Home-loan originations were up by nearly half last year at the nation's credit unions. In addition, credit unions expanded their share of the mortgage market. Some of the financial institutions reported record activity.
Credit unions originated $123.0 billion in first mortgages during 2012, data released by Callahan & Associates indicate. That was more than the $82.5 billion generated by the sector in 2011.
The report said market share climbed to 7.0 percent last year from the 2011 mortgage market share level of 6.5 percent.
Other real estate originations by credit unions amounted to a record $17.5 billion, Callahan said, a little more than $17.1 billion a year earlier but less than $19.6 billion in 2010.
Manhattan Beach, Calif.-based Kinecta Federal Credit Union reported that it had closed more than $3 billion in residential loans as of October -- an all-time high. During all of 2011, production totaled just $2.8 billion.
October mortgage production at Lake Michigan Credit Union was 848 loans for $0.132 billion, the Grand Rapid Business Journal reported. That made the financial institutions the largest mortgage lender in Kent County, Mich.
From Jan. 1, 2012, until Oct. 31, 2012, Wright-Patt Credit Union Inc. closed 3,000 home loans for $0.380 billion, a story from the Dayton Daily News said. Business was up 46 percent from the prior year.
With more than $2 billion in mortgage production, the more than a thousand credit union clients of Credit Union Mortgage closed 37 percent more in home loans last year than in 2011, the Dallas-based service provider reported.
Credit Union Mortgage said that refinance business jumped 47 percent in 2012, and purchase production was 15 percent higher.
Credit Union Mortgage's servicing portfolio was $20 billion.