Success stories/Customer success stories/PenFed Credit Union

PenFed drives conversion and retention with member-facing digital solutions

A true end-to-end lending experience

As part of an overarching goal to provide members with a seamless digital experience, PenFed Credit Union has been overhauling member-facing portals and communications from initial leads, all the way through loan servicing. When inefficient lead tracking was causing loan origination opportunities to slip through the cracks, PenFed implemented Velocify® by ICE Mortgage Technology® as their lead management system. The tight integration with Encompass means that leads are automatically distributed to the right loan officers at the right time for immediate follow-up via phone, email, or text message. This, combined with a functionally-rich sales dialer, has increased speed-to-lead by 350% and improved contact and conversion rates.

On the servicing end, PenFed members were asking for a more digitally integrated experience. The team at PenFed heard them and leveraged Servicing Digital™ by ICE to expand services and provide a platform that not only allows members to make mortgage payments online, but delivers their home and loan information anytime, anywhere. The credit union also rolled out House Happy with Servicing Digital, allowing members to use their PenFed portal to request home maintenance requests and schedule jobs, making PenFed their trusted partner in continually caring for their home. The result has been improved member relationships, prolonged user engagement, and a 93% digital adoption rate amongst members.

2024 ICE Innovation Award Winner

PenFed Credit Union won the 2024 ICE Innovation Award for Best End-to-End Borrower Engagement for leveraging ICE solutions to create a seamless borrower experience, from origination through closing and throughout the loan servicing lifecycle. The member environment built using Encompass, Velocify and Servicing Digital by ICE gives members a single, contemporary platform that is efficient and easy to use.

See all ICE Innovation Award winners

Company profile

Based in Tysons, VA
∼3 million members

Products used

Encompass

Servicing Digital
Velocify

The challenge

PenFed needed to update their member portals and provide members with digital solutions to maximize leads and prolong user engagement.

The solution

Creating an end-to-end digital platform for members built on ICE Mortgage Technology expanded member services beyond a monetary transaction and increased retention.

“The technology from the day they board to the day they're paid in full should be a consistent experience. It should be a partnership between servicing and originations. It's been extremely successful for us to maintain that consistent experience for the member.”

Matt West
Vice President of Operations, Mortgage Servicing, PenFed Credit Union

Phenomenal member engagement

PenFed Credit Union has turned ICE’s consumer-focused digital solutions into a member engagement machine, providing their members with a seamless lending experience from application to loan payoff.