Chart showing income rose for the top 10 credit unions in the U.S.

Results for the 10 largest credit unions showed that the mortgage boom that was the pillar of the 2020 economy might be cresting.

A CU Times analysis of NCUA Call Reports posted in late January showed total loan originations by the Top 10 rose 11.7% to $38.7 billion for the fourth quarter. However, the growth was slower than the 17% year-ago gain for the third quarter and the volume was 2% lower than third-quarter originations.

Real estate was a major part of that. Despite a 21.8% gain from the fourth quarter of 2019 to the fourth quarter of 2020, it was the weakest year-ago comparison for any quarter in 2020 and the $15.1 billion in volume marked a decline from the third quarter. The size of the gains has been dropping steadily since the 82% gain in 2020′s first quarter.

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Jim DuPlessis

A journalist for decades.

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