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PenFed Announces Record-Breaking Lending Volume In Q2 2021

Associate Editor
Jul 19, 2021

The Pentagon Federal Credit Union (PenFed) released highlights from its strongest performing quarter in the institution's 86-year history.

KEY TAKEAWAYS
  • PenFed originated a record $4.3 billion in mortgage loans, bringing in a total of $7.3 billion for the second quarter of 2021. 
  • PenFed originated a record $3.8 billion in consumer loans, bringing in a total of $6.1 billion for the second quarter of 2021. 
  • The volume of mortgage loan originations represents a 110% growth over the second quarter of 2020.
  • The volume of consumer loan originations represents a 118% growth over the second quarter of 2020. 

The Pentagon Federal Credit Union (PenFed) released highlights from its strongest performing quarter in the institution's 86-year history. The credit union originated a record of $4.3 billion in mortgage loans and a record $3.8 billion in consumer loans, bringing in totals of $7.3 billion and $6.1 billion, respectively, for the second quarter of 2021. 

The volume of mortgage loan originations ($4.3 billion) represents a 110% growth over the second quarter of 2020. The volume of consumer loan originations ($3.8 billion) represents a 118% growth over the second quarter of 2020. 

Also, there were 108,608 new net members this quarter, allowing membership to grow to 2.3 million. PenFed credit cards had their strongest quarter ever with nearly $1.2 billion of new money. 

PenFed president and CEO, James Schenck, said, “Helping our 2.3 million members do better financially is how we measure success. Making $8.1 billion worth of loan originations in the second quarter is the result of PenFed's value proposition of great rates for everyone, inspired leadership within our mortgage and consumer lending teams, and the dedication to member service of the 3,200 financial professionals who power PenFed forward.”

Additional highlights from the second quarter include surpassing $27.6 billion in assets. PenFed’s net worth to assets increased to 10.77%, which surpasses the National Credit Union Administration’s required 7%. The capital cushion is now at a record-high $1 billion. 

"In addition to accomplishing these key business milestones, PenFed is proud to have donated nearly $1.2 million to charitable organizations during the first half of 2021. As we continue to grow, we will continue to give back to the communities where our members and employees live and serve," Schenck concluded.

For more information about the Pentagon Federal Credit Union (PenFed) visit http://www.PenFed.org.

About the author
Associate Editor
Katie Jensen is a mortgage news reporter at NMP.
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