As banks and credit unions work to grow their customer and membership bases, credit unions in particular are seeing strong growth in consumer lending. This week’s FIN News Alert looks at the Them Report article, “Credit Unions Take a Larger Share of the Mortgage Pie,” and highlights a report showing a spike in credit union mortgage lending as well as auto loans. Here are the highlights:
- A new report from Callahan & Associatesshows a jump in first mortgages and new and used auto loans, helping to push credit union loan balances up to a record high in the second quarter.
- In Q2, first mortgages accounted for 37.6% of total loan growth at credit unions after a spike of 9.8% over the year.
- Results point out that credit unions are continuing to find success by providing the financial solutions most needed by their members.
- As consumer awareness about credit unions grows, consumers are seeing the benefits from banking with a credit union and turning to them more for their financial needs.
- The increase in credit unions’ market share of mortgage and auto lending continues to signal a shift in demand away from big banks and mortgage companies.
Looking to strengthen customer experience at your credit union? Read this infographic, “Optimize Channels and Customer Experience,” for more insights.