Navy Federal Credit Union, the largest CU player in mortgages, originated $1.8 billion of residential loans in the fourth quarter, a 54% spike from the same period a year ago, and one of its best quarters ever.
All of its production is retailed based. The CU is headquartered in Merrifield, Va., and caters to military and government families that work and reside in and around the Washington, D.C. metro area, home to one of the strongest housing markets in the U.S.
According to figures compiled by National Mortgage News, Navy FCU ranks 26th among all residential servicers. At yearend it serviced $28.8 billion of home mortgages, a slight gain from both 3Q and the fourth quarter of 2009. Its delinquency rate is 2.3%, far below the industry average of 9%.
In 4Q it funded $538 million of FHA and VA backed loans compared to $374 million in the year ago period.
Among all funders nationwide, it ranks 26th, according to NMN and the Quarterly Data Report.
