African Americans, Hispanics and minorities have become a crucial part of the mortgage market for credit unions, and some credit unions are making it their mission to serve them.
A loan-level analysis of HMDA records by CU Times found Hispanics, African Americans, Asians and other minorities accounted for 16% of 703,809 first-lien real estate originations to owner-occupants purchasing a home in 2016, and 19% of their $51.3 billion value. That compares with 21% minority owner-occupants buying first-lien purchase mortgages among all lenders.
The data from the FFIEC consists of 1.3 million loan applications to 1,945 credit unions, including 749,883 that resulted in originations worth $129.2 billion in 2016 that were reported under the Home Mortgage Disclosure Act.
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