SOURCE: Pentagon Federal Credit Union

March 26, 2008 16:48 ET

Mortgage Lender Having Record Success Despite Market Conditions

Pentagon Federal Credit Union Sees Record Mortgage Volume in 2008

ALEXANDRIA, VA--(Marketwire - March 26, 2008) - Despite the nationwide downturn in the housing market and tightening credit standards for those looking to purchase or refinance a home, Pentagon Federal Credit Union, which offers competitive rates to high-quality borrowers, continues to see growth in mortgage loan volume.

In the first two months of 2008, Pentagon Federal Credit Union saw mortgage volume increase substantially over 2007. The credit union had a record month in February, closing $159.1 million in mortgages, a nearly $70 million increase over February 2007. January's numbers were equally impressive: $125.5 million in new mortgage closings versus $90.2 million in January 2007.

"Many borrowers are looking to take advantage of historically low rates," said Rod Raszler, Vice President of Mortgage Operations for Pentagon Federal Credit Union. "With many Adjustable Rate Mortgages re-setting, this is also a great time for homeowners to refinance with a great new loan."

Pentagon Federal Credit Union has avoided the fallout of the current housing crisis by refusing to offer sub-prime mortgages.

"We have never written a single sub-prime loan. Our success is built on offering high-quality borrowers the best rates and low fees with great mortgage programs that suit their needs," said Raszler.

Pentagon Federal Credit Union, established in 1935, has more than 764,000 members and assets in excess of $10.4 billion, and provides worldwide service to Army, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel; members of the VFW; and others in the defense community and their families. For more information about Pentagon Federal Credit Union, or to learn more about membership, visit https://www.penfed.org.

For more information about this topic or to schedule an interview with Rod Raszler, please call Teresa Kovarik at (541) 345-6311 x7305 or e-mail teresa.kovarik@penfed.org.

Contact Information

  • Contact:
    Teresa Kovarik
    Tel. 541.345.6311 x7305
    Email: Email Contact