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California Credit Unions Increase First-Mortgages by 14% Year-to-Year

First-mortgages rose 14 percent in California, hitting a record $58 billion, which includes a mixture of fixed-rate, adjustable-rate, purchase, traditional refinance, and cash-out refinance loans.

The record $58 billion in 1st mortgages is a 69% increase from the most recent low in 2011 of $34 billion.

Meanwhile, credit unions posted a 3% increase in the combined category of Home Equity Lines of Credit and home equity loans (second-mortgages). In total, the outstanding dollar amount hit $9.9 billion, rising 10% from the most recent low in 2014 of $9 billion. The record high was $14.2 billion in 2009.

As of late, regulatory pressure has hindered credit union growth according to Matt Kershaw, CEO of Clark County Credit Union. Kershaw noted that while credit unions have grown since the crisis, it’s not proof that regulations are not damaging the industry.

There are 324 CREDIT UNIONS IN CALIFORNIA with 11.2 million members with total assets of $184 billion.

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