The 1.7 million member, $24 billion State Employees' Credit Union has sold roughly $2 billion in mortgage loans into the secondary market in the 10 years it has been making mortgage loans and it announced this month that none have been returned for poor underwriting.
The two government sponsored entities, Fannie Mae and Freddie Mac, will return or "hand back" mortgage loans that they had previously purchased if they are found to have underwriting problems.
The Raleigh, N.C., credit union stopped writing loans for sale to the secondary market sometime in 2008 in favor of offering two-year adjustable rate mortgages and similar products for its own portfolio. Overall, the CU has made a total of $18 billion in mortgage loans over 10 years.
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