USC Credit Union’s partnership with PenFed illustrates the power of the cooperative credit union system.
(PRWEB) June 15, 2011
Alexandria, Virginia and Los Angeles, Calif. (June 15, 2011) – Pentagon Federal Credit Union (PenFed) announced today that it has entered into its second credit union mortgage partnership; this time targeting the Los Angeles market by partnering with University of Southern California (USC) Credit Union. The new partnership allows USC Credit Union to become PenFed’s partner in the Los Angeles area to originate PenFed’s market-leading mortgage products.
Under the terms of the agreement, USC Credit Union will become a wholesale partner for PenFed's 5/5 ARM product. Both credit unions will actively market this program in California to USC Credit Union’s membership, and to residents living in the Los Angeles area.
“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 community that USC Credit Union serves is 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 USC Credit Union,” noted Frank Pollack, President, PenFed. “Combined with USC Credit Union’s local prominence in the community it serves, our new partnership allows both credit unions to bring PenFed’s outstanding, market-leading 5/5 ARM to the Los Angeles market. It’s a winning combination.”
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 USC 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 USC Credit Union
USC Credit Union is a $350 million state-chartered credit union that has proudly served the University of Southern California community since 1973. USC Credit Union has 55,000 members and offers a full complement of business, personal, and online financial services to the faculty, staff, students and alumni of USC as well as the Los Angeles community.
For more information about USC Credit Union and their mortgage services, visit http://www.usccreditunion.org or call 213-821-7100.
Pentagon Federal Credit Union is the third largest cred¬it union in the United States with over a million members, and more than $15 billion in assets. The credit union provides worldwide service to Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel, members of the VFW, employees or volunteers of the American Red Cross, 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.