Credit Union Mortgage Market Share Growth Outpaces Banks

Four can't-miss data points featured this week on CreditUnions.com.

This week, CreditUnions.com looks at the NCUA’s corporate recoveries, mortgage market share, and lessons in leadership.

Here are four data points you can’t miss:

$1,003,029,479

Last week the NCUA, reversing five years of FOIA denials, detailed its payments of more than $1 billion to the attorneys who secured $4.3 billion in settlements from a lineup of Wall Street and international big banks that sold the corporate credit union system the kind of sometimes questionable securities that helped spark the housing crisis and Great Recession.

The NCUA said the attorneys worked on a contingency arrangement of 25% of recoveries. In this case, that’s roughly the equivalent of 250 attorneys each being paid $400 an hour for 2,000 hours a year for the past five years.

Even with that, questions as to the future allocation of the NCUA’s recoveries remain. To learn more, read Chip Filson’s latest NCUA Shows Nobody The Money, Except For The Attorneys.

4.2%

During the second quarter of 2016, the median credit union loan portfolio expanded 4.2% year-over-year. Performers in the top 20th percentile posted 12.5% growth. Credit unions in the bottom 20th percentile posted negative growth of -3.8%.

Check out how else the credit union loan portfolio fard in the first six months of 2016 in Lending By The Numbers.

2006

In late 2006, Jen Hogan was working as a radio station manager and ad sales rep in Lewiston-Auburn, ME when a local newspaper interviewed her for a monthly feature on young professionals. When asked about career goals in an interview, she responded marketing director.

Two months later, she heard from Community Credit Union about a job opening for a marketing and training coordinator. She got the job and later that year was named Young Professional of the Year. In 2012, Hogan became an executive vice president, adding deposits, loans, and collections to her areas of responsibility. In October 2015, she took the reins as president and CEO.

In Jennifer Hogan On Leadership, the CEO offers her view on adaptability, tough conversations, and industry needs.

6.1% and 9.4%

Based on new Home Mortgage Disclosure Act data, credit union mortgage origination market share has grown faster than the performance seen by banks.

By dollar amount, the credit union origination market share of 6.1% represents a 34.0% increase year-over-year. By number, credit union market share of 9.4% represents 22.4% growth. Banks posted 26.0% and 13.7% year-over-year growth in these same metrics, respectively.

To learn more from the new HMDA data, check out U.S. Mortgages: Credit Unions Vs. Banks.

Happy Reading!

November 7, 2016

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