The Mortgage Bankers Association is honoring Pentagon Federal Credit Union in Alexandria, Va., for providing affordable housing and post-deployment assistance to military families and war veterans.
The trade group formally inducted Pentagon FCU in the MBA Hall of Honor recognizing its efforts to assist first-time homebuyers and to offer employment assistance, the company said in a press release Tuesday.
The PenFed Foundation and PenFed's subsidiary, PenFed Realty, LLC., offer two programs.
The Dream Makers Program provides down payment grants to both PenFed members and non-members. As of September PenFed had delivered $3.6 million in such grants to 744 recipients nationwide, according to the release.
The Real Heroes Program, on the other hand, is a new career support program for service members and their spouses. "With very few exceptions," PenFed said, the program covers all costs associated with obtaining a real estate license and puts participants on track to pursue careers as PenFed Realty real estate professionals.
"PenFed is proud to play an active role in initiatives to meet the needs of our troops, their families, and veterans. It's our way of showing gratitude to the amazing men and women who protect our country," said James Schenck, president and chief executive officer.
Established in 1935 as the War Department Credit Union, PenFed is one of the largest credit unions in the country with 1.3 million members and more than $19 billion in assets.
