Reading into the numbers
Well it’s that time of year when Callahan & Associates releases their quarterly Trendwatch, and reports on Credit Union performance. I’m always interested in the mortgage market share. It should be no surprise to anyone that first mortgage originations in Credit Unions dropped in the final quarter of the year. Volume fell by 24% from the prior quarter and 34% year over year. Credit unions originated $23 billion in first mortgages in the fourth quarter making it as the lowest volume quarter since third quarter 2011. Not good.
But the good news is that overall mortgage lending fell at an even faster rate. Total volume declined by 27% from the prior quarter and 42% year over year.
So what’s all this mean?
Well, first it means that Credit Unions gained market share. We went from a quarterly market share of 7.5% to 7.8% when comparing quarters and jumped a full percentage point from one year ago. Nicely done & quite memberlicious!
