a quarter’s total has topped $1 trillion since 2003.
The total rose because of agreater-than-expected volume ofrefinances. The wave is expectedto start showing year-over-yeardeclines in mid-2021.
The rising total also means that
credit unions’ share of origina-
tions was smaller. Originations
were 7.6% for the third quarter
instead of the 8.4% based on the
MBA’s Nov. 18 estimates and the
NCUA’s national quarterly data
released Dec. 4 for the nation’s
5,133 federally-insured creditunions.
The MBA’s Dec. 21 report madeno changes to mortgage balances.
The credit union’s share of the
nation’s pool of mortgages was
3.9% on Sept. 30 – unchanged
from June and up from 3.6% in
September 2019. n Lending
CONT. FROM PAGE 1
Y CUs had strong lending numbers in mostregions around the country in 2020.
Y CUs originated more than $80 billion in firstmortgages through three quarters of 2020.
Y The Midwest saw the largest increase ofmortgage originations at +67%.
Credit UnionsBanks and others
SOURCE: ;e NCUA and Mortgage Bankers Association with data analysis by Jim DuPlessis, correspondent-at-large, CU Times.
Q1 Q2 Q3
Credit unions originated $81 billion in the three months ending Sept. 30, or 7.5% of the $1.08 trillion by alllenders, down from 8.5% in June.
Credit Union Share of First Mortgages Slips
First mortgage originations for three months of quarter in billions
IL IN OH
0 200 400 Miles
0 200 400 MilesHI
0 100 200 Miles
$14.3B, +48%MIDDLEATLANTIC:$6.3B, +49%
U.S.: $81.7B, +55%
First Mortgage Originations Rose in Third Quarter
From July to September credit unions generated $81.7 billion in first mortgages, up 55% from originations in 2019’s second quarter. Except in New England,growth in coastal areas was under 50%.
SOURCE: NCUA data on U.S. Census map with data analysis by Jim DuPlessis, correspondent-at-large, CU Times. Credit union values are weighted based on branch distribution by state.
SOURCE: ;e NCUA with data analysis by Jim DuPlessis, correspondent-at-large, CU Times.
Provisions for loan losses
Net interest income
before loan loss provisions
- 1.39%- 1.58%
Income components for the three months ending Sep.30
expressed as annualized amounts per average assets.
Tighter interest margins were the biggest cause of declining
net income followed by larger loan loss provisions.
Third Quarter Net Income Falls
0% 2% 4%