Friday, May 25, 2018

CUs Accounted for 9.7 Percent of All Mortgage Originations in 2017

Credit unions accounted for about 9.7 percent of all mortgage originations in 2017, according to Home Mortgage Disclosure (HMDA) data. This is up from 9 percent in 2016.

In 2017, 1,706 credit unions were HMDA reporters.

Out of these 1,706 credit unions, 781 credit unions made fewer than 100 loans and 198 credit unions originated fewer than 25 loans.

Credit unions originated 237 thousand home-purchase loans in 2017 and 209 thousand refinance loans. A home-purchase loan or refinance loan is first lien mortgage for a one-to-four family, owner occupied, site-built homes.

Approximately 85 percent of home-purchase loans originated by credit unions were conventional mortgages, while almost 95 percent of refinance loans originated credit unions were conventional mortgages.

Credit unions are more likely than other lenders to hold mortgage loans they originated in portfolio. Credit unions sold about 44.9 percent of the home-purchase loans they originated and about 32.2 percent of the refinance loans they originated.

Credit unions reported that 4.3 percent of its conventional home-purchase mortgages were higher-priced loans, while 3 percent of its refinance loans were higher-priced loans.

Navy Federal Credit Union was the twelfth largest mortgage originator in 2017 and the only credit union to appear among the top 25 originators. Roughly 38 percent of the home purchase loans were conventional mortgages and approximately 23 percent of these conventional mortgages were higher-priced loans.

Read the report.

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