Despite a tumble in first-mortgage production at California’s credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.
As of Sept. 30, there were 318 credit unions that maintained their headquarters in California. The group served more than 11.4 million members.
Golden State credit unions originated $8.8 billion in first mortgages
during the nine months that concluded on Sept. 30.
That was a 24 percent drop from the same period in 2016, according to 3rd Quarter Credit Union Trends Report for California from the California Credit Union League.
First mortgages outstanding at the group of financial institutions ended the third-quarter at $61 billion — a record high. The total has substantially expanded from just $33.8 billion
in 2010.
The CCUL reported that the credit unions closed $3.48 billion in home-equity loans and home-equity lines of credit during the most-recent nine-month period. Home-equity originations jumped 19 percent from a year earlier.
Home-equity assets on the books of California credit unions ended September 2017 at $10.6 billion, the highest amount since 2012. The league indicated that the record was $14.2 billion in 2008.
Staffing at California credit unions ended the latest period at 29,147, a 6 percent increase from a year earlier.
