Navy Federal Credit Union, the largest credit union player in mortgages, said it funded $944 million of single-family loans in the second quarter, a 56% decline from the year earlier.
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At its current "run rate," the credit union would produce less than $4 billion of mortgages this year, compared to $6.2 billion last year. In March, Navy Federal, a Vienna, Va., institution, made a commitment to lend $7 billion to its members this year, a goal that now looks tough to realize.
At June 30, Navy Federal serviced $28.3 billion of home mortgages, a slight increase from a year earlier. It enjoys a relatively healthy delinquency ratio of 2.17%, compared with a national average of about 10%.
