|By PR Newswire||
|January 7, 2014 03:00 PM EST||
The new feature will add ease, convenience, and faster processing times to the PenFed mortgage user experience. With the Rate Reset Protection now available, eligible borrowers are able to reset and lock-in a rate on a Conforming, Jumbo, and Super Jumbo 5/5 Adjustable Rate Mortgage (ARM), up to five times, during the life of the loan.
ALEXANDRIA, Va., Jan. 7, 2014 /PRNewswire-USNewswire/ -- PenFed (Pentagon Federal Credit Union), announced today that a new enhancement made to its innovative 5/5 Adjustable Rate Mortgage (ARM) program now provides eligible PenFed members with "one click" Rate Reset Protection on Conforming, Jumbo, and Super Jumbo 5/5 ARMs. The enhancement adds ease, convenience, and faster processing times to the PenFed mortgage user experience.
"Adding the Rate Reset Protection feature to our 5/5 ARM is a positive and exciting leap forward for us," said James Schenck executive vice president of PenFed. "The new feature puts our borrowers in control of their mortgage; which is consistent with our long-standing goal to provide quality products and service tailored to our member's needs."
PenFed partnered with Mortgage Harmony Corp. The software solution provides an alternative to the refinancing process in the mortgage lending industry—allowing borrowers to "reset" their interest rate in seconds on a secure, customized website with just a "click" of a button and a confirmation e-Signature.
How does it work? During the origination process, PenFed mortgage borrowers now have the option of selecting the new Rate Reset Protection feature. When the rate reset feature is selected, beginning one calendar year from the date of the mortgage note, borrowers have the option of adjusting the interest rate periodically based on the terms of their note. To utilize the feature, borrowers simply login to review the rate PenFed is offering that day, and then to proceed with the rate selection, choose the option to "Reset the Rate."
The option to reset the rate is available to the borrower up to five times over the life of the loan. Additionally, the loan must be in good standing, with no rate resets within the prior 12-months.
5/5 Adjustable Rate Mortgage (ARM) "Rate Reset Protection" Features: The new feature puts PenFed borrowers in control of their 5/5 ARM mortgage interest rate by allowing them to easily take advantage of decreasing interest rates, or hedge against rising interest rates.
The feature includes:
- Up to five rate "borrower selected" rate resets over the life of the loan mortgage
- No fee to reset the rate
- Provides an alternative to the refinance process
- Loan maturity date remains the same—no new 30-year amortization required
"This new feature not only empowers borrowers, but it improves their overall experience," said Vielka Asia, vice president of mortgage operations at PenFed. "What was once a very slow and cumbersome process for our borrowers has, with just 'one click,' been conveniently simplified."
To learn more about PenFed and to become a member, call 800.247.5626 or visit PenFed.org.
About PenFed (Pentagon Federal Credit Union): Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $16 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market-leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members' interests always in mind. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.
SOURCE Pentagon Federal Credit Union
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 22, 2015 08:00 PM EDT Reads: 1,708
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 22, 2015 08:00 PM EDT Reads: 1,201
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 22, 2015 07:00 PM EDT Reads: 5,563
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
May. 22, 2015 06:00 PM EDT Reads: 2,026
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
May. 22, 2015 06:00 PM EDT Reads: 3,846
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
May. 22, 2015 05:30 PM EDT Reads: 3,750
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
May. 22, 2015 05:00 PM EDT Reads: 2,075
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
May. 22, 2015 05:00 PM EDT Reads: 1,537
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
May. 22, 2015 05:00 PM EDT Reads: 1,393
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
May. 22, 2015 05:00 PM EDT Reads: 1,670
Hybrid IT is an approach to delivering IT services that matches business requirements and application needs with different IT deployment modalities. In their session at 16th Cloud Expo, Jeff Katzen, Director of the Cloud Practice at CenturyLink, and Gary Sloper, Area Vice President, Sales Engineering and Operations, at CenturyLink, will go into more depth around those different modalities and how customers have made decisions to choose between them. They will talk to some of the challenges t...
May. 22, 2015 04:45 PM EDT Reads: 1,415
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
May. 22, 2015 04:00 PM EDT Reads: 2,842
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
May. 22, 2015 03:00 PM EDT Reads: 1,499
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
May. 22, 2015 03:00 PM EDT Reads: 3,987
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 22, 2015 02:30 PM EDT Reads: 860