Credit Union Giant Has Blowout Quarter in Originations

Navy Federal Credit Union, Merrifield, Va., originated $2.63 billion of home mortgages in the third quarter, more than doubling its production of a year ago.

All of its fundings are retail based. It is also one of the largest mortgage providers in the Washington, D.C., metro area, servicing members of the military and government workers.

In 2Q the credit union giant funded $2.59 billion of residential loans, according to figures compiled by National Mortgage News and the Quarterly Data Report. It ranks 21st nationwide among all funders.

Back in July the CU beefed up its jumbo ARM lending, rolling out new products with introductory rates as low as  2.875%.