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Credit union mortgage originations up 30% in 2019

U.S. credit unions funded $177.31 billion in home mortgages in 2019, a nearly 30% increase from the previous year, according to Home Mortgage Disclosure Act data.

Overall, $2.662 trillion in mortgages were funded last year, up 33.4% from 2018. Nondepository institutions accounted for 51.5%, or $1.370 trillion in funded mortgages, while banks funded 41.2% and credit unions accounted for 6.7% of that total, down from 6.9% in 2018.

This analysis was based on Home Mortgage Disclosure Act data collected by S&P Global Market Intelligence. The law requires financial institutions to maintain and report loan-level mortgage data, which gives insight into whether these institutions are serving the housing needs of communities and to flag signs of possible discriminatory lending practices.

A total of 1,586 credit unions reported HMDA data for 2019, down 11 year over year.

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Vienna, Va.-based Navy FCU, the largest credit union by assets, funded $19.78 billion in home mortgages in 2019, a 20.3% increase from 2018 and more than any other lender in the credit union industry.

Raleigh, N.C.-based State Employees' CU funded the second highest amount of mortgages among credit unions, at $4.41 billion. Tukwila, Wash.-based Boeing Employees CU funded $3.82 billion in mortgages in 2019, the third-highest total in the industry.

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