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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.

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