If you take the total number of 1st mortgage loans held on credit union balance sheets (almost 4.2 million) and divide by the total number of members (roughly 95 million), you get just 4.42% of members with a mortgage. This understates the actual penetration for two reasons: some consumers belong to more than one credit union (I belong to three!) and credit unions sell some of their first mortgage production on to the secondary market. However, the data does act as a benchmark to gauge regional variations in mortgage penetration.
To that end, Maine’s 61 credit unions fare the best! These credit unions hold just over 57,000 1st mortgage loans on their balance sheets as of year-end 2012. This equates to 9.12% of the total membership of Maine’s credit unions. Roll over the states below to see its mortgage penetration rate.
MORTGAGE PENETRATION RATES BY STATE
DATA AS OF DECEMBER 31, 2012
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Source: Callahan & Associates’ Peer-to-Peer Software