1st mortgage market share chart Source: Callahan’s Peer-to-Peer Analytics and the Mortgage Bankers Association. Data as of March 31, 2020

Lending channels at credit unions have remained open despite economic uncertainty stemming from the coronavirus pandemic. Industrywide, total loan balances increased 6.7% over the past 12 months and surpassed $1.1 trillion as of the first quarter in 2020.

With interest rates at historic lows, credit unions are experiencing a surge in mortgage activity, particularly with refinance loans. In the first quarter of 2020, mortgage production across the industry nearly doubled from levels reported one year ago. This resulted in a 1 percentage point increase in market share as credit unions originated 9% of total mortgages nationwide.

Dig Deeper

 

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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.