Credit Unions Increased Mortgage Market Share In 2014

Overall mortgage originations declined last year across the United Sates for all financial institutions, yet credit unions carved out a larger piece of the lending pie.

 
 

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

 
 

Sept. 30, 2015


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