Navy Federal CU Takes PR Online, Ranked a Tech-Savvy Lender

VIENNA, Va. - Navy Federal Credit Union has simplified its media relations by revamping its Public Relations Web site. Navy Federal uses the site to deliver timely news and information to the media The latest feature is the credit union's "commentary on the issue", including commentary letters to NCUA, other federal government agencies and credit union trade associations. The site also covers such information as the credit union's corporate background and current operating statistics. In other news, Navy FCU was ranked ninth by Mortgage Technology among the magazine's 2002 list of online retail lenders. The annual list includes the top 25 mortgage lenders who best leverage technology - online and off - for retail and wholesale lending and back-office operations, as well as for various user interfaces. Navy FCU was the only credit union included in the ranking. Navy originated $2.4 billion in online mortgage loans in 2002, more than double what it did in 2002 - $1.1 billion. The magazine cited the $19-billion credit union's electronic mortgage technology, specifically Navy's electronic lien (`eLien) release program to transmit lien releases electronically to County Recorders. In June 2003, Navy FCU sent 800 eLien releases to four county recording offices throughout the U.S. Mortgage Technology wrote of Navy FCU that, "With a significant number of its members at sea aboard warships at any given time, offering those members the ability to complete loan transitions electronically is not a minor consideration." Other mortgage lenders on the top 25 ranking list included banks, mortgage brokers, and online mortgage lenders.