PenFed Inks Correspondent Mortgage Deal With University Of Southern California CU
ALEXANDRIA, Va. – Pentagon FCU, the nation’s second largest credit union mortgage lender, announced its second correspondent deal this afternoon, with University of Southern California CU.
The new partnership, PenFed’s second in southern California, allows USC Credit Union to become PenFed’s partner in the Los Angeles area to originate PenFed’s market-leading mortgage products. In March, PenFed inked a similar correspondent deal with San Diego’s North Island CU.
Under the terms of the agreement, USC CU will become a wholesale partner for PenFed's 5/5 ARM product. Both credit unions will actively market this program in California to USC CU’s membership, and to residents living in the Los Angeles area. The advantage is that marketing power is enhanced; product offerings are increased, and the competitive strength of both institutions is improved.
“USC Credit Union’s partnership with PenFed illustrates the power of the cooperative credit union system,” says Gary Perez, CEO. “Through our collaboration with one of the nation’s largest and most progressive non-profit credit unions, USCCU’s member/owners will benefit from what may be the best value in jumbo and super-jumbo loans available in today’s mortgage marketplace.”
The $16 billion PenFed is the second biggest mortgage lender for credit unions, behind only Navy FCU.