Navy Federal Credit Union, the largest credit union player in mortgages, funded $847 million worth of residential loans in the first quarter, a 60% decline from the same period a year ago. Even though its loan production fell, the average size of new loans being funded by Navy FCU rose slightly to $248,606 from $233,825. In the fourth quarter the CU giant originated $1.2 billion of one- to four family mortgages. Among all lenders, Navy ranks 30th nationwide in terms of loan production, according to the Quarterly Data Report. Based in Merrifield, Va., not too far from Washington, it is also an active jumbo lender. Many of its mortgage customers are employed by the military.
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