Credit unions reported $84.5 billion in loan originations for the quarter ending June 30. Combined with first quarter originations, activity through the first six months of 2012 totaled $157.0 billion. This shatters 2009’s standing record of $144.3 billion originated in the first six months of the year.
During the major refinance wave that began in the first half of 2009, credit unions originated more than $55 billion in first mortgages. Credit unions originated more than $56 billion in first mortgages for the first six months of 2012. Year-to-date first mortgage origination volume equaled 35.8%, down slightly from 2009 when year-to-date first mortgage origination volume totaled 38.3%.
Credit unions accelerated the first mortgage lending wave that started during first quarter 2012. Year-to-date, credit unions originated $56.3 billion in first mortgages and captured 7.6% of the market. They held 7.8% of those mortgages on their books and sold slightly more than half to secondary markets for asset-liability management purposes. Fixed-rate first mortgages comprised 14.6% of the asset base for credit unions, a slight increase from the 14.4% posted in the first quarter but down from the 14.7% posted during second quarter 2011.
Mortgage lending drove strong volume; however, consumer loan originations also beat historical levels. Credit unions posted a 17% increase in consumer loan originations over 2011 levels, disbursing $85.5 billion in non-mortgage, non-business loans to members. The industry posted strong growth in used auto, new auto, and credit card loans, with new auto loans increasing 0.7% from June 2011 levels.