PenFed Credit Union granted FHA Direct Endorsement

PenFed Credit Union, the country’s second largest federal credit union and the largest credit union mortgage originator, has received Direct Endorsement (DE) authority to originate Federal Housing Administration (FHA) loans from the Department of Housing and Urban Development (HUD).

With DE authority, PenFed will be able to close and underwrite loans without prior FHA review or approval. According to Winston Wilkinson, executive vice president and president of mortgages at PenFed, this makes home ownership possible for members who may not be able to receive financing otherwise.

“Many first-time homebuyers, especially in pricier markets, can use FHA loans as a solution that allows them to enjoy the benefits of home ownership,” Wilkinson said.