Building Market Share One Home Loan At A Time

Credit unions made at least 20% of the mortgage loans in 17 markets across the United States, including in New York, Michigan, and Alaska.

Earlier this month we profiled mortgage lender in the Lima,OH, marketplace. readers inquired about other markets where credit unions play a significant role in mortgage lending.

Nationally, credit unions held 4.8% market share in mortgage lending as of December 31, 2010, according to Callahan & Associates’ Mortgage Analyzer. There were 17 Metropolitan StatisticalAreas in which credit unions held at least 20% market share in 2010 quadruple the national average. The MSAs span the U.S. from Massachusetts to Alaska, with concentrations in the Midwest, New York, and Alaska.

As with most marketplaces, there are dominant credit union lenders within each. CFCU Community Credit Union($800M, Ithaca, NY) held 26.4% mortgage market share in the Ithaca MSA, the only credit union of the top ten lenders in that market. Greylock Federal Credit Union ($1.2B, Pittsfield, MA) similarly is theonly credit union of the top ten lenders in the Pittsfield, MA, MSA. Greylock held a 22.3% share, representing nearly all of credit union lendingin that market.

The Utica-Rome, NY, MSA had two credit unions as the two largest lenders, the only MSA on this list with that record. AmeriCU ($1.0B, Rome, NY) holds the number one slotwith a 15.1% market share;First Source Federal($312M, New Hartford, NY) was ranked second with 8.1% market share.

Other MSAs on the list were more equally distributed between credit union lenders, even if there was still one primary lender. The La Crosse, WI MN, MSA had three credit unions in the top 10 lenders; two credit unions and one CUSO were in the top 10 lenders of the Battle Creek, MI, MSA.

Leading Credit Union Mortgage Marketplaces
Data as of December 31, 2011

Credit Union

Total Mortgage Loans Granted In 2010
(In Thousands Of $)

CU Market Share

1 La Crosse, WI-MN $806,672 33.8%
2 Binghamton, NY $406,180 31.9%
3 Cumberland, MD-WV $205,500 31.7%
4 Ithaca, NY $288,165 30.4%
5 Utica-Rome, NY $488,892 28.8%
6 Burlington-South Burlington, VT $1,718,594 28.1%
7 Anchorage, AK $3,249,189 26.1%
8 Lima, OH $284,108 25.6%
9 Eau Claire, WI $871,755 24.9%
10 Fairbanks, AK $500,163 24.3%
11 Battle Creek, MI $282,282 23.2%
12 Pittsfield, MA $748,031 23.1%
13 Saginaw-Saginaw Township North, MI $379,563 23.0%
14 Elmira, NY $172,118 23.0%
15 Pocatello, ID $350,063 21.4%
16 Lafayette, IN $763,337 20.6%
17 Kingston, NY $535,283 20.5%
Source: Callahan & Associate Mortgage Analyzer
May 12, 2014

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