Navy Federal Credit Union Commits $6 Billion for Mortgage in 2009

/PRNewswire-USNewswire/ -- Navy Federal is pleased to announce that $6 billion has been committed to new mortgages for Navy Federal members in 2009, whether they're buying a new home or refinancing. This new commitment follows 2008 mortgage originations of over $5.7 billion, the second highest year for originations in Navy Federal's history. Ample liquidity and sound financials make it possible for the credit union to continue to offer its members low-rate mortgages that feature fixed rates, no junk fees and servicing for the life of the loan.

"Navy Federal never engaged in sub-prime mortgage lending," said Cutler Dawson, President/CEO. "As a result, we saw a strong 'return to trust' in 2008, and we're committed to continuing that momentum in 2009."

Navy Federal has been serving the men, women and families of the military for over 75 years, and the credit union's foundation is built on conservative financial policies and diligent risk management. Dawson added, "At Navy Federal, we take great pride in serving the financial needs of our military community and their families who serve this great country with integrity and honor. In these challenging times, we strongly believe that our members deserve a financial partner that continues to look out for their best financial interests and we work hard everyday to operate with the highest integrity."

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