CHARLOTTESVILLE, Va.—A new survey shows that Navy FCU, Vienna, Va., continues to make the most mortgage loans within credit unions, topping $8.3 billion in 2014. Navy Federal’s mortgage loan production is larger than the asset size of all but a few credit unions.
Rankings released by SNL Financial also show that Raleigh, N.C.-based State Employees' Credit Union became the No. 2 home mortgage funder among credit unions in 2014 ($2.7 billion), rising from the No. 3 ranking in 2013, based on data the companies filed under the Home Mortgage Disclosure Act.
Alexandria, Va.-based Pentagon FCU dropped to No. 3 in 2014 ($2.4 billion) from No. 2 in 2013.
No. 4 and No. 5 credit unions by funded mortgage loans in 2014 were Manhattan Beach, Calif.-based Kinecta FCU ($2 billion), and Mountain View, Calif.-based First Technology FCU ($1.4 billion), respectively.
Total credit union mortgage originations fell between 2013 and 2014 as refinancings were cut in half, SNL stated. Based on HMDA data, mortgage loan fundings by credit unions decreased to $78.96 billion in 2014 from $102.51 billion in 2013, a decline of 22.98%.
Other lenders also saw declines. Banks under $25 billion in assets saw mortgage loan fundings fall 20.86%, while the larger banks, with assets over $25 billion, saw a large drop of 41.62% in fundings between 2013 and 2014. Nonbank lenders' mortgage originations saw the smallest decline at 19.00%.