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SECU Again Ranks as one of Nation's Top First Mortgage Granting Credit Unions

Wed, Jul 17, 2013

Linthicum, Maryland

SECU – Maryland’s largest state-chartered financial cooperative – has once again been named one of the Top 300 First Mortgage Granting Credit Unions in the country, according to a survey conducted by The American Credit Union Mortgage Association (ACUMA).

In the annual ACUMA ranking, SECU was first in Maryland and 29th nationally among mortgage granting credit unions as of December 31, 2012 – up four spots from the previous year’s survey.

Data compiled by ACUMA show that SECU originated $619.3 million in 2,973 fixed and adjustable first mortgages through the end of 2012. SECU also sold $266.2 million in first mortgages over the same period. Outstanding fixed and adjustable first mortgages totaled $982.7 million, while real estate loans sold but serviced by SECU topped $592.7 million.

“We are excited and honored to again be named to ACUMA’s prestigious list, and to lead all credit unions in Maryland,” says SECU President and CEO Rod Staatz.

“Many [of the credit unions on ACUMA’s list] are living proof that credit union profitability and first mortgage lending volume are inextricably linked,” says ACUMA President Bob Dorsa. “It is financially unhealthy to risk future growth and increased profitability by ignoring all of the opportunities in mortgage lending, both now and in the future.”

ACUMA’s ranking started in 1989 at 107,000 loans originated and peaked at 719,000 in 2003, at the height of the housing bubble. During that time, “we have noticed the credit unions listed [by ACUMA tend] to be the most consistent in their lending activities,” Dorsa continues. “While their positioning on the Top 300 charts may vary from year to year, they are ALL leaders.”

Overall, the ACUMA survey shows that 3,625 credit unions nationally originated $124 billion in more than 742,000 fixed and adjustable first mortgages through the end of 2012. Those originating credit unions sold $66.4 billion in first mortgages over the same period. Outstanding fixed and adjustable first mortgages totaled $248.7 billion, while real estate loans sold but serviced by credit unions exceeded $139.7 billion. For more information, visit www.acuma.org.  

ABOUT SECU

Founded in Baltimore in 1951, SECU is the largest state-chartered financial cooperative in Maryland, with over 225,000 members. SECU is ranked among the top 50 credit unions for total assets in the U.S. As of March, 2013, assets were $2.6 billion. Headquartered in Linthicum, MD, SECU has 21 branches and 104 ATMs throughout Maryland. SECU also provides access to over 70,000 surcharge-free ATMs through the CO-OP and Allpoint networks. For more information about SECU, visit secumd.org.