As annual home loan production increased at U.S. credit unions, delinquency rose. The agency that oversees credit unions said it plans to step up regulation.
Residential originations of first mortgages and home-equity lines-of-credit were 4 percent higher during 2009 at federally insured credit unions than in 2008, the National Credit Union Administration reported today. Production on other types of real estate loans was also up 4 percent.
Overall loan volume, including mortgage activity, increased just 1 percent from 2008.
Loan assets ended last year at $572.4 billion, climbing from $566.0 billion on Jan. 1, 2009.
Loan delinquency climbed to 1.82 percent.
The 7,554 federally insured credit unions saw membership rise to 89.9 million from 88.6 million at the beginning of the year. The growth was attributed to a “flight to safety.”
NCUA Chairman Debbie Matz noted in the report that ongoing market stresses reinforce the regulator’s “decision to increase examination staff and augment regulatory oversight.”
