According to data from Callahan & Associates' First Look program, credit unions continued to expand lending to members in the second quarter. First Look participating credit unions, approximately 99% of the industry’s assets, granted 8.2% more loans through the first six months of 2009 compared to this time last year. This growth puts the industry on pace for a record year of lending at a time when credit availability remains a key issue across the nation.
First Look credit unions' 8.2% loan origination growth was largely propelled by real estate lending. Participating credit unions issued $29.6 billion in first mortgage loans during the second quarter, 16.3% more than they granted in the first quarter of this year and 38.7% more than they issued by the end of the second quarter last year.