An analysis of data collected as part of the Home Mortgage Disclosure Act revealed credit unions in 10 states won double-digit shares of their states' mortgage markets in 2014, according to Callahan and Associates.
The Washington-based consulting firm analyzed the recently-released data, and found that Vermont's credit unions had the highest market share in the country with 23.9%, followed by Wisconsin (21.4%), Iowa (20.8%), Idaho (19.8%), Rhode Island (17.5%), New Hampshire (16.8%), North Carolina (16.6%), Utah (16.1%), Michigan (14.8%) and Maine (13.7%).
Cooperatives in Vermont, Wisconsin, Iowa, Rhode Island, New Hampshire, North Carolina and Utah had double-digit market shares in both the purchase mortgage and refinance mortgage markets, Callahan said.
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Across the country, credit unions have been working to build their shares of the mortgage market. Consumer data firm TransUnion reported in August 2015 that credit unions achieved an 11% market share nationwide during the first three months of 2015.
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