Navy Federal Credit Union 2005 Annual Report Download - page 28

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easily convert a line
of credit to a fixed-
rate loan.
Continued low
rates kept mortgage
lending strong with
more than 40,600
loans approved for approximately $9 billion.
Also spurring demand were higher limits
of up to $2 million and the introduction of
our HomeBuyers Choice mortgage, which
requires no down payment and no private
mortgage insurance (PMI).
We said “yes” to 441,500 consumer
loan applications for more than $5 billion.
Approximately 182,000 credit card accounts
were approved for $630 million, an increase
of 61%. Finally, 172,000 members took to
the road in new vehicles in 2005 with loans
totaling $2.9 billion, a 13% increase.
Navy Federal granted $4.3 million in
special expedited emergency relief loans to
Your Credit Committee is dedicated to
providing the best possible loan solutions for
all members, offering low rates, convenient
products and services, and programs that
accommodate both the first-time borrower
and those with established credit histories.
Approximately 720,000 member requests
for credit were approved in 2005 for a total
of more than $18 billion.
Extraordinary demand for equity loans
continued for the second consecutive year.
Over 54,000 were approved for more than
$3 billion, surpassing the 2004 record by
50%. Members responded enthusiastically
to such benefits as no closing costs, higher
loan limits, longer terms and the option to
members who suffered losses from natural
disasters across the country, particularly
Hurricane Katrina victims.
Responsive member service is reinforced
by the Credit Committee’s commitment to
preserve the safety and soundness of the
credit union. We also provide the information
members need to manage their credit well
and become savvy borrowers while reaching
their lifelong financial goals.
Denise S. Holmes
Chairperson
26
credit
committee
navy federal report to members 2005
2005 Approvals
Type of Loan # Approved % Change $ Approved % Change
Consumer 441,474 2.9% $5,367.8 10.5%
Mortgage 40,634 (9.6%) $8,786.8 0.1%
Equity 54,003 49.8% $3,312.0 93.6%
Credit Cards 181,804 16.6% $630.0 61.2%
from left to right
Denise S. Holmes, Chairperson
Kenneth R. Burns
Robert J. Griffin
Joan C. Cox
Jerry W. Turner