Credit unions are making waves in loan originations, including mortgages. A report from Washington, D.C.-based financial consulting firm Callahan & Associates released this month shows a record quarter for total loan originations produced by credit bureaus, at upwards of $72 billion in volume.
“Originations during the first three months of 2012 exceeded $72.0 billion, up 25.3% over the same time period last year,” says Jay Johnson, executive vice president for Callahan & Associates. “This year-over-year growth is significantly higher than the 13.3% recorded in 2011.”
The loan total includes in increase in first mortgages, as well, which comprise roughly 36% of the originations reported, compared with 30.7% in the first quarter of 2011.
Consumer loans declined as a percent of loan originations in total, but rose in dollar volume to near $40 billion.
Many reverse mortgage lenders have partnered with credit unions in the loan origination process and have reported success in those partnerships.
Written by Elizabeth Ecker
