CU Originations Soar

Credit union originations of single-family fixed-rate loans jumped 78% in the first six months of this year, compared with production in the same period last year.According to the National Credit Union Administration, originations of fixed-rate mortgages jumped from $20.5 billion in the first half of 2002 to $36.0 billion in the first six months of this year. CUs also sold $19.5 billion of their loans into the secondary market during the first half of this year. With a 2.5% market share, CUs believe they are finally making their presence known in the mortgage market. "We are in the marketplace and people are coming to us," said NCUA spokesman Clifford Northrup. Credit unions held $107.9 billion in single-family loans in portfolio as of June 30, up from $95.8 billion on June 30, 2002.