The US credit unions with the most mortgage originations posted a year-over-year decline in funded loans and the loan approval rate.

Funded loans fell 17.2% in 2022 from a year earlier, while the loan approval rate dropped by 2.1 percentage points, based on recently released Home Mortgage Disclosure Act data compiled by S&P Global Market Intelligence.

Overall the credit union industry funded 1.3 million loans in 2022 with an approval rate of 61.23%.

Navy FCU maintains market position

Vienna, Va.-based Navy FCU remained in its place as the credit union with the highest market share among the top US credit unions by mortgage originations. It funded $18.82 billion in loans in 2022. State Employees CU was second with $7.95 billion in loans and Pentagon FCU was third with $6.96 billion in loans — the opposite order for from the prior year. All the credit unions on the list, however, had a market share of less than 1%.

Largest moves year over year

While the credit union industry as a whole lagged the growth all lenders saw in aggregate in 2021, a number of credit unions with at least $100 million in funded loans in 2022 posted large year-over-year growth.

Arvada, Colo.-based Sooper CU had the largest year-over-year growth in funded loans at 1,142.8%, and its funded loans were $231.8 million. All In FCU posted the second-largest growth of 594.3% in mortgage originations year over year in 2022. Eight other credit unions also more than doubled their funded loans year over year.

Ferndale, Mich.-based CU ONE had the largest decrease at 76.9%, and its funded loans were $236.4 million.

The Mortgage Bankers Association estimates total one- to four-family mortgage originations in 2023 to decline by almost 20.3% from 2022. Refinance activity is expected to take a larger hit, with the Mortgage Bankers Association projecting a drop of nearly 41.4% year over year.