Annual mortgage production at Navy Federal Credit Union nearly doubled last year. Quarterly home-loan originations were also strong.
The Vienna, Va.-based entity reported to Mortgage Daily that it originated 13,108 residential loans during the fourth quarter. That worked out to $3.122 billion in mortgage production.
All of the credit union’s business was generated through the retail channel.
Business improved from the third quarter, when $2.632 billion in home loans were closed.
Navy Federal funded $2.003 billion in residential loans during the fourth-quarter 2011.
From Jan. 1 through Dec. 31 of last year, mortgage production totaled $10.286 billion. That was the best year ever for the credit union based on Mortgage Daily’s data back to 2008.
Navy Federal nearly doubled its level of production in 2011, when it funded $5.278 billion in home loans.
The financial institution serviced 170,968 mortgages for $32.294 billion as of the end of last year, increasing from just $1.466 billion at the end of September.
Navy Federal serviced $29.720 billion as of Dec. 31, 2011.
