Credit Union First Mortgage Originations on Track to Surpass Last Year's Record Volumes

The volume of mortgage applications continues to rise as interest rates have dropped to a 30 year low. First mortgage originations have also continued at peak levels, reaching $26.7 billion as of June 2002. This amount surpasses first mortgage originations for all of 2000, and represents a 39% increase over the same period one year ago. But will credit unions increase their share of the growing mortgage market in 2002?

 
 

The volume of mortgage applications continues to rise as interest rates have dropped to a 30 year low. First mortgage originations have also continued at peak levels, reaching $26.7 billion as of June 2002. This amount surpasses first mortgage originations for all of 2000, and represents a 39% increase over the same period one year ago. But will credit unions increase their share of the growing mortgage market in 2002?

2002 credit union mortgage activity has continued at the furious pace set in the last six months of 2001. Mid-year numbers show that credit union real estate loans have reached $39.8 billion. Compared to the same period last year, this represents a 41% increase over the $28.1 billion in mortgages originated as of June 2001. This amount is also slightly above the record level of $39.2 billion in mortgages originated during the second half of last year.

 

 

 

Sept. 23, 2002


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