Navy Federal Credit Union 2015 Annual Report Download - page 8

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NAVY FEDERAL CREDIT UNION6
Mortgage and Equity Loans
The U.S. real estate market posted its best sales numbers since 2007.
Navy Federal was there to help with flexible terms and continued low rates.
We closed more than 48,000 loans for a total of $12.3 billion, representing
Navy Federal’s best year on record. First-time homebuyers accounted for
55 percent of homebuyers, for a total of $4.1 billion. In May, we oered a
new Military Choice mortgage, giving us the ability to provide an excellent
loan option with 100 percent financing and a special, low rate to both
Active Duty members and veterans who may have already used their
VA eligibility.
As home values continued to increase in 2015, members looked to
Navy Federal for equity loans as a smart way to pay for large expenses
and finance home repairs and remodeling. Equity Lending closed nearly
12,000 loans for a total of $687.9 million, an increase of 16.0 percent
from last year. Home Equity Lines of Credit were our most popular
oering, thanks to their flexibility and unique 20-year open credit line.
Student Loans
In April, we were pleased to announce the introduction of Navy Federal private student and
consolidation loans through a partnership with LendKey. Private student loans give members
a way to meet educational expenses when funding from Federal loans and scholarships are
not enough. By the end of 2015, Navy Federal helped make the dream of a college education
a reality for nearly 2,600 students attending 821 dierent colleges and universities. Our
student loan portfolio included a balance of $46.4 million from 3,183 loans.
At year end, our total assets reached $73.3 billion, an increase of $9.6 billion.
Total reserves, a measure of the credit union’s safety and soundness, reached $8.0 billion.
Navy Federal’s growth in 2015 is a testament to our commitment to provide our members
with excellent service whenever, wherever and however they want it.
REPORT OF THE CHAIRMAN & PRESIDENT
For some of our members,
being able to purchase a
home with no money down
is just what they need to
make homeownership a
reality. Nathan S. shared
this on Facebook:
“I love you guys. I’ve been
approved for the most
aordable mortgage with
no money down. I walk
around my oce with a
smile, and when people ask
why, I say ‘Navy Federal.’”
2015 In Review