TYSONS, Va. and SAN FRANCISCO, Dec. 2, 2019 /PRNewswire/ -- PenFed Credit Union, the second largest federal credit union in the United States, and Loanpal, the nation's leader in new residential solar loans, today announced a partnership to leverage Loanpal's technology platform to make clean energy products more accessible to homeowners. This capital partnership is Loanpal's 14th and will provide the capital needed to continue Loanpal's growth and mission to help homeowners live a more sustainable life.
Loanpal is responsible for more than $2 billion in residential solar loans since 2018 and 30% of all new solar loans in the U.S. Through the partnership, PenFed will have access to Loanpal's technology platform to deploy capital without the traditional costs associated with a consumer lending platform. Loanpal will manage the entire lending experience, including installer management, origination, funding and servicing. Loanpal will also provide real-time performance data and insights into the PenFed portfolio via Loanpal's investor portal.
"We are excited to work with Loanpal and are very impressed with the platform they have developed in the clean energy space," said Jay Fee, PenFed's Vice President of Lending. "Loanpal's focus on generating high-quality customers with low default rates and increased prepay speeds aligns well with PenFed's desire to help more people save money on their everyday expenses."
"Most homeowners want to tap into clean energy products but less than 2% of them actually move forward with it. Access to smart, efficient capital is key to clean energy adoption and we're able to help drive that change by partnering with forward-thinking companies like PenFed who want make a positive impact," said Loanpal CEO Hayes Barnard. "I am truly grateful for PenFed's decision to partner with Loanpal and put their trust in us as we continue to lead the clean energy financing market."
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 1.8 million members worldwide with $24.5 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
Loanpal is the nation's leader in new residential solar and storage market loans. The company is committed to delivering a tech-enabled lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal has deployed more than $28 billion in loans over the past 16 years. Its platform connects banks to high-quality borrowers for energy solutions to make a positive impact on the planet while building lasting relationships with its valued partners and customers. Loanpal is a proud partner of GivePower, a 5013c corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world. To learn more about Loanpal, visit, follow and connect with us at www.loanpal.com, @loanpal, and Linkedin.
SOURCE PenFed Credit Union