Tue, Apr 2, 2013
Just weeks after SECU was named to a list of the 50 largest credit unions in the U.S., Maryland’s largest state-chartered financial cooperative has been ranked first in the state and 29th nationally on a list of the Top 300 First Mortgage Granting Credit Unions.
SECU jumped four places from 2012’s 33rd place ranking on the annual list of mortgage granting credit unions compiled by The American Credit Union Mortgage Association (ACUMA).
Data compiled by ACUMA show that SECU originated $469.5 million in 2,250 fixed and adjustable first mortgages through the third quarter of 2012. SECU also sold $175.7 million in first mortgages over the same period. Outstanding fixed and adjustable first mortgages totaled $969.9 million, while real estate loans sold but serviced by SECU topped $522.6 million.
“We are excited to once again be named to the ACUMA list, and to lead all credit unions in Maryland,” says SECU President and CEO Rod Staatz. This ranking, on the heels of making the list of 50 largest credit unions compiled by SNL Financial, is a testament to the trust our members have in SECU.”
“We knew the 2012 markets were brisk and filled with refinance transactions and loans of all types,” says ACUMA President Bob Dorsa. “Exceeding the $100 billion total for the entire year was a goal early on when we realized a market share increase to 8% by mid-year. We continue to see tremendous growth and development in many segments of the credit union system.”
Dorsa adds that it is particularly important to note that the product mix is NOT all refinance transactions. “We see more and more evidence that many of the nation’s realtors are finally discovering what we have known for decades – credit unions can do it better in many cases and are likely the only lenders on the planet who can back up the claim of truly placing the borrowers’ interest ahead of their own.”
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. For more information, visit www.acuma.org.
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 47 credit unions for total assets in the U.S. As of December, 2012, assets were $2.6 billion. Headquartered in Linthicum, MD, SECU has 21 branches and 104 ATMs throughout Maryland. SECU also provides access to over 68,000 surcharge-free ATMs through the CO-OP and Allpoint networks. For more information about SECU, visit secumd.org.