PenFed Credit Union Announces Record Quarterly Mortgage and Consumer Lending Volume

Written by on April 20, 2021

TYSONS, Va., April 20, 2021 /PRNewswire/ — PenFed Credit Union, the nation’s second largest federal credit score union, at this time launched financials highlighting the strongest quarter within the establishment’s 86-year historical past. In first-quarter 2021, PenFed originated a file $3.00 billion in mortgage loans and a file $2.29 billion in shopper loans. Shopper loans embody auto loans, bank cards, private loans and refinanced pupil loans.

“Serving to our 2.2 million members do higher financially is how we measure success,” mentioned PenFed President and CEO James Schenck. “Making $5.Three billion value of mortgage originations within the first quarter is the results of PenFed’s worth proposition of nice charges for everybody, impressed management inside our mortgage and shopper lending groups, and the dedication to member service of the three,00zero monetary professionals who energy PenFed ahead.”

Amongst PenFed’s highlights in first-quarter 2021:

  • PenFed surpassed $27 billion in belongings.
     
  • Membership grew to over 2.2 million.
     
  • The mortgage division originated $3.00 billion, a PenFed quarterly file. This represents 127% progress over 2020.
     
  • The patron lending division originated $2.29 billion, a PenFed quarterly file. This represents 40% progress over 2020.
     
  • PenFed bank cards had their strongest quarter ever with over $1 billion of recent cash.
     
  • House fairness origination quantity was $251 million.

“Along with undertaking these key enterprise milestones, PenFed is proud to have donated practically $1 million to charitable organizations throughout our first quarter of 2021,” Schenck concluded. “As we proceed to develop, we’ll proceed to offer again to the communities the place our members and workers dwell and serve.”

About PenFed Credit score Union
Established in 1935, Pentagon Federal Credit score Union (PenFed) is America’s second-largest federal credit score union, serving 2.2 million members worldwide with $27 billion in belongings. PenFed Credit score Union presents market-leading certificates, checking, bank cards, private loans, mortgages, auto loans, pupil loans, and a variety of different monetary providers. Our mission is to empower members of our group to realize their monetary well-being. PenFed Credit score Union is federally insured by the NCUA and is an Equal Housing Lender. To be taught extra about PenFed Credit score Union, go to PenFed.org, like us on Fb and comply with us @PenFed on Twitter. Thinking about working for PenFed? Test us out on LinkedIn. We’re proud to be an Equal Employment Alternative Employer.

SOURCE PenFed Credit score Union

Associated Hyperlinks

http://www.PenFed.org

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