HMDA: Credit Unions Originated 9 Percent of All Mortgages in 2015

Credit unions in 2015 accounted for 9 percent of all mortgage originations, according to Home Mortgage Disclosure Act (HMDA) data.

There were 1,971 credit unions that filed HMDA data.

The following information appears in Table 10 in this report.

In 2015, HMDA filing credit unions had slightly more than 1.1 million applications and 670 thousand originations.

According to 2015 HMDA data, 1,061 credit unions had fewer than 100 loans and 419 credit unions had less than 25 loans.

Approximately 5 percent of home-purchased loans by credit unions were higher-priced loans. Credit unions accounted for slightly more than 15 percent of higher-priced home-purchased loans.

Higher-priced first-lien loans are defined as those with an annual percentage rate (APR) of at least 1.5 percentage points above the average prime offer rate (APOR) for loans of a similar type (for example, a 30-year fixed-rate mortgage). The spread for junior-lien loans must be at least 3.5 percentage points for such loans to be considered higher priced.

Credit unions originated 14.8 percent of their home-purchased loans to minority borrowers. In comparison, almost 20 percent of such loans went to minority borrowers.

Credit unions sold less than one-half of the home-purchase loans they originated and a little more than one-third of the refinance loans they originated.