Navy Federal Sets Record: $1 Billion of Fundings in October
Navy Federal Credit Union, the largest CU player in mortgages, said it funded $1 billion of residential loans in October, a record for the company. All of it came through retail means.
In a press statement the Vienna, Va.-based lender credited borrower “specials”—including the payment of $2,500 in closing costs—and its willingness to fund up to 100% of the purchase price of a home for the performance.
The company, which is technically a nonprofit, has already funded $8.3 billion of home loans this year and may top $10 billion.
Among all residential funders it ranks 20th, according to National Mortgage News and the Quarterly Data Report.
Navy said it is one of “the few lenders in the market still offering a 100% financing alternative for purchasing a home.”