Low mortgage rates are powering an increase in mortgage market share for credit unions according to CreditUnions.com research. The study finds that mortgage lending has been the "main catalyst for overall loan growth at credit unions" for Q1 2020.
The Mortgage Bankers Association is predicting increases in refinance activity into the second quarter, which will could help further the growth of mortgage market share in credit unions moving forward.
"At U.S. credit unions, mortgage originations reached $50.8 billion as of March 31, 2020. This is almost double what credit unions reported in the first quarter of 2019. Likewise, credit union mortgage market share increased 1.0 percentage point over the past 12 months to 9.0%," according to the report.
In addition, mortgages made up 36.3% of total loan originations for credit unions in the first quarter. This marks a 13% increase in points year-over-year. According to the report, 73.5% of the $50.8 billion in mortgage cooperatives originated were fixed-rate mortgages.
Click here to read the full report from CreditUnions.com.
For independent mortgage bankers, developing sound judgment can strengthen recruiting, retention, and long-term performance
Mentorship in mortgage lending is as important as ever in our rapidly changing and complex industry. For independent mortgage bankers in particular, the stakes are high. Compressed margins, elevated rates, and intensifying competition for experienced loan officers have made ...
Mike Kortas calls loanDepot a "sinking ship" in social media post while promoting NEXA's recruiting package as the two companies remain embroiled in litigation
Editor's note: This story has been updated to provide additional context about the New York Stock Exchange's continued listing standards and compliance process. The increasingly public rivalry between NEXA Lending CEO Mike Kortas and loanDepot took another turn Thursday, wit...
New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools