Navy Federal CU Originations to Rise

Navy Federal Credit Union of Vienna, Va., said Monday that it plans to originate $6 billion of mortgages this year, about 5% more than it wrote last year.

The $35 billion-asset credit union said that last year was its second-biggest for originations.

"Navy Federal never engaged in subprime mortgage lending," Cutler Dawson, its president and chief executive officer, said in a press release. "As a result, we saw a strong 'return to trust' in 2008."

The credit union serves all Department of Defense military and civilian personnel and their families.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER