RALEIGH, N.C. – A new report identifies the top 10 credit unions by mortgage volume in each of four U.S. regions.
Sageworks, which conducted the research, said that each of the 40 credit unions ranks as one of the top lenders of first mortgages in their respective markets as of Sept. 30, 2014. Digital Federal Credit Union, the largest credit union in New England by asset and based in Marlborough, Mass., topped the list for the Northeast region. Navy Federal Credit Union had the highest volume of mortgages among CUs in the Southern U.S. Alliant Credit Union, Chicago, captured the top spot for the Midwest, while Boeing Employees Credit Union (BECU) rounded out the list, ranking first in the West.
According to Sageworks, more than three quarters (31 of the 40) of the credit unions named to the list are each lending more than $1 billion to homebuyers.
“Several of the top lenders serve a large constituency tied (at least historically) to a specific employer or organization – such as Navy Federal (with nearly $20 billion in mortgages), State Employees’ (with nearly $13 billion) and Boeing Employees Credit Union (totaling $3.1 billion),” said Sageworks. “Additionally, many of the other top lenders were highly concentrated in and around the largest U.S. cities, such as the New York and Los Angeles metropolitan areas.”
Top credit unions in the Southern U.S. held the largest volume among the four regions, with more than $53 billion. The region also includes the largest total number of credit unions, with more than 2,100 based in the South.
See the charts, below.