ALEXANDRIA, Va. – Pentagon FCU, one of the biggest credit union mortgage lenders, has implemented Mortgagebot’s Mortgage Marvel online mortgage shopping service.
Mortgage Marvel allows mortgage shoppers to search with complete anonymity for accurate, real-time rate-and-fee quotes, the company said. It then enables shoppers to connect directly to the website of their preferred lender, where they can complete a mortgage application and get pre-approved with full disclosures, all in as few as 20 minutes.
PenFed has used Mortgage Marvel to open an entirely new business channel. "Every loan that PenFed has obtained through Mortgage Marvel probably would have gone somewhere else if those borrowers hadn't found us through Mortgage Marvel," said Ron Raszler, vice president of mortgage operations for the $15 billion credit union.
Mortgagebot is based in Mequon, Wis.
