Which of the following is NOT a source in the primary mortgage market?

The primary mortgage market consists of lenders that originate mortgage loans directly to borrowers. This market is where mortgages are created through various financial institutions that provide funds directly to homebuyers. Commercial banks, savings associations, and life insurance companies are all traditional sources of mortgage financing since they have the capital to lend and are involved in the direct origination of mortgages.

While credit unions do provide loans to members and can be involved in the mortgage process, they are not typically classified within the primary mortgage market in the same way as the other institutions. Instead, the focus here might suggest that credit unions primarily operate as entities that serve their members with various financial products, including personal loans, savings accounts, and credit facilities. They do provide mortgages, but they are often more community-focused and may not be as established in the broader mortgage market compared to the other options.

Thus, identifying credit unions as not part of the primary mortgage market reflects an understanding of their unique role and function within the housing finance system in comparison to the more traditional and larger players in the market.