Credit unions accounted for 9 percent of all mortgage originations in 2016, according to Home Mortgage Disclosure Act (HMDA) data.
There were 1,939 credit unions that filed HMDA reports. A majority of credit unions (1,025) made fewer than 100 loans and 374 credit unions reported fewer than 25 loans.
Credit unions reported 215 thousand home-purchase loans. Almost 87 percent of home-purchase loans were conventional mortgages.
Credit unions, along with small banks, accounted for a highly disproportionate share of conventional higher-priced loans. Five percent of credit unions' conventional loans were high-priced versus 3.7 percent of all conventional mortgages made by all lenders.
Almost one quarter (25.2 percent) of all home-purchase loans were made to low-and moderate-income (LMI) borrowers and 13.2 percent were to LMI neighborhoods.
Credit unions reported 277 thousand refinance loans, of which 96 percent were conventional loans.
Credit unions sold about one-half of the home-purchase loans they originated and about 40 percent of the refinance loans they originated.
Read the Federal Reserve Bulletin article.
Between banks and credit unions what is the break out of LMI and “high priced” loans.
ReplyDeleteIn other words, how are credit unions looking versus the “mission” and the justification of the tax exemption.