Credit unions originated $55.3 billion in first mortgage loans in the first six months of 2009, a 36 percent increase over results as of June 2008. With refinance activity a driver of the volume, credit unions captured 5.2 percent of the U.S. market. The industry’s national market share has more than doubled from the 2.5 percent recorded through mid-year 2007.
On the balance sheet, first mortgages outstanding are up 8.2 percent. The growth understates the activity as sales to the secondary market are also at a record level. Credit unions have sold over 55 percent of their first mortgage volume in the first half of the year, double the relative sales volume from a year ago.