Navy Federal Credit Union closed over $1 billion worth of mortgages in March, and $2.5 billion year-to-date.

The $1 billion of mortgages in March is the best month in the credit union's history. According the credit union, close to 60% of its mortgage volume came from purchases.

"We're unique in that over 50% of our purchase volume comes from first-time buyers," Katie Miller, Navy Federal's vice president of mortgage lending, said in a press release.

The credit union said that it is on pace for a "record setting" second quarter based on the volume of applications it closed in March.

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