I was catching up with Tim Mislansky’s terrific blog, Memberlicious, and was struck by something in his series on the National Mortgage News listing of the year’s Top 200 Mortgage Originators (a self-reported list). The 19 credit union originators are the real stars of the list; they are the hardest working originators in the business.
The average non-credit union originator on the list wrote 243 mortgages representing $83.4 million in volume. The average credit union originator wrote 348 mortgages representing $68.8 million in volume. That’s an average credit union loan size of less than $200,000, less than 60% of the average loan size of for-profit lenders.
Only six non-credit union originators had an average loan size that was smaller than the credit union aggregate average. More than four-fifths of the non-credit union originators had an average loan size larger than that of the credit union lender with the largest average loan size.
What does this mean? By traditional measures, the numbers suggest that credit union originators are less efficient than their for-profit competitors. If you are trying to get rich, then earning more money while doing less work is certainly good. But that’s not what credit unions are about.
The top credit union originators are in business to help member-owners buy houses they can afford and keep. So hats off to them. On average, they served two more homebuyers per week than their for-profit colleagues(!), and they did so by writing loans that met the needs and means of their members. As Tim would say, that’s memberlicious.
Source: excerpted from National Mortgage News Top 200 Mortgage Originators