As interest rates rise, total mortgage originations among credit unions fell 3.4% to $118.85 billion in 2017. However, the industry's share of the U.S. mortgage market increased to 6.2% in 2017, up from 5.7% in 2016.

Nonbank mortgage lenders also saw an increase in their share of the market, reaching 52.1% versus 50.5% in 2016. Banks and thrifts lost market share, down to 41.7% from 43.9% in 2016.

Vienna, Va.-based Navy FCU, the nation's largest credit union, originated $14.93 billion in mortgages in 2017, a 13.6% increase year over year and more than four times the amount issued by No. 2 Raleigh, N.C.-based State Employees' CU. Navy was the 19th-largest mortgage lender in the country, including banks, thrifts and nonbank lenders, up from 22nd in 2016.

Despite the overall drop in originations, 12 of the top 20 credit union mortgage lenders funded a higher percentage of loans in 2017 compared to 2016. North Liberty, Iowa-based University of Iowa Community CU had the highest funding rate of any credit union in the top 20 at 90.3%.

The analysis is based on Home Mortgage Disclosure Act data collected by S&P Global Market Intelligence. Under HMDA, depository and nondepository institutions must annually report every application, origination and purchase of loans for home purchase, home improvement or home loan refinancing. The data is used by regulators to determine whether lenders are serving the housing needs of their communities and to identify possible housing discrimination patterns.

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