CUNA Mutual Mortgage Corp. reported it provided more than $4.7 billion in mortgage loan origination services to CU members in 2002, surpassing its record of $3.1 billion set in 2001. The year closed with a record-setting December, when it funded more than $446 million, a single-month record. That surpassed the previous December's record of $260 million. The company said mortgage loan origination services are comprised of loans made to credit union members, loans purchased from credit unions and loans serviced for credit unions.
CUNA Mutual Mortgage Corporation set another mark in 2002 when it reached nearly $9 billion in loans serviced, compared to $7 billion in 2001. This is the combined value of all loans for the more than 93,000 members served, yet another milestone, up from 80,000 the previous year, the company reported.
"For several reasons, we see the growth trend continuing well into 2003 and beyond," said Jim McCourt, senior vice president, CUNA Mutual Mortgage's Homeownership Solutions. "Credit unions have less than 3% of the entire first- mortgage market, so there's plenty of lending opportunity out there.