Navy Federal Credit Union said it set a mortgage processing record during 2001, including closing a record $464.6 million in first mortgages during December alone.
That represented the highest monthly total and the first time the credit union exceeded the $400-million mark in one month. For the entire year, Navy Federal closed $3.4 billion in mortgage loans, surpassing the 1998 record of $2.6 billion. During 2001, mortgage refinance volume represented 59% of the total number of first mortgage loans closed. Of the total number of refinance, 42% were refinancing existing Navy Federal mortgage loans-58% of the refinances closed during 2001 were loans originally financed with other mortgage lenders.
During 2001, a new record of $2.7 billion was also established for mortgage loan sales in the secondary market. Navy Federal retains the servicing rights and provides lifetime mortgage loan servicing. NFCU noted it took 17 years to reach its first $5 billion in mortgage loans outstanding, and just another five years to double that amount.