So far this year, the housing market has been strong despite limited inventory and rising prices. However, credit unions may not be seeing as much of that success as they would like. The latest NCUA and MBA data, as reported by Credit Union Times, showed that in Q1, credit unions’ share of first mortgages totaled $74.5 billion, which was up from $49.8 billion in Q1 2020, but down from $80.1 billion in Q4 of that year. While credit unions increased mortgage originations by nearly 50%, all mortgage lenders increased their lending 100%, decreasing credit unions’ mortgage market share.
Credit unions have an opportunity to grow market share as the housing market stabilizes and more inventory becomes available. According to the MBA’s Chief Economist and Senior Vice President for Research and Industry Technology Mike Fratantoni housing sales should remain strong into 2022 if housing inventory levels improve and prices become more affordable.
The Loan Lead Generator can help credit unions grow their slice of the pie! Contact us today.