Mortgage

PenFed Credit Union Announces Record Annual Mortgage and Consumer Lending Volume for 2021

PenFed Credit Union Announces Record Annual Mortgage and Consumer Lending Volume for 2021
Written by Publishing Team

Tysons, Virginia, January 20 2022 /PRNewswire/ — PenFed Credit Union, the nation’s second-largest federal credit union, has released financial statements highlighting another record year in the institution’s 87-year history. In the fourth quarter of 2021, PenFed created a record $6.3 billion In mortgage loans scored $3.3 billion in consumer loans, bringing the 2021 totals to 19 billion dollars And $12 billion, Respectively. Consumer loans include auto loans, credit cards, personal loans, and student loans.

“We measure success by helping our 2.6 million members do better financially,” said PenFed President and CEO. James Schenk. “Preparation $31 billion The Value of Mortgage and Consumer Loan Assets in 2021 is the result of PenFed’s value proposition for fantastic rates for everyone, the leadership inspiration within our consumer mortgage and lending teams, and a dedication to serving the 3,700 member financial professionals who support PenFed. “

Among the highlights of PenFed in 2021:

  • PenFed arrived $32.5 billion in assets.
  • Membership has grown to over 2.6 million, adding over 500,000 new members.
  • PenFed’s loan portfolio has grown by $4.8 billionwhich represents 25% growth in 2021.
  • Mortgage division was born $18.9 billionAnother annual PenFed record. This represents 128% annual growth in 2021, and includes the volume of real estate equity creation $1.2 billion.
  • Consumer Lending Division Established $11.7 billion, which is also another annual record for PenFed. This represents an annual growth of 46% in 2021.
  • PenFed’s credit card lending division, as part of consumer lending, saw its strongest quarter ever with more than 1.3 billion dollars of new money.
  • PenFed has been sold out 12.2 billion dollars of loans in the secondary market, of which more than 50% were sold to other credit unions.
  • PenFed finished 2021 with over 860 million dollars Capital in excess of regulatory capital requirements with the addition of approximately 300 million dollars of net income for the year.

“In addition to achieving these key business milestones, PenFed is proud to donate $5.5 million To charitable organizations in 2021,” Schenk concluded: “As we continue to grow, we will continue to give back to the communities in which our members and employees live and serve. “

About PenFed Credit Union
Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest federal credit union in America, serving 2.6 million members worldwide with $32.5 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower our community members to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an equal footing housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an equal employment opportunity employer.

SOURCE PenFed Credit Union

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