PenFed Credit Union announced today that it has achieved $1 billion in mortgage loan rate resets over a one-and-a-half year period, helping its members receive the best rates available when it’s time to refinance their 5/5 adjustable rate mortgages (5/5 ARM).
PenFed partners with CU Rate Reset, using their proprietary software which automates loan retention and empowers members to reset their existing loan electronically.
The Rate Reset technology bypasses the historical refinance process (application, appraisal, settlement, etc.) all with the click of a button. A win for members and for streamlining the modification process on eligible loans.
“Rate Reset’s technology is perfectly aligned with our credit union ethos – to help our members do better,” said Debbie Ames Naylor, PenFed Credit Union EVP and President of Mortgage Banking. “By putting our members in control of their mortgage, we are not only helping them thrive, but also improving their member experience with PenFed.”
Credit unions typically offer lower rates on loans and higher rates on savings accounts, because earnings go towards benefitting our members, rather than paying stockholders.
To learn more about PenFed’s mortgage services, visit penfed.org/mortgage-center.