It’s that time of the year when the quarterly mortgage data is released by the Mortgage Bankers Association and Callahan & Associates.
And the data is mighty nine because for the first time ever, Credit Unions captured a 9% of the mortgage market! We must be doing some memberlicious stuff.
And the chart shows that in the last five quarters Credit Unions have grown market share from 6.0% to 9.0%. That’s a big jump!
During the second quarter, Credit Unions originated $23.9 million in new mortgages. This represented a 37% increase over the prior quarter.
Our for-profit friends, originated $243.1 million, but this was only up about 17% from the prior quarter.
Our faster paced mortgage growth resulted in the quarterly Credit Union market share jumping from 7.7% to 9.0%. This means that about 1 in every 11 dollars loaned to Americans for home ownership now comes from Credit Unions. Impressive (but still a long way off from having 100 million members).continue reading »