first quarter of 2014 from one year prior, according to data released by the NCUA Tuesday.
Credit unions originated an annualized $42.6 billion in fixed-rate, first real estate loans in the first quarter, down from $102.9 billion in the first quarter of 2013, the NCUA said in a press release.
"The decline largely reflects a reduction in mortgage refinancing activity and is consistent with the slowdown in the housing market during the quarter. The growth in total loans contributed to a 3.3 percentage point rise in the overall loans-to-shares ratio relative to a year ago, to 69.2%, the highest first-quarter ratio since 2010," the NCUA also said.
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