Applications / Mortgage Analytics / Lenders / Indiana / Inova Federal Credit Union
Elkhart, IN · Credit union · NCUA · $656 million assets · 374 loans in 2025
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374
loans originated, 2025
601
applications, 2025
16
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Inova Federal Credit Union is a lender of small loans to people who already own their homes, and it holds 1.5% of the Elkhart-Goshen market.
Home improvement made up 33.2% of its loans and other purposes 22.7%. Purchases were only 18.7%. Its typical loan was $75,000, against $105,000 at similar lenders, credit unions making between half and twice as many loans. That was smaller than at nine in ten of them.
It has lent in Elkhart-Goshen since 1991. It now ranks 20 of 201 lenders there, and its share rose by 0.1 points to 1.5%; Interra Credit Union led. It lends in 16 states, and in 2025 made its first loans in markets as far off as Pocatello, though its shares there are small.
Borrowers with low and moderate incomes (LMI) took 36.6% of its loans, against 27.5% at similar lenders. That was more than at about four in five of them, and up from 31.1% in 2020. Only 0.3% of its loans were higher-priced (a rate well above the average for similar loans), against 1.9%.
It made 374 loans in 2025, 13% fewer than the 431 of 2024, while similar lenders grew by 7%. The total was close to the 396 of 2023, so 2024 may have been the unusual year. County figures would show where the fall came.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Inova Federal Credit Union took 601 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Home improvement 33.2% · Refinance 25.4% · Other 22.7% · Purchase 18.7%
Conventional 98.9% · FHA 1.1% · of 374 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Indiana | 305 | 81.6% |
| Michigan | 21 | 5.6% |
| North Carolina | 8 | 2.1% |
| Illinois | 7 | 1.9% |
| California | 6 | 1.6% |
| Connecticut | 5 | 1.3% |
| Florida | 5 | 1.3% |
| Ohio | 4 | 1.1% |
| Georgia | 3 | 0.8% |
| New Jersey | 2 | 0.5% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| South Bend-Mishawaka | 144 |
| Elkhart-Goshen | 143 |
| Michigan City-La Porte | 14 |
| Indianapolis-Carmel-Greenwood | 9 |
| Chicago-Naperville-Schaumburg | 5 |
| New Haven | 4 |
| Oakland-Fremont-Berkeley | 4 |
| Atlanta-Sandy Springs-Roswell | 2 |
| Charlotte-Concord-Gastonia | 2 |
| Lake County-Porter County-Jasper County | 2 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300SQH6MBVMMRRA85 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 34470 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 54968 | 1991–2017 |
Established 1 January 1942. Reported under HMDA 1991-2025.
Mergers, name changes, data editions and corrections: Inova Federal Credit Union's data.
Inova Federal Credit Union's data
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Inova Federal Credit Union and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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