Listerhill Credit Union ($645.1M, Muscle Shoals, AL) increased its outstanding adjustable rate mortgages by more than 115% between September 2013 and September 2014, growing from 181 to 390 over the period, according to Callahan & Associates FirstLook data.
Much of the growth of its ARM portfolio was a result of its 5/5 ARM product, which chief financial officer Clay Morgan says the credit union started offering in 2008. Year-to-date originations of ARM products increased to $19.2 million through September; that’s an increase of more than 50% compared to the first nine months of 2013. Additionally, first mortgage originations at Listerhill increased 51% in the same period, growing from $30.7 million in 2013 to $46.4 million in 2014.
outstanding and ytd loan originations
Data as of Sept. 30, 2014, for Listerhill Credit Union
Callahan & Associates | www.creditunions.com
Source:Callahan & Associates
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