Credit unions have begun to lead the way in mortgage originations according to a press release by credit reporting agency, TransUnion. Between 1st quarter 2013 and 1st quarter 2015, TransUnion’s data showed the credit unions’ share of mortgage originations rose from 7% to 11%. Their data was validated by the results of a survey administered to 90 credit union executives. Nearly 6 in 10 executives responded that “the number of mortgage originations provided to their members has grown over the past two years.”
Indeed, credit union mortgage originations have seemed to accelerate within the last year. TransUnion’s data revealed a 35% increase between 1st quarter 2014 and 1st quarter 2015 while the remaining market only saw a 15% increase during the same time period. When it came to non-prime mortgage originations in 1st quarter 2015, credit unions experienced a 25% growth compared to only a 4% growth in the remaining market.
Director of research and consulting for TransUnion’s financial services business unit, Nidhi Verma, stated, “Credit unions are becoming bigger players in the mortgage loan market, something that may serve them well in the future as the housing market continues to recover.” To read the full article, go to the TransUnion Newsroom at http://www.transunion.com/.