Credit union mortgage origination volumes hit record-highs throughout 2021. What do these top-performing credit unions have in common? A robust digital mortgage tech stack.
The year 2021 is closing out with record-high credit union originations, fueled by low-interest rates and high demand for purchase and refinance loans. The American Credit Union Mortgage Association (ACUMA), a U.S. trade organization for credit unions involved in the origination and securitization of real estate loans, released its third-quarter 2021 data for the top 300 credit union mortgage loan originators.
We put together a list of the top 10 credit unions and a little bit about the digital mortgage technology that enabled these credit unions to handle record-breaking origination volumes.
Amount originated: $18,503,540,594
Number originated: 60,096
Navy Federal Credit Union is a full-service lender specializing in loans for military members, veterans and their families. Borrowers can get prequalified, preapproved and apply for a mortgage all online through the credit union’s online platform called HomeSquad. In some cases, borrowers can get a preapproval almost instantly and it typically takes 30 days to close on a purchase loan once all required paperwork and documents have been submitted.
Through the online platform, borrowers can eSign documents, connect accounts to verify assets, receive notifications when milestones are reached and track the status of their loan.
Amount originated: $11,788,177,838
Number originated: 22,680
Pentagon Federal Credit Union is the second-largest credit union in the U.S. and offers a broad selection of home loan products. Borrowers can get preapproved online and after contacting a PenFed loan officer, borrowers can start the mortgage application process online.
PenFed members can submit their mortgage loan application directly from their account online. The credit union’s digital mortgage platform allows members to complete most tasks electronically. Members can eSign disclosures, scan and upload documents, receive real-time updates and check the status of their loan.
Amount originated: $4,633,500,576
Number originated: 7,979
Headquartered in Grand Rapids, Michigan, Lake Michigan Credit Union is among the 20 largest credit unions nationwide and offers a full range of financial services.
The lender offers a digital mortgage application through its HomeFast platform where members can get instantly preapproved, shop rates, connect bank accounts, upload and review documents and eSign disclosures. Everything can be completed through the platform from application to closing.
Amount originated: $4,245,145,824
Number originated: 22,187
State Employees’ Credit Union is a full-service credit union headquartered in North Carolina. Members have access to the SECU Fast Mortgage, which allows borrowers to apply online and receive up to 100% financing on a home loan.
Through the online mortgage application, borrowers can upload documents, track the status of their loan and electronically sign documents.
Amount originated: $3,174,163578
Number originated: 5,669
Headquartered in San Jose, California, First Tech Federal Credit Union offers a full range of customized products and services to its members.
Borrowers can start the mortgage process by getting pre-qualified through the lender’s website. After reviewing the application with a loan officer, borrowers can gain access to the First Tech loan portal. From there, documents can be securely uploaded and initial disclosures can be signed.
Amount originated: $2,885,897,254
Number originated: 10,155
Idaho Central Credit Union has 36 full-serve locations across the state of Idaho. ICCU has a variety of home loan products and offers a digital mortgage online portal with fast approvals and fast closings.
Through the Idaho Central borrower portal, members can access loan disclosures, sign and accept documents electronically, upload income and asset documents and check on the status of their loan. Approval can take up to 48 hours and final underwriting can take three to five days.
Amount originated: $2,825,898,482
Number originated: 7,524
SchoolsFirst Federal Credit Union is a California-based lender servicing the educational community. To complete a home application, members have the option to either request a consultation with one of SchoolsFirst Real Estate Loan Consultants or complete a full home loan application online.
To complete an online application, members must first create a My Home Loan online profile. Members can also order a credit report, preview examples of loan programs and submit their online application. Members can view and sign home loan disclosures electronically and manage tasks through the portal.
Amount originated: $2,759,477,836
Number originated: 9,270
Headquartered in Tukwila, Washington and originally established to serve employees of The Boeing Company, BECU serves more than one million members with a wide range of financial services.
To apply online for a home loan, members are required to answer a few simple questions and electronically consent to receive online disclosures. The online application takes roughly 15 to 20 minutes to complete and some programs may give members instant online approval. Members can also log in anytime to view the status of their application.
Amount originated: $2,498,367,142
Number originated: 5,081
Star One Credit Union is one of the largest credit unions in the Silicon Valley with six branches in California and a nationwide network of 5,600 shared branches.
Members can get started on their digital mortgage application by answering questions about themselves and giving information about the property, income, assets and debts. According to the lender, the application takes 15 to 20 minutes to complete. In most cases, the lender can immediately credit-approve a loan request.
Amount originated: $2,272,643,221
Number originated: 9,234
As an Oregon-based credit union, OnPoint Community Credit Union has several branches throughout Oregon and Washington and offers a variety of financial services to its over 150,000 members.
OnPoint has a digital mortgage option where members can complete their profile and get preapproved, get personalized rates and upload documents for approval. Members also have access to the OnPoint Mortgage loan center where they can check the status of their loan.
The mortgage industry has witnessed record-high purchase and refinance volumes since the onset of the pandemic. To support these intense volumes, credit unions have been turning to fintech partners.
The mortgage POS, a consumer-facing digital lending platform, is helping credit unions to improve operational efficiencies, reduce costs and save time. By cutting out time-consuming tasks, credit unions can focus on pushing more loans through the pipeline while giving their members a great experience.
You need a robust tech stack to compete against the nation’s top-performing credit unions. Learn more about how BeSmartee’s Mortgage POS can help your mortgage business streamline your loan process. Contact BeSmartee’s mortgage technology experts today.