The appetite for credit unions to provide mortgage loans appears to be greater than other financial institutions, according to new TransUnion (NYSE: TRU) research. Credit unions’ share of all mortgage originations has increased from 7% in Q1 2013 to 11% in Q1 2015.
The research was corroborated by a new survey of 90 credit union executives, with nearly six in 10 respondents stating the number of mortgage originations provided to their members has grown over the past two years. The survey and data were released today at TransUnion’s annual credit union seminar in Las Vegas, which includes participants from several leading credit unions located throughout the country.
While TransUnion data show that credit union mortgage originations decreased 24% between 2012 and 2014, originations have actually increased 35% in the past year (Q1 2014 to Q1 2015). The rest of the market experienced a 48% drop between 2012 and 2014 and only experienced 15% growth in the past year (Q1 2014 to Q1 2015).
TransUnion also found that credit unions experienced 25% growth in non-prime mortgage originations in Q1 2015 while the rest of the industry grew at 4%.
For more information about the credit union survey and mortgage data analysis, please visit www.transunioninsights.com/2015CreditUnionAnalysis