The partnership with North Island Credit Union is unique in that it creates an entirely new approach for credit unions seeking to work together for the betterment of their membership.
(Vocus/PRWEB) March 14, 2011
Pentagon Federal Credit Union (PenFed) announced today that it has entered into a new partnership with North Island Credit Union; beginning immediately, North Island will be PenFed’s exclusive partner in San Diego County to originate PenFed’s market-leading mortgage products.
Under the new agreement, North Island has the option of serving as a wholesale partner for PenFed's mortgage products or may choose to retain a portion of the loan in its own mortgage portfolio. Both credit unions will actively market this program in California to North Island’s existing membership, and to residents living in the San Diego County area.
“Working collaboratively with PenFed allows North Island Credit Union to expand mortgage product offerings to its members, and do so in a more efficient manner by utilizing the scale provided by PenFed,” stated North Island CEO John Tippets. “That efficiency translates into a win for members with better pricing and terms on their mortgage loans.”
North Island’s membership and San Diego County residents alike are sure to benefit from having a local credit union provide access to what PenFed considers its flagship mortgage product: a 5/5 Adjustable Rate Mortgage (ARM) that is available as a jumbo or super-jumbo mortgage in all 50 states.
"PenFed is excited about our new partnership with North Island, and the wealth of opportunities it creates for both organizations," said Frank Pollack, President, PenFed. “Our agreement with North Island allows us to bring our outstanding, market-leading mortgage products to the San Diego market, fueled by North Island’s local prominence in the community it serves. It is a win, win for both of us.”
Over the past few years, PenFed has increased its presence in multiple states through its wholly-owned subsidiary, PenFed Realty, which is a full-service real estate brokerage firm that offers comprehensive real estate services nationwide to both PenFed members and non-members alike.
The partnership with North Island Credit Union is unique in that it creates an entirely new approach for credit unions seeking to work together for the betterment of their membership. The advantage is that marketing power is enhanced; product offerings are increased, and the competitive strength of both institutions is improved.
About North Island Credit Union
North Island Credit Union, chartered in 1940 to serve the military and civil service at Naval Air Station North Island, now serves members in San Diego, Riverside and Orange Counties in California. The $1.1 billion credit union has ten branches, 90,000 members and 290 employees. 2010-2011 allowed the credit union to fully celebrate its military heritage with its own 70th Anniversary as well as joining in the 100th anniversary of Naval Aviation, with NAS North Island recognized as the birthplace of naval aviation in 1911.
For more information about North Island Credit Union and their mortgage services, visit http://www.myisland.com or call 800-848-5654.
PenFed is the third largest credit union in the United States with over a million members, and more than $15 billion in assets. The credit union provides worldwide service to Department of Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; employees of Tripler Army Medical Center, and others in the defense community and their families.
For more information about PenFed and their mortgage services, visit http://www.PenFed.org or call 800-247-5626.