WASHINGTON–Credit unions in the Waterloo-Cedar Falls, Iowa Metropolitan Statistical Area lead the credit union community in mortgage loan origination market share, capturing 44% of the local market in 2014, according to a new analysis released by Callahan & Associates that is based on analysis of Home Mortgage Disclosure Act.
Veridian Credit Union led the market with 24.35% market share, followed by University of Iowa Community Credit Union with 14.6%.
The following metropolitan areas rounded out the top 10:
- La Cross, Wis.-Minn. – 36.5%
- Pocatello, Idaho – 36.3%.
- Iowa City, Iowa – 36.1%
- Appleton, Wis. – 32.1%
- Saginaw-Saginaw Township North, Mich. – 31.3%
- Utica-Rome, N.Y. – 30.3%
- Anchorage, Alaska – 30.2%
- Cumberland, M.d. – W.Va – 30.2%
“All lenders strive to increase their visibility within the community, and credit unions often face uphill battles in areas where large banks have a foothold in the market,” said Callahan & Associates industry analyst Sam Taft. “Credit unions in specific markets have been able to achieve tremendous success using the right combination of loan products, marketing, and execution. Americans understand the benefits of cooperative financial services and are therefore choosing credit union lenders over banks and others.”
U.S. credit unions increased their mortgage market share by 0.3 percent in 2014 according to Home Mortgage Disclosure Act (HMDA) data released in September. This despite a countrywide drop in mortgage originations in 2014 compared to 2013.
Callahan analyzed the latest HMDA data using MortgageAnalyzer, a mortgage market analysis software tool containing 19 million data points. Callahan scrubs, aggregates, and processes the data, delivering an effective and efficient platform for understanding mortgage markets and opportunities.