Navy FCU Has Big Surge In Mortgage Lending
VIENNA, Va. – Navy FCU, the largest credit union player in mortgages, originated $1.8 billion of residential loans in the fourth quarter, a 54% spike from the same period a year ago, and one of its best quarters ever.
The $45 billion credit union is based in the Virginia suburbs of Washington, D.C., home to one of the strongest housing markets in the U.S.
According to figures compiled by National Mortgage News, a Credit Union Journal sister publication, Navy Federal ranks 26th among all residential servicers. At year end it serviced $28.8 billion of home mortgages, a slight gain from both the third and fourth quarters of 2009. Its delinquency rate is 2.3%, far below the industry average of 9%.
In the fourth quarter it funded $538 million of FHA and VA backed loans compared to $374 million in the year ago period.
Among all funders nationwide, it ranks 26th, according to National Mortgage News.