Last year the four credit unions originated $20.7 billion in first mortgages, double their production in 2019 and accounting for 7% of the $291.6 billion originated in 2020 by all credit unions. This year they are maintaining momentum:

PenFed Credit Union of Tysons, Va. ($27.7 billion, 2.3 million members) was the nation's second-largest originator of first mortgages in 2020 with $7.3 billion, up four-fold from 2019. In the first half of this year it originated $6.7 billion, up from $2.7 billion a year earlier.
Lake Michigan Credit Union of Grand Rapids, Mich. ($10.4 billion in assets, 413,178 members) was third among credit unions last year with first mortgage originations of $6 billion, up 72% from 2019. In the first half of 2021, it originated $3.2 billion, up 17.4% from a year earlier.
State Employees' Credit Union of Raleigh, N.C. ($49.9 billion, 2.6 million members) ranked fourth with $4.5 billion in first mortgage originations last year, up 10.4%. First half originations rose 9.8% to $2.2 billion.
Star One Credit Union of Sunnyvale, Calif. ($10.6 billion in assets, 114,914 members) was the ninth-largest credit union for first mortgages last year with originations of $3 billion, up from $1.1 billion in 2019. Originations in the first half of 2021 were $1.9 billion, up 93.1%. Growth in portfolio balances has been slower because of normal runoff and higher sales to the secondary market. Nationally, credit union sales of first mortgages to the secondary market almost doubled last year to $121.6 billion.

Lake Michigan Credit Union

Lake Michigan CU has gone from a credit union serving part of Michigan to one that also has a growing footprint in southwest Florida, which started in 2015 with four branches, augmented in 2018 with one bank purchase and to be expanded more with a second bank buy that is expected to close by year's end.

Instant Insights /

How Some Credit Unions Are Breaking 2020's Origination Records

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