PenFed Credit Union Announces Record Quarterly Mortgage and Consumer Lending Volume

PenFed Credit Union Announces Record Quarterly Mortgage and Consumer Lending Volume
America's Second-Largest Federal Credit Union Funds a Record $5.3 Billion in Mortgages and Consumer Loans during First-Quarter 2021
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TYSONS, Va., April 20, 2021 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today released financials highlighting the strongest quarter in the institution's 86-year history. In first-quarter 2021, PenFed originated a record $3.00 billion in mortgage loans and a record $2.29 billion in consumer loans. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.
"Helping our 2.2 million members do better financially is how we measure success," said PenFed President and CEO James Schenck. "Making $5.3 billion worth of loan originations in the first 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 3,000 financial professionals who power PenFed forward."

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