SAN ANTONIO, Oct. 27, 2021 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today released financials highlighting the greatest mortgage results in the institution's 86-year history. Since establishing the San Antonio mortgage hub in the beginning of 2019, the team has helped over 30,000 members close a mortgage or open a home equity line of credit. The team also led a 1,232% mortgage origination increase, while the U.S. mortgage market only grew 273% over the same period.
"PenFed Mortgage measures success by how many members we bring home and help to realize their American dream of homeownership," said PenFed Mortgage President and EVP Winston Wilkinson. "These records are the result of PenFed's value proposition of great rates for everyone, inspiring leaders and our team's dedication to member service."
PenFed's mortgage team has played an instrumental role in the credit union's achievement of $30 billion in assets and growing membership to more than 2.4 million. During the third quarter of 2021, the mortgage team set another PenFed quarterly record with $5.4 billion in originations. This represents 113% growth over the same quarter of the prior year, and includes home equity origination volume of $296 million.
"I'm incredibly proud of Winston Wilkinson and the entire PenFed Mortgage team," said PenFed President and CEO James Schenck. "Over the past two years, they have achieved their goals of lowering the cost of home ownership, providing members with a mortgage process that is easy and always accessible and leading the way for Americans to buy and manage their homes as assets. Our mortgage leadership team is also responsible for increasing member satisfaction and employee engagement."
PenFed opened its San Antonio Service Center on Bulverde Road just north of Loop 1604 at the beginning of 2019. Over 350 mortgage professionals are now based in San Antonio along with call center operations, HR and IT professionals. PenFed's growth has had a direct impact on the pace of hiring in the Alamo City with over 700 professionals located at its San Antonio Service Center.
"We've recruited high-quality employees to join our team, and in a short time, they have proven themselves to be dedicated and hard-working," said Schenck. "We're thrilled with the high talent pool in San Antonio. Our San Antonio teammates are helping drive success and we are proud to be a part of this vibrant community."
About PenFed Credit UnionEstablished in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.4 million members worldwide with $30 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 members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
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SOURCE PenFed Credit Union