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New York

Credit unions ramp-up mortgage lending

Nonprofit institutions offering low-cost deals aimed at young and first-time borrowers

From the May issue: Credit unions have been expanding their presence in housing, more than quadrupling their share of total mortgage market volume nationwide in the past nine years, according to the National Association of Federal Credit Unions, by offering deals that simply can’t be found at most banks.

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Case in point: The country’s largest credit union, the $64 billion-asset Navy Federal, closed more than $1 billion in home-purchase loans during the month of March alone. That’s big. [more]