The numbers for Q1 2021 have come in, and overall, credit unions saw strong growth in their loan portfolios! Credit Union Times reported in May that first-mortgage originations were the driving force for the loan growth this past quarter with a grand total of $75 billion, up 49% from Q1 2020.
While these numbers are promising, the Mortgage Bankers Association expects first-mortgage originations for all lenders this year to fall 14.2%. It’s still to early to say how the homebuying season will turn out this year, and first-time buyers are still navigating a tricky sellers’ market. Whether growth ultimately increases or declines, credit unions will need to remain vigilant for opportunities across all lending avenues during the second half of 2021.