Navy Fed Does $810M In Mortages-In 1 Mo.

Register now

Navy Federal Credit Union reported it wrote a record $810.5 million in first mortgages during December of 2002, easily surpassing its previous monthly record of $542 million, set in October of 2002. Overall, the credit union closed $5.2 billion in mortgage loans for the year, while also writing $882-million in home equity loans, a 33% increase over 2001. During 2002, a new record of $3 billion was also established for mortgage loan sales in the secondary market, the previous high was $2.7 billion in 2001. Navy Federal retains all servicing, and added $4.9 billion to its servicing portfolio in 2002, In all, more than 31,000 members got a new or refinanced mortgage through Navy Federal in 2002.

For reprint and licensing requests for this article, click here.