Credit Unions Show Surge In Refinancing
The Top 10 credit unions in the United States originated $33.8 billion in loans of all kinds in the third quarter ending Sept. 30. That’s a 14.9 percent bump from the similar quarter in 2018.
A Credit Union Times analysis Top 10 real estate originations rose 28.2%to $11.8 billion in the third quarter—a growth rate three times as fast as the second quarter and fueled by a wave of refinancing triggered by this year’s falling interest rates. The improvements were a break from the third quarter of 2018 through the first quarter of 2019 when real estate originations fell.
The Top 10 account for about one-sixth of the nation’s credit union assets and members, and their results offer an early glimpse of trends for other U.S. credit unions. Their members increased 5.5% to 18.9 million.
Call reports posted by the NCUA in the past week shows the Top 10 credit unions originated $33.8 billion in loans of all kinds in the three months ending Sept. 30, up 14.9% from 2018’s third quarter. Non-real estate originations reached $22 billion in the third quarter, rising 8.8%— up from a 6.7% gain in the second quarter.
To learn more about the surge in refinancing, click on the image above.