Navy Federal Credit Union, the largest CU player in mortgages, said it funded $1 billion of residential loans in October, a record for the company. All of it came through retail means.
In a press statement the Vienna, Va.-based lender credited borrower “specials”—including the payment of $2,500 in closing costs—and its willingness to fund up to 100% of the purchase price of a home for the performance.
The company, which is technically a nonprofit, has already funded $8.3 billion of home loans this year and may top $10 billion.
Among all residential funders it ranks 20th, according to National Mortgage News and the
Navy said it is one of “the few lenders in the market still offering a 100% financing alternative for purchasing a home.”
