PenFed CU Sees Record Annual Mortgage Lending Volume

Director of Events

Jan 21, 2022

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

In the fourth quarter of 2021, PenFed's mortgage lending volume consisted of $6.3 billion in mortgage loans, bringing the total mortgage lending volume to $19 billion for the entire year.

“Making $31 billion worth of mortgage and consumer loan originations in 2021 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 3,700 financial professionals who power PenFed forward,” said PenFed president and CEO James Schenck.

“In addition to accomplishing these key business milestones, PenFed is proud to have donated $5.5 million to charitable organizations in 2021.”

Schenck also stated that the company will continue to give back to the communities of its members and employee as it continues to grow.

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.6 million members worldwide with $32.5 billion in assets.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Jan 21, 2022

Regulation and Compliance

Bank Mergers Face Additional Scrutiny By FDIC

FDIC considers small businesses and residential loan originations when evaluating a merger’s competitive effects.

Bank mergers are expected to face increased scrutiny after the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a Final Statement of Policy (Final SOP) to its Bank Merger Transaction guidelines, finalized on September 17. The board also voted 3-2 i...

Analysis and Data

NAR Reports August Sales Slump, Aligning With Broader Industry Data

August sales dip, but analysts eye year-end comeback with lower rates and rising supply

Although existing-home sales fell again in August, lower mortgage rates and rising supply could propel a resurgence before the year ends. Existing-home sales retreated 2.5% in August to a seasonally adjusted annual rate of 3.86 million, sliding 4.2% from one year ago, th...