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PenFed looking to expand into mortgage originations in Wichita

  • The Wichita Eagle
  • Published Wednesday, Feb. 20, 2013, at 10:56 p.m.

A couple of months after PenFed Group established a foothold in Wichita through its acquisition of Prudential Dinning-Beard Realtors, the Virginia-based firm is looking to do mortgages here.

An executive of the PenFed Group, a subsidiary of Alexandria, Va.-based Pentagon Federal Credit Union, said Wednesday that it is looking to do mortgage originations in the Wichita area.

“We’re probably going to look at maybe a couple of loan officers in the market,” PenFed Group executive vice president Shashi Vohra said.

Vohra said the expansion into mortgage originations in Wichita is part of the company’s strategy to capture mortgages for the credit union, which has more than $15 billion in assets.

“What we have found is this model has worked very well for us in Washington, D.C.,” Vohra said, adding that in that area it has about 14 mortgage loan officers working with PenFed Realty’s 36 offices.

The loan officers will work out of Prudential Dinning-Beard’s offices. The 275-agent real estate firm has two offices in Wichita and one each in Newton and Augusta.

The strategy won’t affect the real estate firm’s existing partnership with Pulaski Bank, a St. Louis-based bank that has a Wichita loan production office.

“They’ve been a business partner, and we want to continue that relationship,” Vohra said.

He and Willie Kihle, Dinning-Beard’s president, said home buyers will have more mortgage options between Pulaski and PenFed.

“We’re just trying to give them more choices,” Kihle said.

Mitch Crouch, senior vice president for Pulaski in Wichita, said PenFed offers some loan products that his bank doesn’t and vice versa.

“The combination of the two of us together, we’re really feeling can satisfy clients’ needs more than Prudential (Dinning-Beard) ever has,” Crouch said.

Reach Jerry Siebenmark at 316-268-6576 or jsiebenmark@wichitaeagle.com.

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