AUSTIN, Texas–Amplify Credit Union is reporting it sold $300-million in loan participations in the first quarter, a new record for the credit union. It is predicting it will double the volume in Q2.
According to the $1.3-billion Amplify CU, just five years ago it had an annual loan origination output of $100 million and no presence on the loan servicing market. As of 2021, Amplify CU reported it has seen a 10-fold increase in loans originated and a four-fold increase in loans serviced, resulting in more than $1 billion in each line of business.
“When our colleagues at community banks and credit unions have space on their balance sheets, they come to us,” said SVP Kristin Keller. “We’ve spent the past few years building out a powerful mortgage origination engine, and we are proud that we can help create strong returns for our community-focused partners.”
Pace is Doubling
Now, Amplify CU says it is on pace to double the Q1 volume in Q2.
“As relocation continues to reshape the Texas real estate market, the need for originators who handle complex, high-dollar loans is only increasing,” Keller added. “Our hope is that we can keep small- and mid-sized financial institutions from being shut out of a real estate market that could otherwise drive tremendous value for their members.”