CU Hopes to Fund $7B This Year

Navy Federal Credit Union has committed to originating $7 billion in mortgages for its members in 2010. In 2009, the Vienna, Va. based FCU had production of over $6.2 billion, the best year for mortgage originations in its history. Due to "opportunities in the current market," it is making available 100% financing up to $650,000 nationwide, according to Cutler Dawson, president and chief executive. "Navy Federal has contributed to the recovery in 2009 by extending more than $31.4 billion in credit, more than any other credit union, and is committed to providing even more credit to members in 2010," Mr. Dawson said." The mortgage business has been steadily growing at Navy FCU, with volume of $4.8 billion in 2006, $5.1 billion in 2007 and $5.7 billion in 2008.