The Navy Federal Credit Union, the largest originator of mortgage loans among all credit unions, reported that they originated $1.8 billion of residential loans in the fourth quarter, a 54 percent spike from the same period a year ago, and one of its best quarters ever. The Credit Union funded $538 million in FHA and VA backed loans in the fourth quarter compared to $374 million in the period the year before.
Among all mortgage funders nationwide, the Quarterly Data Report ranks the Navy Federal Credit Union 26th. At yearend it serviced $28.8 billion of home mortgages, a slight gain from both third quarter and the fourth quarter of 2009. Its delinquency rate is 2.3 percent, far below the industry average of 9 percent.
The Navy Federal Credit union has over 3 million members and has assets of over $44 billion. It serves members of the Army, Air Force, Navy, Marines, and employees of the Department of Defense and has branches worldwide.
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Tags: armed forces, navy federal credit union, mortgage originator, mortgage loans, fha loans, va loans
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