The number of federally insured credit unions dropped in the second quarter, but the National Credit Union Administration reported Thursday that total loan growth was positive. According to the NCUA, total loans at federally insured credit unions reached 745.2 billion dollars in the second quarter of 2015, an increase of 3.2 percent from the previous quarter and 10.6 percent from last year.
The total first mortgage loans outstanding reached $306.2 billion, up 3.1 percent from the previous quarter and up 9.6 percent from the second quarter of 2014. Fixed-rate first mortgage loans accounted for 59.3 percent of first mortgage loans outstanding at the end of the second quarter, the report showed. Second mortgage loans totaled $72.2 billion, up 0.9 percent from the previous quarter and up 2.4 percent from the second quarter of 2014.
Moody's Investors Service on Thursday announced the upgrading of 11 tranches from 3 transactions backed by conforming balance residential mortgage-backed securities issued by Fannie Mae and Freddie Mac totaling about 1 billion dollars. According to Moody's, the upgrades are a result of the recent performance of the underlying pools of loans. The actions also reflect Moody's updated default projections for the pools and the build-up of credit enhancement.