Credit unions that still believe purchase money lending will energize their waning mortgage programs may want to re-consider their assumptions after reviewing last week's data from the Mortgage Bankers Association.
The MBA forecast mortgage lenders will make fewer purchase money loans this year than they did in 2013, when refinanced home loans still dominated the market.
In April, the association predicted lenders would make $646 billion in purchase money loans, only slightly lower than last year's $652 billion. However, the MBA lowered that number to $621 billion in May.
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