Which credit union leads the nation in first mortgage penetration?

 
 

First mortgage loans outstanding totaled $257.7 billion and accounted for the largest portion (41.5%) of the industry’s total loan portfolio in the second quarter of 2013. First mortgage penetration is a product metric that helps credit unions measure the percentage of members having first mortgage loan accounts at the credit union. The average first mortgage penetration for the industry in the second quarter was 2.10%, up 8 basis points from the previous June.

Maine Education ($32.0M, Augusta, Maine) boasted the highest first mortgage penetration rate among credit unions over $20 million in assets as of June 2013. First mortgage penetration rate at Maine Education stood at 21.6% in the second quarter, up 7.8% from the previous year. Wymar ($80.9M, Geismar, LA) came in next with its first mortgage penetration jumped to 18.5% in June 2013 from 10.4% a year prior. Workmen’s Circle ($55.2M, Savannah, GA) rounded out the top three with 18.3% of its members having first mortgage loan accounts on average.

LEADERS IN FIRST MORTGAGE PENETRATION
Data as of June 30, 2013 For Credit Unions Over $20M in Assets
© Callahan & Associates | www.creditunions.com

  Credit Union State First Mortgage Penetration
as of June 2013
Members Total Assets
1 Maine Education ME 21.63% 4,055 $32,045,310
2 Wymar LA 18.51% 4,025 $80,948,821
3 Workmen's Circle GA 18.28% 1,242 $55,160,223
4 United Financial Services NJ 17.76% 2,258 $20,950,287
5 SM KS 16.38% 2,344 $61,096,068
6 Gardiner ME 15.55% 5,036 $38,026,492
7 Trans Texas Southwest TX 15.49% 2,930 $41,400,626
8 Hometown ND 14.49% 2,954 $83,780,094
9 Luso MA 14.21% 6,180 $160,160,431
10 Country Heritage MI 13.65% 1,692 $37,271,264


Generated by Callahan & Associates' Peer-to-Peer Analytics

 
 

Sept. 17, 2013


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