ALEXANDRIA, Va. – Pentagon FCU, one of the fastest growing credit unions in the country, said mortgage volume soared to a new high of $300 million last month, even as the overall market continued to fall. The $10 billion credit union, which opened its own real estate agency last year, reported a 8.5% rise in mortgage lending through the first six months of the year, to $1.46 billion. Pentagon officials attributed the surge in mortgage lending to lower rates offered on 5/1 ARMs; a 90-day lock-in provision on rates; and the elimination of numerous fees for processing, underwriting and closing, as well as those for appraisals, flood certification, tax service and credit reports.
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