Credit union first mortgage originations grew to a record $126 billion in 2015 — a whopping 33% increase over 2014, CUNA Mutual Group said in its March 2016 trend report.
In 2014, first mortgage originations reached $95 billion.
Of 2015's $126 billion in originations, credit unions sold 39% into the secondary market; the previous year, credit unions sold 33.3% in the secondary market. CUNA Mutual predicted another strong year for mortgage growth, as rising purchase activity offsets slower refinancing.
CUNA Mutual's monthly report said there were 6,198 credit unions operating in January – 299 fewer compared to January 2015. At the end of 2015, there were 253 credit unions with assets totaling more than $1 billion. Those credit unions held 58.1% of all credit union assets, as well as 60.4% of all loans.
CUNA Mutual reported there were 16 credit union mergers approved in January 2016, while 21 were approved in January 2015. Of those 16 mergers, two were attributed to poor financial condition, with the remaining 14 being approved for expanded services. The association predicted that at the end of 2016, there will be 296 fewer credit unions compared to now.
Credit unions gained 310,000 members in January, up from the 140,000 who joined in January 2015. CUNA Mutual attributed the gains to job growth and increased credit demand. Total credit union memberships stood at 105.6 million in January. In 2015, those memberships rose 4%. CUNA Mutual said memberships should rise 3% this year as the economy is expected to add 2.4 million jobs this year.
Credit union balances rose 0.6% in January, up from the 0.5% in January 2014.
Consumer installment credit balances rose 1.2% at credit unions in January, compared to the 0.6% pace set in January 2015. CUNA Mutual attributed the increase to strong auto lending offsetting decreasing credit card balances. Consumer installment credit grew 13.6% last year, bucking the downward trend in the non-credit union market.
Credit union used vehicle loan balances increased 1.3% during the first month of the year. However, on a seasonally adjusted annualized basis, used auto loan balances rose 17.8% in January — the fastest pace since 1997.
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