More buyers going to credit unions for mortgages

by MPA15 Jan 2015
More home buyers are going to credit unions for mortgages, according to a new report by Sageworks. Credit unions are making more of a presence in a category traditionally reserved for specialized mortgage companies and banks. Unions have quadrupled their market share since 2006, according to data from Callahan.

"Whether it’s through specific first-time homebuyer campaigns, like some institutions have launched, or just from the increased demand among consumers in their markets, the credit unions on this list process a large volume of mortgages,” said Sageworks analyst Libby Bierman. “Homeownership rates as a whole may be down in the U.S., but these credit unions – along with banks that provide mortgages - are helping those potential borrowers who are interested in owning.”

Sageworks, a financial information company, recently identified the top 10 credit unions by mortgage loan volume for each of the four geographic regions of the United States. Each of these credit unions ranked as one of the top lenders of first mortgages, according to the latest federal data for the third quarter of 2014.

Top credit unions with the highest amount of mortgage loan volume in the third quarter of 2014:
  • Northeast: Digital Federal Credit Union, based in Marlborough, Massachusetts, produced a mortgage volume of $2.08 billion, followed by Bethpage Federal Credit Union in Bethpage, New York, at $2.02 billion.
  • South: Navy Federal Credit Union, based in Vienna, Virginia, did $19.3 billion, followed by State Employees’ Credit Union in Raleigh, North Carolina, at $13 billion.
  • Midwest: Alliant Credit Union in Chicago, Illinois, did $3.6 billion, followed by Citizens Equity First Credit Union in Peoria, Illinois, at $2.1 billion.
  • West: Boeing Employees Credit Union in Tukwila, Washington, issued $3.1 billion, followed by the San Diego County Credit Union at $2.8 billion.


Should CFPB have more supervision over credit agencies?