Mortgage Modifications

These credit unions are on the move to help members keep their homes.

 
 

Foreclosures have once again made headlines with the revelation that many servicers were not reviewing their documents properly. Although credit unions’ are smaller in size when compared to these larger lenders, it looks like we have an advantage when it comes to helping homeowners. Before the government launched its modification programs, credit unions were already helping members stay in their homes by modifying loans. Today, that is still the case.

Total modified mortgage balances outstanding more than doubled from last June, rising to $7.7 billion at mid-year 2010. More than 86% of these were first mortgages. Delinquency rates for both first mortgage modifications and other real estate modifications fell again in the second quarter to 20.4% and 21.0% respectively. However, part of this decline is the result of more aggressive charge-off rates. The net charge-off rate for first mortgages remained below 0.50%, while other real estate charge-offs jumped to 2.58% at June 30.

Total Balance of Mortgage Modifications Outstanding
Source: Callahan's Peer-to-Peer software

Below is a list of the 20 credit unions with the largest number of modifications in their portfolios. By aggressively helping members refinance their mortgages into more manageable payments, these credit unions are demonstrating how credit unions are different, not only design but also in action. 

Leaders in Outstanding Modified Mortgages
Data as of June 30, 2010

  Leaders in Outstanding Modified Mortgages
  Data as of June 30, 2010

Rk

Credit Union

St

Modified 1st Mtg & Other RE Loans

1st Mtg Modifieds*

Other RE Modifieds**

Modifieds as a % of Total Outstanding RE Loans

Total Assets

1

STATE EMPLOYEES

NC

$649,597,897

$649,597,897

$0

5.64%

$21,038,409,108

2

NAVY

VA

$353,002,219

$246,323,532

$106,678,687

2.04%

$41,481,026,989

3

KINECTA

CA

$161,730,161

$161,730,161

$0

6.53%

$3,503,351,845

4

SAN DIEGO COUNTY

CA

$150,953,557

$137,135,001

$13,818,556

5.67%

$4,980,724,589

5

EVANGELICAL CHRISTIAN

CA

$146,562,345

$137,744,161

$8,818,184

14.96%

$1,215,635,352

6

BECU

WA

$140,616,398

$73,437,439

$67,178,959

3.33%

$8,956,948,732

7

PENTAGON

VA

$140,475,499

$118,640,476

$21,835,023

1.58%

$14,325,565,072

8

PATELCO

CA

$115,458,016

$106,714,854

$8,743,162

8.10%

$3,649,245,223

9

DESERT SCHOOLS

AZ

$111,783,993

$87,118,707

$24,665,286

8.86%

$2,966,034,424

10

AFFINITY

NJ

$111,032,892

$89,957,175

$21,075,717

8.50%

$1,984,318,373

11

SPACE COAST

FL

$108,319,457

$102,304,279

$6,015,178

8.67%

$3,113,846,775

12

DIGITAL

MA

$105,579,653

$89,111,663

$16,467,990

4.75%

$3,652,290,209

13

SUNCOAST SCHOOLS

FL

$100,176,231

$85,389,390

$14,786,841

4.30%

$5,246,705,710

14

AMERICA FIRST

UT

$93,572,842

$86,671,914

$6,900,928

7.32%

$5,018,170,497

15

SCHOOLSFIRST

CA

$92,651,811

$82,451,062

$10,200,749

3.14%

$8,434,124,764

16

GTE

FL

$89,860,666

$74,758,554

$15,102,112

12.65%

$1,503,587,026

17

THE GOLDEN 1

CA

$84,183,018

$76,814,171

$7,368,847

3.50%

$7,242,579,026

18

WESCOM

CA

$77,699,175

$75,599,960

$2,099,215

5.89%

$2,813,630,785

19

REDWOOD

CA

$77,194,276

$62,445,576

$14,748,700

10.15%

$1,700,169,619

20

NORTH ISLAND FINANCIAL

CA

$76,245,281

$71,234,007

$5,011,274

11.80%

$1,371,861,167

 

For more information on how to identify other leaders, call the Callahan Analytics Team at (800) 446-7453.

   
 

 

 

Oct. 11, 2010


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