Navy Federal Plans $Boost in '09 Mortgage Production

Published January 05, 2009, 2:00 p.m. EST

1 Min Read

Navy Federal Credit Union, Vienna, Va., after doing $5.7 billion in mortgage originations in 2008, has committed $6 billion to originate mortgage loans for its members in 2009. The 2008 production volume was the second highest in the company's history. According to SourceMedia's Mortgage Industry Directory, Navy FCU did $5.1 billion in 2007 and $4.8 billion in 2006. Cutler Dawson, president and chief executive said that because the CU did not do subprime loans, it "saw a strong 'return to trust' in 2008 and we're committed to continuing that momentum in 2009."

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

CAREER & COMPENSATION

Benchmark shuts wholesale in first exit of latest high-rate cycle

The lender said it closed its Eleven Mortgage brand and its correspondent business to focus on retail, and did not elaborate on potential layoffs.

By Andrew Martinez
Reporter

9h ago
Law and legal issues

Another lender faces a class action case after ransomware claims

Gold Star Mortgage hasn't said whether it suffered a data breach after cybercriminals claim to have compromised over 10,000 documents from the lender.

By Andrew Martinez
Reporter

September 28
Servicing

MSR accounting proposal creates standard for recapture

The guidance reflects a mortgage servicing rights market that has broadly included the customer value in refinancing for over a decade, experts say.

By Bonnie Sinnock
Capital Markets Editor

September 28
Secondary markets

GSEs' futures to remain uncertain, possibly for years: KBW

With little action towards privatization this year, the timeline in 2027 is also narrowing as the focus shifts to the 2028 election, Bose George said.

By Brad Finkelstein
Originations Editor

September 28
Monetary policy

Hassett: Fed rate has 'not a lot of room to go up from here'

The White House's top economist says inflation is already at the Fed's 2% target and suggested that further rate hikes could jeopardize growth.

By Kyle Campbell
Staff writer

September 28
RMBS

CROSS 2026-NQM11 raises $735.3 million in RMBS

Self-employed borrowers account for 40.9% of the pool, but they are high earners and the pool has moderate leverage.

By Donna M. Mitchell
Editor

September 28

Load More