A huge credit union on the East Coast reported an increase in annual production and said it now provides 100 percent loan-to-value on properties up to $650,000.
Navy Federal Credit Union reported last week more than $6.2 billion in mortgage originations during 2009. Last year’s activity was the highest ever for the credit union.
Business improved from $5.7 billion reported for 2008.
This year, the Vienna, Va.-based financial institution has committed to $7 billion in mortgage production.
Navy Federal — which says it has $41 billion in assets, 7,100 employees and 3.2 million members — also announced that it now provides 100 percent financing on loans up to $650,000. The program is available nationally and has already contributed to an increase in business.
