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Credit Unions Service More Loans Than Expected.(Brief Article)
A survey conducted by a research firm here shows that credit unions have more mortgage-related assets than previously believed, with the industry's largest mortgage lender accounting for much of the uncounted total.
Increasingly, some credit unions are originating loans, selling them into the secondary market, and retaining the servicing rights, much as a mortgage banking firms do. This "retained servicing" strategy is heavily concentrated among credit unions with more than $500 million in assets.
Navy Federal Credit Union, Merrifield, Va., services $9 billion of residential mortgage loans that have been sold. Callahan & Associates, which conducted the survey, estimates that the entire credit union industry retains servicing rights on about $17.8 billion of home loans that have been sold into the secondary market.
The survey found that credit unions have "significant participation" in off-balance sheet loan originations and retained servicing. Those off-balance sheet items are not tracked in the National Credit Union Administration's call report data.
Chip Filson, president of Callahan, said this suggests that credit unions have 23% more involvement in the lending industry than suggested by call reports. Currently, credit unions hold some $77.8 billion of mortgage loans on their balance sheets, and ownership of servicing rights is retained on those loans (though ...
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Source: HighBeam Research, Credit Unions Service More Loans Than Expected.(Brief Article)