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Credit Union news

Credit Union Growth Slows, Delinquency Mixed

$219.9 billion in first mortgages outstanding in Q2

Aug. 31, 2010

By MortgageDaily.com staff


Credit unions saw quarterly growth in outstanding loans, deposits and membership -- albeit at a nominal rate. Late payments rose on fixed-rate mortgages but improved on loans with adjustable rates.

First mortgages owned by federally insured credit unions were $219.9 billion on June 30, rising 0.4 percent from March 31, according to data released by the National Credit Union Association. A year prior, real estate assets were $214.7 billion.

NCUA's findings were based on Mid-Year Call Reports from 7,445 federally insured credit unions.

The regulator reported that the increase in real estate lending was partially fueled by a 10.8 percent increase in mortgage modification activity.

Other real estate loans owned by credit unions finished the latest period at $90.1 billion, easing from $90.7 billion at the end of March and $93.4 billion on June 30, 2009.

Overall loan growth at credit unions was 0.1 percent, leaving loans outstanding at $566.4 billion. Much of the nominal growth was fueled by borrowers seeking lower rates or less collateral.

Total assets finished June at $903.9 billion, 0.7 percent higher than at the end of March.

Delinquency of at least 60 days on fixed-rate and five-year hybrid first-mortgages ended the second quarter at 1.46 percent, higher than 1.43 percent at the end of the first quarter and 1.09 percent a year earlier.

But the rate on adjustable-rate mortgages and hybrids with a fixed term of less than five years fell to 3.14 percent from 3.20 percent three months prior. Still, delinquency was lower at 2.62 percent a year prior.

Aggregate delinquency and charge offs were slightly lower, though NCUA Chairman Debbie Matz warned in the report that many credit unions in hard-hit states are seeing growing losses. Those states are seeing higher unemployment, declining home values and failing businesses.

"These trends are also having a severe impact on many credit union
members," Matz said. "As their debts become overwhelming, members who are dealing with job losses and foreclosures are now much more likely to file for bankruptcy."

Credit unions had 90.5 million members at the end of the first half.

The second-quarter growth rate in credit union deposits was 0.6 percent, leaving around $777.8 billion in outstanding deposits as of June 30. The marginal increase followed an 11 percent growth rate in the first quarter.

Credit unions collectively earned $1.8 billion in the second quarter, pushing up net worth to $89.3 billion from $88.6 billion three months earlier.

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