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Credit Union Mortgage Originations Show Q2 Surge

Phil Hall
Aug 19, 2016
Home values in September were 5.5 percent higher since last year

In the realm of credit union mortgage growth, Iowa was the hotbed of second quarter activity, according to new data released by Callahan & Associates.

In an analysis of approximately 6,000 credit unions involved in mortgage lending during the second quarter, 33 states posted positive growth in their first mortgage portfolio, with credit unions in nearly 25 percent of all states reporting double-digit first mortgage origination growth. Iowa’s credit unions lead the nation with a 27.9 percent annual growth of first mortgages, followed by Arkansas (27.3 percent), Ohio (27.1 percent), Mississippi (20.3 percent) and Maine (19.6 percent).

By the end of the second quarter, 4.4% of the nation’s 106 million credit union members had a real estate loan—either as a first mortgage, second mortgage or home equity line—with their credit union. Credit unions now hold more than $340.7 billion in first mortgage loans, a peak balance, while $62.6 billion in originations were generated by credit unions in the first half of this year, a 1.7 percent annual increase and the most loaned out since 2013.

“This data continues to reinforce what we are hearing and seeing in our communities, that Americans see the value in the member-owner cooperative model,” said Michelle Parker, senior analyst at Callahan & Associates.

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