As announced on June 7, 2021, TIAA Bank has entered into an agreement for the TIAA Bank Correspondent Lending channel to be acquired by PenFed, one of the country's largest and most-respected credit unions.
Below is a timeline of important transition dates:
7/16/21 Last day to submit files to underwriting at TIAA Bank
8/13/21 Last day to submit files for purchase review at TIAA Bank
8/31/21 Last day to clear escrow holdbacks
9/10/21 Last day for TIAA Bank to purchase correspondent loans
- 6/25/21 Last Day to lock loans with TIAA Bank
Although our business will have a new name, the people you've worked with over the years will remain the same. We look forward to working with you in the future under our new name, PenFed.
- TIAA Bank Non-Agency Preferred Fixed Rate and Hybrid ARMs - including our popular 15/1 ARMs
- Loan sizes from $200,000 to $5,000,000
- Second Homes and Investment Properties
- Medical Professional Program
- Condo and Co-Op Financing
- New Preferred Expanded loan options