U.S. credit unions originated more first mortgages in the first-three months of 2012 than they did during any other first quarter on record. In addition, credit union assets reached a new milestone.
Credit union loan originations, including mortgage and non-mortgage loans, were $72.0 billion during the first quarter. While volume was down from the fourth-quarter, it was still the best first quarter on record.
During the first-quarter 2011, originations amounted to $57.4 billion.
The totals, reported by Callahan & Associates, reflected data submitted by 7,035 financial institutions.
“First mortgage and consumer loans helped fuel the strong origination growth, with credit unions recording the highest dollar volume of first mortgages originated in first quarter history,” the report stated.
Residential real estate loan production at the nation’s credit unions was $29.8 billion in the most-recent period. A year earlier the total came to just $21.4 billion.
To put the production numbers in perspective, Wells Fargo & Co. reported $129 billion in residential originations during the first quarter.
The first-quarter total for credit unions included 160,746 first mortgages for $26.0 billion and $3.8 billion in other real estate loans.
Callahan noted that during March, assets owned by credit unions surpassed $1 trillion for the first time ever.
