BEDMINSTER, N.J. – Affinity FCU's mortgage CUSO, like the rest of the credit union industry, benefited from the record-setting low mortgage rates by setting a new mortgage origination record of its own. Executive Vice President/COO Mark Cochran said as of September the CUSO originated $518 million in mortgages. Eighty percent of those loans were refinances; and 70% of the refi business was new money for the 50 credit unions that use the CUSO's mortgage services. The CUSO originated $425 million in mortgages for the full year 2001, and 60% of those were refis. Cochran said he realizes rates will eventually begin to rise again and origination volume will recede, "but there will always be a market for adjustable rate mortgages, even if the refinance market isn't as hot," he said.
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