VIENNA, Va. – Navy Federal Credit Union originated $2.63 billion of home mortgages in the third quarter, more than doubling its production of a year ago.
All of Navy Federal’s fundings are retail based. It is one of the largest mortgage providers in the Washington, D.C., metro area.
The third quarter numbers are up from $2.59 billion originated in this year’s second quarter, according to figures compiled by SourceMedia’s National Mortgage News and the Quarterly Data Report. The $52-billion credit union ranks No. 21 nationwide among all mortgage funders.
Back in July Navy Federal beefed up its jumbo ARM lending, rolling out new products with introductory rates as low as 2.875%.