Minnesota Credit Unions Lead The Nation In First Mortgage Loan Origination Growth

Wings Financial’s triple-digit annual increase in first mortgage originations is a guiding force in the North Star State.

 
 

Minnesota credit unions nearly doubled their first mortgage loan originations from one year ago, making Minnesota the leading state in terms of year-over-year growth, according to the 6147 of credit unions reporting as part of Callahan & Associates’ FirstLook program.

Leading the way for Minnesota is Wings Financial Credit Union ($4.1B, Apple Valley, MN), which posted a 214.45% increase in first mortgage originations. Its soaring origination numbers pushed outstanding first mortgage loans to $821 million, a 46.93% increase from one year ago. 

FIRST MORTGAGE LOAN GROWTH
Wings Financial Credit Union | Data as of 06.30.15
© Callahan & Associates | www.creditunions.com

First_Mortgage_Loan_Growth

Source: Peer-to-Peer Analytics by Callahan & Associates 

Credit unions across the country shared in a somewhat milder boon, posting 54.57% growth in first mortgage originations and a comparatively modest 10.11% growth in first mortgage loans outstanding.

The Apple Valley-based Wings Financial originated $215.1 million in balloon and hybrid mortgages, which represented a large portion of its growth. In fact, fixed-rate mortgages comprised only 16.2% — or $41.5 million — of Wings Financial’s first mortgage originations, and it originated no adjustable-rate mortgages. Since second quarter 2014, the amount of loans Wings Financial has sold while maintaining servicing rights has decreased 5.53%, or $21.9 million.

FIRST MORTGAGE ORIGINATIONS COMPOSITION
Wings Financial Credit Union | Data as of 06.30.15
© Callahan & Associates | www.creditunions.com

First_Mortgage_Composition

Source: Peer-to-Peer Analytics by Callahan & Associates 

How Do You Compare?

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Aug. 11, 2015


Comments

 
 
 
  • Congratulations Wings Financial Credit Union!!
    Jeff
     
     
     
  • Wow, talk about a powerful story! Congrats to Wings Financial CU and to all other Minnesota based Credit Unions. This is the type of story that those of us in the Credit Union industry can take pride in!
    Bill Mullally
     
     
     
  • Interesting report. Why Wings Financial is doing better than others?
    Benjamin
     
     
     
  • Informative post. Thanks for sharing!
    Anonymous
     
     
     
  • informative post. thanks for sharing
    Anonymous