Mortgage originations fell across the country in 2014 compared to 2013, according to Home Mortgage Disclosure Act data released in September. In aggregate, mortgage originations reported under HMDA fell 50.4% year-over-year, representing a decline of $954 billion.
However, the market share among different types of financial institutions shifted. Notably, credit unions increased their market share by 2.7 percentage points, rising from 5.7% in 2013 to 8.4% in 2014, despite the fact originations declined 26.5% during the period.
State and federally regulated banks and mortgage finance companies posted a 2.7% decline in market share, fueled by the 51.8% drop in originations.
ORIGINATIONS AND MARKET SHARE BY INSTITUTION TYPE
For all U.S. financial institutions covered by the Home Mortgage Disclosure Act | Data as of 12.31.14
Callahan & Associates | www.creditunions.com
| Institution Type | 2014 Originations ($000s) | 2013 Originations ($000s) | 2014 Market Share | 2013 Market Share |
|---|---|---|---|---|
| Banks, Other FIs | $861,620,604 | $1,787,101,320 | 91.6% | 94.3% |
| Credit Unions | $78,924,757 | $107,396,137 | 8.4% | 5.7% |
Source: FFIEC, Home Mortgage Disclosure Act
Among credit unions, 16 states reported double-digit mortgage origination market share in 2014, up from seven in 2013. Vermont credit unions increased their market share 0.3% year-over-year to claim the top spot in 2014, while market share declined at last year’s leader, Alaska, dropping from 16% to a still-strong 12.6% market share. Credit unions in North Carolina posted the largest increase in market share, gaining 7.3% from December 2013 to December 2014.
TOP 10 STATES FOR CREDIT UNION ORIGINATION MARKET SHARE
For all U.S. financial institutions covered by the Home Mortgage Disclosure Act | Data as of 12.31.14
Callahan & Associates | www.creditunions.com
| State | Credit Union Originations ($000s) | 2014 Market Share | 2013 Market Share |
|---|---|---|---|
| Vermont | $437,791 | 23.9% | 23.6% |
| Wisconsin | $3,374,350 | 21.4% | 15.0% |
| Iowa | $1,587,335 | 20.8% | 15.9% |
| Idaho | $983,653 | 19.8% | 12.7$ |
| Rhode island | $496,278 | 17.5% | 13.1% |
| New Hampshire | $538,362 | 16.8% | 9.6% |
| North Carolina | $4,189,383 | 16.6% | 9.3% |
| Utah | $1,654,543 | 16.1% | 10.2% |
| Michigan | $3,143,522 | 14.8% | 9.0% |
| Maine | $401,592 | 13.7% | 7.8% |
Source: FFIEC, Home Mortgage Disclosure Act