Multiple residential lenders have recently reported strong mortgage originations. Some have touted all-time high quarterly activity, while monthly records were announced by others.
Based on an analysis of Home Mortgage Disclosure Act data, Callahan & Associates determined
credit unions were responsible for 6.1 percent of 2015 purchase-money first-mortgage originations.
Credit union market share was greatest in Alaska at 28.4 percent. The share was 24.0 percent in Vermont, 18.3 percent in Wisconsin, 16.9 percent in Iowa and 15.9 percent in Idaho.
On just mortgages insured by the Federal Housing Administration, Callahan said credit unions had an 0.9 percent share, while the share of loans guaranteed by the Department of Veterans Affairs was 5.2 percent.
In just California, credit unions closed more than $2 billion in home-equity lines of credit during the second quarter,
the California Credit Union League recently reported. First mortgage originations in the sector came to $7 billion.
The Michigan Credit Union League recently reported that first-mortgages at the state’s credit unions were up 7.7 percent in the second quarter from a year earlier.
Purchase financing accounted for
68.4 percent of the previously reported 50,128 loans originated for $11.479 billion by Guild Mortgage Co. during the first-nine months of 2016.
Guild Mortgage
President and Chief Executive Officer Mary Ann McGarry noted in a news release that the San Diego-based firm is closing loans more quickly than the industry as a whole — something that will be critical as interest rates rise.
Pacific Union Financial LLC recently reported that it originated $1.84 billion during August — an all-time high. The Irving, Texas-based organization said it is on track for a record year. Its servicing portfolio stood at $23 billion as of Oct. 25.
Bethpage Federal Credit Union reported as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey that it closed 967 loans for $0.412 billion during the three months ended Sept. 30. The total included $0.268 billion in retail loans and $0.144 billion in wholesale lending.
More than $2 billion in investor financing has been originated by Colony American Finance, a Sept. 13 statement said.
That worked out to more than 1,200 loans.
With 962 units endorsed by FHA during fiscal-year 2016, Prospect Mortgage said it was the
biggest originator of 203(k) loans.
USA Mortgage said Tuesday that it was the No. 1
lender in the lender in the Missouri USDA Guaranteed Rural Housing Program during fiscal-year 2016 with 591 loans closed for $0.072 billion. It was the sixth year the St. Louis-based company topped the list.
The Western Region of Supreme Lending closed more loans in August than any other month during 2016.
Forty-two percent of the volume, or 120 loans, came from the San Diego branch.
