Navy Federal Credit Union, the largest CU player in mortgages, funded $944 million of single-family loans in the second quarter, a 56% decline from the same period last year.
Based on its current 'run rate,' the CU could produce less than $4 billion of mortgages this year, compared to $6.2 billion last year. Back in March the Vienna, Va.-based Navy FCU made a commitment to lend $7 billion to its members this year, a goal that now looks tough to achieve.
At June 30, Navy serviced $28.3 billion of home mortgages, a slight increase from the same period a year ago. It enjoys a relatively healthy delinquency ratio of 2.17% compared to a national average of about 10%.
The CU's core membership of 3 million centers around serving members of the military, government contractors, and their families.
