First-mortgage lending is an increasingly important component of credit union lending and service to members, according to CUNA's economics and statistics department.
In 2013, credit unions originated more than $134 billion in first mortgages, up from $125 billion in 2012. That represents more than 6.5% of the entire mortgage origination market.
This pace is more than double the $61 billion of first mortgages credit unions originated in 2007, which made up only 2.6% of the market at that time. First mortgages now account for 41% of loans held in credit union portfolios, up from 33% in 2007.
Credit unions sold almost 52% of their first mortgage originations in 2013, up from 27% in 2007, due to their desire to reduce the interest-rate risk inherent in fixed-rate, long-term loans—especially at today’s historically low interest rates.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
The 2017-2018 CUNA Staff Salary Report has been released. Uniquely comprehensive, the benchmarking tool contains salary data from credit unions nationwide for more than 90 full-time positions and 10 part-time positions.