Credit union gains in originations also exceeded banks in the first quarter. The result was that credit unions’ share of the MBA total was 3.5% on March 31, up from 3.4% three months earlier.

“Despite lower origination volumes, the overall level of commercial and multifamily mortgage debt rose in the first quarter of 2025,” Reggie Booker, the MBA’s assistant vice president of commercial real estate research, said. “This increase reflects the extended duration of outstanding loans and the continued appetite for real estate investment across key investor groups.”

The MBA’s quarterly Commercial/Multifamily Mortgage Debt Outstanding report also showed multifamily mortgage debt rose 0.9% to $2.16 trillion over the three months.

Credit unions held $42.4 billion in multifamily loans, up 15% from a year earlier and up 3.4% from three months earlier.

The multifamily delinquency rate was 0.61% on March 31 among credit unions, up from 0.17% a year earlier and 0.45% three months earlier. The delinquency rate for all commercial real estate at credit unions was 0.83% on March 31, up from 0.73% a year earlier and 0.77% three months earlier.

Loans backed by real estate made up 84% of credit unions’ total commercial loans.

Altogether, 1,778 credit unions with commercial loans ($2.08 trillion in assets, 125 million members) held $181.1 billion in commercial loans on March 31, up 11.7% from a year earlier and up 2.4% three months earlier. They had a delinquency rate of 0.92% in June, up from 0.83% from a year earlier and unchanged from three months earlier.

Commercial loans were 12.2% of total loans, up from 11.3% from a year earlier and 12% three months earlier.

Contact Jim DuPlessis at [email protected].