Mortgages Hit New Peaks for Credit Unions in South, Northeast

Mortgages Hit New Peaks for Credit Unions in South, Northeast

Credit union mortgages inched up in the second quarter nationwide, but large swaths of the nation from New England to the West Coast saw drops in comparison to the surge in originations that started a year earlier.

Among the nation’s four Census regions, only the Midwest region saw a decline. Its originations were $18.1 billion, down 6.5% from 2020’s second quarter.

But drops occurred in smaller Census divisions elsewhere based on a CU Times analysis of NCUA data with originations weighted by the number of branches by state for each credit union.

All areas showed increases from this year’s first quarter to the second quarter.

But the 12-month drops among Census divisions contrasted with the first quarter, when each of the nine divisions showed an increase from last year’s first quarter.

The South had the strongest resurgence from the first to second quarters of this year. Its originations were $24.2 billion in the second quarter, up 6.8% from a year ago and up 14.7% from $21.1 billion in the first quarter.