The year 2021 was a high water mark for mortgages, and credit unions generally did as well or better than their bank competitors. And the credit unions tended to lend to lower-income households.
Data from the NCUA and Mortgage Bankers Association showed how that momentum slowed in the second quarter, and some of the largest credit union lenders are expecting originations to fall in the second half of this year.
Detailed data from the Home Mortgage Disclosure Act showed credit unions that depended the most on refinances last year tended to have much larger drops in overall first-mortgage originations in the first half of 2022.
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