The National Association of Credit Unions (NAFCU) reports that credit unions participating in its NAFCU-Fannie Mae alliance are showing significant increases in mortgage lending at the start of 2009 – a trend borne out of other data as well.
Credit unions that have partnered with Fannie Mae through the NAFCU program have seen a 169% increase in total delivery volume in January 2009 versus the same period last year, according to Tammy Trefny, Fannie Mae's affinity relationship manager. In addition, total loans delivered were up 178%.
"Credit unions are capitalizing on the opportunities in the mortgage market," says NAFCU President Fred Becker. "We hope that it's a sign of continued growth for credit unions in this sector."
The National Credit Union Administration (NCUA) reports that first-mortgage volume was up 15.5% across credit unions in 2008 – a result that contrasts the 27.9% decline nationally reported by the Mortgage Bankers Association.
Preliminary numbers from NAFCU's soon-to-be-released March Flash Report show that real estate-secured loans accounted for 76.7% of total loan growth at credit unions during the last 12 months (January to January), and first mortgages alone expanded 13.% in the period.