New Penn Financial

Dear *** ***: First please allow me to reiterate that your Broker was responsible for ordering the appraisal for the property you sought to purchase. New Penn does not order appraisals on brokered transactions. As I stated in my previous response, obtaining a completed appraisal is not contingent on first receiving condominium approval. Although the two items are similar in that they pertain to details about the real property, they also differ in their considerations, and neither is dependent upon, or impacted by the result of the other. Each are separate, necessary components of a purchase transaction for real property in a condominium complex. As a result, each item is pursued separately from the other. The procedure that I have outlined above is not unique to New Penn, but is the standard industry procedure for processing condominium purchase loans. Notwithstanding the fact that New Penn does not coordinate appraisal orders for brokered transactions, if New Penn were to implement a process whereby New Penn restricted the broker from ordering an appraisal until condominium approval were obtained, such process could create significant delays that could threaten purchase transactions which often require closing to occur within a timely periodBecause your loan was submitted through a broker, New Penn delivered the adverse action notice to your broker for delivery to you. The adverse action was delivered to your broker on August 25, 2016. New Penn fully hoped to provide you with the loan you sought under the terms you sought. Unfortunately, the condominium did not meet investor guidelines, which resulted in denial of your loan application. New Penn receives no benefit from a loan that is denied. Your appraisal fee was paid to the appraiser responsible for appraising the subject property, and the appraisal report was delivered to you as required by law. New Penn does not receive or retain any portion of the appraisal fee. New Penn apologizes for any inconvenience you experienced as a result of this transaction, however, New Penn firmly believes that at all times your transaction was handled professionally and in accordance with all applicable laws, regulations, and industry guidelines. If I can be of any further assistance to you, please do not hesitate to contact me at the phone number or email address provided below Sincerely, Jeff C*** Corporate Counsel New Penn Financial, LLC ***@newpennfinancial.com ***

July 7, 2016Dear *** ***:I am in receipt of the complaint that you directed to the Revdex.com (“Revdex.com) regarding your loan application with New Penn Financial, LLC (“New Penn”)Please be assured that New Penn reviews all consumer complaints carefully and makes every effort to reach
a fair and amicable resolutionAfter reviewing your complaint and investigating the surrounding circumstances, I offer the following response:New Penn's records indicate that you initially applied for a 30-year FHA loan in the amount of $145,with a rate of 3.375% with your broker *** *** ***dba *** *** ***May 28, Your intent was to purchase the real property located at *** *** *** ** in Horse Cave, Kentucky (the “Property”)Your broker submitted your loan application to New Penn on May 31, Upon receipt of your loan application from your broker, New Penn processed your application in accordance with New Penn's standard processing procedures and in line with New Penn's standard processing timeframeNew Penn ordered the home inspection, pest inspection and appraisal that you referenced in your complaint on the good faith belief that New Penn would be able to close your loan (I have enclosed herewith for your reference the Notice of Intent to Proceed with Loan Application and Appraisal Waiver/Receipt forms executed by you which indicated to New Penn your desire to proceed with your loan application and order an appraisal for the Property).Unfortunately, a comprehensive analysis of your income conducted in accordance with FHA guidelines revealed that New Penn was unable to qualify you for the loan you sought based on the income and liability documentation received in conjunction with your loan applicationNew Penn worked with your broker to restructure your file in a manner that would have reduced your debt to income ratio and potentially allowed you to qualify you for the loan you soughtYou instead elected to cancel your loan application.New Penn sincerely apologizes for any inconvenience you experienced during the transactionHowever, New Penn firmly believes that, at all times, it processed your inquiry professionally and in accordance with all applicable laws, regulations, and industry guidelinesIf I can be of any further assistance, please do not hesitate to contact me at the phone number or email address provided below.Sincerely,Jeff CCorporate Counsel

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because:Company response does not coincide with complaint and certified letter submitted I have attached my response to MrC*** via his response letter highlighted and also a copy of the certified letter I sent MrL*** June 21, Thank you for your response MrC*** You can reach me via email or phone provided below
Regards,
*** ***
***@***.com
***

Dear *** ***: I am in receipt of the complaint that you directed to the Revdex.com (“Revdex.com”) regarding your loan application with New Penn Financial, LLC (“New Penn”). Please be assured that New Penn reviews all consumer complaints carefully and makes every effort to reach a fair
and amicable resolution. After reviewing your complaint and investigating the surrounding circumstances, I offer the following response: Our records indicate that you initially applied for a mortgage with New Penn on June 5, through your broker Network Financial Group (the “Broker”). Your intent was to purchase the real property located at *** *** ***, San Jose, CA *** (the “Property”). Applying with you for the loan was *** *** as a non-occupant co-borrower (“Co-Borrower”). Unfortunately, several issues presented problems for the initial loan investor. First and foremost, New Penn loan product guides are based in part on investor requirements for loan and underwriting characteristics. Investor guidelines forbade utilizing a blended debt-to-income ratio (“DTI”) for you and the Co-Borrower. Without utilizing a blended DTI, your DTI was too high to allow you to qualify for the loan you sought. The second issue was an investor requirement that alimony and/or child support must have been received consecutively for twelve months in order to be utilized as qualifying income. The alimony/child support payments in your loan file reflected a history of ten consecutive months. The alimony/child support issue contributed to the high DTI because without the ability to utilize the alimony/child support as qualifying income, your qualifying income was reduced. These issues are what prevented your loan from closing on the date you referenced within your complaint. New Penn regrets that the aforementioned issues were not discovered at the outset of the loan process. Fortunately, New Penn was able to issue the loan notwithstanding the characteristics originally thought to be problematic. Your loan ultimately funded yesterday, July 20, 2017. New Penn sincerely apologizes for any inconvenience you experienced as a result of this transaction, however, New Penn is proud to have been able to provide you with the loan you sought on terms beneficial to you as a borrower. If I can be of any further assistance to you, please do not hesitate to contact me at the phone number or email address provided below. Sincerely,Jeff C***Corporate Counsel

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because:
I have provided contradicicting outlined loan perametersIn documents I uave provided states loan was structured differently than what you have provided.
You can clearly see where r p***Sold me a different loan than what you are sayingI have provided proof in writingYou do not accept it? You do not ackowledge it? Did you even look at it?
I was victomized by new pen or a representitive of new pen
This will have to be made right before it goes away
Regards,
*** ***

On behalf of New Penn Financial, LLC ("New Penn"), I apologize to the *** for the inconvenience that New Penn has caused them. New Penn uses software designed to purge our databases of the names of individuals who ask to be placed on our Do Not Contact list. Occasionally, due to
human or computer error, individuals receive unwanted communication.
I can assure the *** that New Penn has addressed the instant problem and that they will never again be contacted by New Penn unless they solicit New Penn. I have included my personal contact information herein so that the *** can reach out to me directly if they would ever need further assistance relating to their complaint
*** ***
Staff Attorney
New Penn Financial, LLC
***
###-###-####

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed as Answered]
Complaint: ***
I am rejecting this response because:
I was never mailed a denial letter in I received it the day I filed the complaint with the Revdex.com from the mortgage broker originally hired to get me a loanAdditionally, how can you order an appraisal from a potential applicant if in fact you do not have the appropriate condominium documemts from the builder? Your company misrepresented themselves as being capable of providing a loan, yet your company would never be able to do so without the builder/owner of the condominium complx providing what you needed for FHA purposes.Seems like the broker amd your company were many steps ahead with my loan and did mot have the actual propert details, FHA approvals on the property, etc in proper order.Your company owes me $for an appraisal that should never have been orderedYour company never intended on proving me a loan and strung me along from April through November 2016.I have contacted my local congressman about your companies poor business practicesIt's sad that all my wife wanted to do was purchase our home and your company's mishandling of their "channels" becomes our loss.*** ***

On behalf of New Penn Financial, LLC ("New Penn"), I apologize to *** for the inconvenience that New Penn has caused her. New Penn uses software designed to purge our databases of the names of individuals who ask to be placed on our Do Not Contact list. Occasionally, due to
human or computer error, individuals receive unwanted communication.The letters that *** received were part of a series of letters which are sent by a third party vendor that New Penn utilizes. While one final letter may have already ben sent to *** prior to New Penn's receipt of this complaint, I can assure *** that New Penn has addressed the instant problem and that aside from the final letter in a series that may have already been sent, *** will never again be contacted by New Penn unless she solicits New Penn. I have included my personal contact information herein so that *** can reach out to me directly if she would ever need further assistance relating to her complaint
Sincerely,
*** ***
Staff Attorney
New Penn Financial, LLC
***
###-###-####

Please note that Shellpoint Mortgage Servicing received an identical complaint through the Revdex.com which the borrower submitted to the Revdex.com on November 9, Please find attached the response of New Penn Financial, LLC d/b/a Shellpoint Mortgage Servicing Please do not hesitate to contact
me with any questions or concerns.Sincerely,Jeff C***Corporate CounselNew Penn Financial, LLC***@newpennfinancial.com###-###-####

Very disappointed with the lack of communication on their loan process! I had a listing that was suppose to close 4/5/Moving date got moved to 4/then moved again to 4/Well here we are on 4/and I called the Branch Manager to see if I could get an update since both the loan officer and sales manager would not return my callHe said that the loan was declined?!?! But did,'t know why it was declinedHello!.....your the branch manager and you don't know your businessI immediately called the buyers agent and my loan person, who I worked with since 2000, to get the file transferredI do not recommend NPF San Antonio Division

I am in receipt of the complaint *** *** filed with the Revdex.com (“Revdex.com”). Please be assured that New Penn Financial, LLC (“New Penn”) reviews all consumer complaints carefully and makes every effort to reach a fair and amicable resolution. After reviewing *** ***’s
complaint and investigating the surrounding circumstances, I offer the following response:
Our records indicate that *** *** originally applied for a 30-year fixed rate FHA 203(k) Streamline loan with New Penn in the amount of $145,with an interest rate of 3.75% on January 18, to purchase property located at *** *** *** ** *** *** (the “Property”). As a 203(k) loan, New Penn was required to place $33,(“Rehabilitation Funds”) in a secured interest bearing account, trust, or escrow for the completion of the rehabilitations to the Property.
As a result of an error in the final HUD-(attached herewith), only half of the Rehabilitation Funds were disbursed at closing. Upon recognition of the error, New Penn wired the remaining funds for disbursement through two separate wires to *** *** and the contractor, respectively and provided *** *** with an updated and corrected HUD-(also attached herewith). This matter was resolved with *** *** on May 22, 2015.
New Penn sincerely apologizes for any inconvenience *** *** experienced during the transaction. New Penn thanks *** *** for his business and is pleased and proud of the fact that New Penn was able to provide *** *** with a loan to allow him to purchase the Property. Should *** *** have any additional questions or concerns he can contact me directly at *** or ***
Sincerely,
Jeff C***
Corporate Counsel
New Penn Financial, LLC

November 19, 2015Dear *** ***:This letter is in response to
the complaint submitted November 8, 2015, regarding the above referenced loanShellpoint Mortgage Servicing (“Shellpoint”)
began servicing the above referenced loan, on or about April 2, Per the complaint, *** *** has
requested monthly billing
statements be sent on numerous occasions, but to no availWhen *** ***
requested the payment history for payments made to Shellpoint, she received the
loan history including payments made to the prior servicer dating back to
January 2015, and would like an explanationFurthermore, *** *** advises
Shellpoint did not accurately apply the principal portion of $to the
loan in April As such, *** *** requests Shellpoint send monthly
billing statements, and provide an accounting of her principal, interest and
escrow payments made to the loanPlease note, Shellpoint’s
records indicate the loan was discharged through a Chapter Bankruptcy
Therefore, Shellpoint is not attempting to collect the debt, as *** ***’s
personal liability was dischargedHowever, the mortgage lien survived the
discharge and Shellpoint will continue to service the loan according to the
original agreement and protect the creditor’s rights in the associated
property.Our records show the signed
Monthly Billing Statement Authorization Form was received by Shellpoint on or
about July 2, Upon receipt, a request was submitted to the appropriate
department to remove the mail stops from the loan to allow statements to be
sentDue to an oversight, the mail stops were not removedAs of the date of
this letter, Shellpoint accurately updated the loan status, and removed the mail
stops to allow statements to be sent to *** ***The next billing statement is
scheduled to be generated and mailed on or about November 17, 2015. Future statements will be mailed on or about
the 17th of each month thereafterThis loan was transferred to Shellpoint for servicing on
or about April 2, with a principal balance of $123,364.27, and an escrow
balance of $*** ***’s concern regarding the incorrect escrow balance upon
the loan’s transfer, was addressed in our correspondence dated May 6,
(enclosed)On May 8, 2015, Shellpoint completed an escrow adjustment which
added $to the escrow account to correct the balance. In addition, on May 8, 2015,
an escrow analysis (enclosed) was performed by Shellpoint, which resulted in a
slight decrease in *** ***’s monthly payment amountEffective July 1, 2015,
the monthly escrow portion due decreased from $to $As such, the total
monthly payment amount was adjusted from $to $737.10, effective with the
payment due July 1, After a review of the loan, Shellpoint
determined all payments have been posted accurately towards the loan’s
principal, interest and escrow beginning with the payment received May 4,
2015. The April installment was received
and posted by the previous servicer on March 31, 2015. From the payment of $received by
***, $was posted to principal, $to interest and $to
escrow. Shellpoint was provided with
the loan transaction history dating back to January 5, 2015, which included
transactions made by the prior servicerAs such, *** *** was provided with
this documentation for reviewPlease note, *** ***
requested Shellpoint cease all telephone callsOn July 9, 2015, Shellpoint
honored the request and updated the loan to cease all telephone communicationEnclosed is an updated copy
of the Loan Transaction History.Shellpoint would like to
extend our most sincere apologies for any inconvenience regarding these issues
Please know, Shellpoint takes its customer service obligations very seriously
and these concerns have been brought to the attention of the appropriate people
within our organization.If you have any further
questions, comments, or concerns, please contact Customer Service at
###-###-####.Sincerely,LH***Shellpoint Mortgage Servicing

Please note that Shellpoint Mortgage Servicing received an identical complaint through the Revdex.com which the borrower submitted to the Revdex.com on November 9, Please find attached the response of New Penn Financial, LLC d/b/a Shellpoint Mortgage Servicing
Please do not
hesitate to contact me with any questions or concernsSincerely,
Jeff C***
Corporate Counsel
New Penn Financial, LLC
***@newpennfinancial.com
###-###-####

New Penn Financial, LLC (“New Penn”) is in receipt of the complaint that *** *** filed with the Revdex.com. Please be assured that New Penn reviews all consumer complaints carefully and makes every effort to reach a fair and amicable resolution. After reviewing *** ***’s complaint and
investigating the surrounding circumstances, I offer the following response:
Our records indicate that *** *** applied for a ** 30-year fixed Interest Rate Reduction Refinance Loan (“** ***”) with New Penn on December 16, to refinance real property located at *** *** *** in Wildomar, CA *** ***’s motivation for refinancing his loan was to reduce the monthly payment on his current mortgage which *** *** also obtained through New Penn in July
On or about January 22, 2015, New Penn received executed documents from *** *** along with proof of income. Upon review of the proof of income provided by *** ***, it became apparent that *** *** did not qualify for the ** *** he sought because of unreimbursed employment expenses. The ** *** was placed in suspense on January 26, due to the aforementioned deficiency. At the time, *** *** was in the process of preparing his tax return and requested that New Penn hold the file in suspense until he completed his tax return, at which point the ** *** could be reconsidered. New Penn received *** ***’s tax return on February 22, 2015. Upon receipt of *** ***’s tax return, New Penn was able to qualify *** *** for the ** ***.
Unfortunately, after qualification of *** *** based on his tax return, *** *** posted a 30-day late payment for February on his current mortgage. *** ***’s 30-day late payment disqualified him from the ** *** he sought
New Penn sincerely apologizes for any inconvenience *** *** may have experienced during this transaction. New Penn does not believe that *** *** became late on his current mortgage with New Penn as a result of anything that New Penn did or advised *** *** to do or not to do. New Penn did inform *** *** that depending on the date of closing his refinance loan, he may be able to skip one or two months of mortgage payments; however at no point did New Penn advise *** *** not to make mortgage payments. New Penn advises customers to continue to make their monthly payments in a timely manner during the refinance process to avoid the accrual of late fees and to prevent disqualification from certain loan products. In the interest of good business, New Penn will waive any late fees that have accrued to date on *** ***’s current mortgage with New Penn.
If I can be of any further assistance to you, please do not hesitate to contact me at the phone number or email address provided below
Sincerely,
Jeff C***
Corporate Counsel
###-###-####
***@newpennfinancial.com

November 22, 2017Dear *** * ***:This letter is in response to your recent complaint submitted to the Revdex.com regarding the above referenced loanNew Penn Servicing (“New Penn”) began servicing the loan on or about May 20, 2014.New Penn takes its customer service obligations
very seriously and has significant staff dedicated to its compliance related functions in order to identify, resolve, and permanently correct operational deficiencies and improve upon consumer concerns.We regret to hear of the issues you have experience with our ACH programAs of the date of this letter, all outstanding fees have been waived and the fees you have already paid are being credited to the account:•The late charge of $assessed on 3/17/was waived on 3/29/17.•The late charges assessed in May, June, July, Aug and Sept 2017, each in the amount of $(totaling $152.85) was waived on 9/22/17.Enclosed is a copy of the transaction history showing the fee waivers.By way of background, you enrolled in New Penn’s recurring ACH program in July You requested a draft date of the 27th of the month, to pay the payment due on the 1st of the following monthThe ACH was set up accordingly in July Later, on January 10, 2016, you logged into our website and changed your ACH draft date to the 17th of the month, with the next draft being set up for February 17, 2016, for the payment due February 1, For this reason, the payment due February 1, wasn’t drafted until February 17, Although the draft date is outside of the payment grace period, our ACH system was suppressing late charges as a benefit of the programHowever, due to an inadvertent system error in March 2017, the late charge suppression was removed from the loan and the late charges outlined above were assessed due to the errorAlthough you called us in March and the first late charge was waived, the system was not permanently corrected and the late charges continued to be assessed through September 2017, when you called us again to rectify the issue.Regarding your statement that you were hung up on, our records indicate a Customer Service representative disconnected a call on September 21, due to continuous obscenities and profanity being used, after they asked you to refrainAgain, we regret you did not have a positive experience with our Customer Service department upon trying to resolve the issue with the ACHFollowing this, you spoke with another representative the same day, who escalated the issueOn September 22, 2017, all of the late charges were waived and a block was placed on the account to prevent further late charges, so long as you are enrolled in our ACH program.During the phone call on September 21, 2017, we suggested that the ACH draft date be re-scheduled for earlier in the month, within the payment grace periodWe cancelled the ACH plan at that time, and you went on our website to set up a new ACH planHowever, the new ACH was not set up correctly and the payment did not draft for the October or November paymentsAs a result, you made a one-time payment online for each of those payments on October 9, and November 10, You spoke with a Supervisor on November 10, who made sure your recurring ACH plan was set up correctly and would begin drafting on the 1st of the month, beginning December 1, 2017.We understand that when you had to make your one-time payments online in October and November 2017, you had to pay the web fee of $each timeNew Penn is refunding this by crediting $back to the loan, to reduce your principal balance.Please rest assured that New Penn has confirmed that the account has never been reported late to the Consumer Reporting AgenciesThe account is current and the next payment is due December 1, Your ACH plan has been set up to draft on the 1st of the monthAs confirmed in the enclosed ACH Confirmation Letter, the next draft will occur on December 1, for the payment due December 1, 2017.Again, please accept our sincere apologies for the issue with the prior ACH programPlease know this experience has been shared with the appropriate people within our organization to prevent a similar occurrence.If you have any additional questions or concerns, please contact me at ###-###-####.Sincerely,Kara W***Compliance Department

Dear *** ***: I am in receipt of the complaint that you directed to the Revdex.com (“Revdex.com”) regarding your loan application with New Penn Financial, LLC (“New Penn”). Please be assured that New Penn reviews all consumer complaints carefully and makes every effort to reach a fair
and amicable resolution. After reviewing your complaint and investigating the surrounding circumstances, I offer the following response: Our records indicate that you initially applied for a 30-year fixed conventional mortgage in the amount of $318,at a rate of 4.20% with New Penn on May 18, through your broker *** *** *** *** (the “Broker”). Your intent was to purchase the condominium located at *** * *** *** *** ** in Aberdeen, New Jersey (the “Property”). Within your complaint you allege that New Penn inappropriately charged you for an appraisal prior to obtaining necessary documents from the property builder. You do not specify what those additional documents may be, but presumably you are referencing necessary documents for condominium approval. If you are referencing documents other than those required for condominium approval please provide additional details so that New Penn can investigate such allegations in further detailAs a condominium purchase transaction, your loan approval required, among other things, a completed appraisal and approval of the condominium complex. Contrary to your assertion, obtaining a completed appraisal is not contingent on first receiving condominium approval; rather, they are each necessary components for a condominium purchase and must each meet New Penn underwriting requirements. As a result, both are pursued through separate tracks. Your Broker ordered an appraisal for the Property, which appraisal was conducted by a third party appraiser, to determine whether the appraised value supported the loan amount you sought to purchase the Property. New Penn did not order your appraisal or hold any funds in conjunction with your appraisal. Separately and simultaneously, New Penn pursued approval of the condominium project in which the Property was located. Unfortunately the condominium project did not meet investor guidelines which required that the condominium exceed 50% presale and 50% owner occupancy thresholds. At the time of your loan application the condominium project had a presale percentage of 42.8% and an owner occupancy percentage of 14.2%. Because the condominium project was ineligible for the financing you sought, your loan was denied because the “value or type of collateral [was] not sufficient.” You further allege within your complaint that New Penn failed to provide you with a denial letter in conjunction with the denial of your loan. Your loan was denied on August 25, for the reasons stated above. A denial letter was mailed to you that same day, a copy of which is enclosed herewith. New Penn apologizes for any inconvenience you experienced as a result of this transaction, however, New Penn firmly believes that at all times your transaction was handled professionally and in accordance with all applicable laws, regulations, and industry guidelines. If I can be of any further assistance to you, please do not hesitate to contact me at the phone number or email address provided below Sincerely, Jeff C*** Corporate Counsel New Penn Financial, LLC ***@newpennfinancial.com ###-###-####

Dear
Ms***:I
am in receipt of the complaint that you directed to the Revdex.com (“Revdex.com”) regarding your loan application with New
Penn Financial, LLC (“New Penn”) Please be assured that New
Penn reviews all consumer complaints carefully and makes every effort
to reach a fair
and amicable resolution After reviewing your
complaint and investigating the surrounding circumstances, I offer
the following response:Our
records indicate that you initially applied for an FHA cash out loan
on September 26, to refinance the real property located at *** *** *** West in Bradenton, Florida (the
“Property”)
Your loan application was submitted to New Penn’s underwriting
department for review on October Your loan application was
conditionally approved on October 24, subject to the fulfillment of
certain specified conditions, including the closing of certain
revolving accounts New Penn underwriting guidelines for FHA loans
specify that applicants with revolving debt accounts who meet one of
the following conditions do not need to close their revolving
account(s) if: (i) the applicant has a credit score of or higher;
or (ii) the applicant has a credit score ranging from 620-AND a
deincome ratio below 50% DTI is the ratio of all of your
monthly debt payments in relation to your gross monthly income Your
DTI at the time of your loan application was 56% As a result, you
did not meet either of the aforementioned criteria which is why New
Penn required you to close your revolving accounts prior to
proceeding with your loan application You satisfied the revolving
account condition by closing the identified revolving accounts on
November After your revolving accounts were closed, your loan
application was resubmitted to underwriting During the course of
underwriting review, New Penn determined that you failed to make your
October mortgage payment in a timely manner Unfortunately, the late
payment prevented you from qualifying for the loan product you sought
because FHA guidelines require zero late mortgage payments over the
previous twelve months As a result, your file was denied by New
Penn on November New
Penn apologizes for any inconvenience you experienced as a result of
this transaction, however, New Penn firmly believes that at all times
your transaction was handled professionally and in accordance with
all applicable laws, regulations, and industry guidelines New Penn
does not believe that you became late on your current mortgage as a
result of anything that New Penn did or advised you to do or not to
do While New Penn may have advised you that, depending on the date
that your loan application with New Penn was scheduled to close, you
may have been able to skip a mortgage payment, at no point did New
Penn advise you to disregard your current mortgage payments In the
interest of good business, New Penn will refund your appraisal fee in
the amount of $ If I can be of any further assistance to you,
please do not hesitate to contact me at the phone number or email
address provided below Sincerely, Jeff
C*** Corporate
Counsel New
Penn Financial, LLC*** ###-###-####

Dear
*** ***:
I am in
receipt of the complaint that you directed to the Revdex.com regarding the origination
of your loan by New Penn Financial, LLC (“New Penn”). Please be assured that New Penn reviews all
consumer complaints carefully and makes every effort to reach a fair and
amicable
resolution. After reviewing
your complaint and investigating the surrounding circumstances, I offer the
following response:
New Penn’s
records indicate that you initially applied for a 30-year FHA Streamline loan
with New Penn on August 18, in the amount of $178,with a rate of
4.25% to refinance the real property located at *** *** *** in Calera,
Alabama (the “Property”). An FHA
Streamline refinance allows the consumer to proceed without having the subject
property appraised. However, FHA
guidelines for a streamline refinance limit the insurable value of the refinance
loan amount to the outstanding principal balance of the current loan plus the
new upfront mortgage insurance premium charged on the refinance. Therefore, an FHA Streamline cannot be used
to pay off both a primary and subordinate mortgage. As a result, in order to proceed with the FHA
Streamline loan, your second mortgage had to be subordinated, which required
the consent of the holder of the second mortgage. New Penn worked diligently to obtain a
subordination of your second mortgage.
Unfortunately, as you stated within your complaint, the holder of your
second mortgage would not consent to subordinate the lien. This was communicated to New Penn on
September 2,
It was at
this time that New Penn explained to you that you could instead proceed with a
rate and term refinance which would require an appraisal. The rate and term refinance loan amount
quoted to you was $187,with a rate of 3.875%. The benefits of the rate and term refinance
were that you could both obtain a lower rate and pay off your second mortgage (therefore
consolidating your mortgages into one monthly payment). However you would have been required to
obtain an appraisal to support the value of the property and bring additional
funds to closing. An appraisal is not
necessary for an FHA Streamline because the refinance loan amount is limited by
your current unpaid principal balance.
An appraisal is necessary for a rate and term refinance because the loan
amount is limited by the value of the real property rather than your current
unpaid principal balance. You expressed
your desire to move forward with the rate and term refinance option
New Penn,
through *** *** *** *** ***, employed the services of
independently licensed appraiser *** *** to appraise the Property. New Penn received the completed appraisal on
September 24, which showed a value of $165,000.00. Unfortunately the value of the appraisal
failed to support the loan amount of $187,603.00. New Penn had no influence over the low value
returned by the appraiser. *** *** appraiser independence requirements ensure that lenders such as New Penn have no
influence over appraisers
Perceived
delays in the process were attributable to factors beyond the control of New
Penn. New Penn has no control over the
speed with which the subordinate lienholder responds to subordination requests. Additionally, New Penn has no control over
the speed or accuracy with which appraisers complete property appraisals.
New Penn
sincerely apologizes for any inconvenience you experienced during the
transactionHowever, New Penn does not believe that you became late on your
Original Loan as a result of anything that New Penn did or advised you to do or
not to do. New Penn firmly believes
that, at all times, it processed your inquiry professionally and in accordance
with all applicable laws, regulations, and industry guidelines. If I can be of any further assistance, please
do not hesitate to contact me at the phone number or email address provided
below
Sincerely,
Jeff
C***
Corporate
Counsel
New
Penn Financial, LLC
***@newpennfinancial.com
***

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed as Answered]
Complaint: ***
I am rejecting this response because:The response was completely ridiculousThey did not offer anythingThe person who wrote that response didn’t even admit that it was new penn that dropped the ballMeanwhile, I already have it in writing that it is 100% new penn’s faultNo resolution offered at all? Ridiculous
Regards,
*** ***

November 19, 2015Dear *** ***:This letter is in response to
the complaint submitted November 8, 2015, regarding the above referenced loanShellpoint Mortgage Servicing (“Shellpoint”)
began servicing the above referenced loan, on or about April 2, Per the complaint, *** *** has
requested monthly billing
statements be sent on numerous occasions, but to no availWhen *** ***
requested the payment history for payments made to Shellpoint, she received the
loan history including payments made to the prior servicer dating back to
January 2015, and would like an explanationFurthermore, *** *** advises
Shellpoint did not accurately apply the principal portion of $to the
loan in April As such, *** *** requests Shellpoint send monthly
billing statements, and provide an accounting of her principal, interest and
escrow payments made to the loanPlease note, Shellpoint’s
records indicate the loan was discharged through a Chapter Bankruptcy
Therefore, Shellpoint is not attempting to collect the debt, as *** ***’s
personal liability was dischargedHowever, the mortgage lien survived the
discharge and Shellpoint will continue to service the loan according to the
original agreement and protect the creditor’s rights in the associated
property.Our records show the signed
Monthly Billing Statement Authorization Form was received by Shellpoint on or
about July 2, Upon receipt, a request was submitted to the appropriate
department to remove the mail stops from the loan to allow statements to be
sentDue to an oversight, the mail stops were not removedAs of the date of
this letter, Shellpoint accurately updated the loan status, and removed the mail
stops to allow statements to be sent to *** ***The next billing statement is
scheduled to be generated and mailed on or about November 17, 2015. Future statements will be mailed on or about
the 17th of each month thereafterThis loan was transferred to Shellpoint for servicing on
or about April 2, with a principal balance of $123,364.27, and an escrow
balance of $*** ***’s concern regarding the incorrect escrow balance upon
the loan’s transfer, was addressed in our correspondence dated May 6,
(enclosed)On May 8, 2015, Shellpoint completed an escrow adjustment which
added $to the escrow account to correct the balance. In addition, on May 8, 2015,
an escrow analysis (enclosed) was performed by Shellpoint, which resulted in a
slight decrease in *** ***’s monthly payment amountEffective July 1, 2015,
the monthly escrow portion due decreased from $to $As such, the total
monthly payment amount was adjusted from $to $737.10, effective with the
payment due July 1, After a review of the loan, Shellpoint
determined all payments have been posted accurately towards the loan’s
principal, interest and escrow beginning with the payment received May 4,
2015. The April installment was received
and posted by the previous servicer on March 31, 2015. From the payment of $received by
***, $was posted to principal, $to interest and $to
escrow. Shellpoint was provided with
the loan transaction history dating back to January 5, 2015, which included
transactions made by the prior servicerAs such, *** *** was provided with
this documentation for reviewPlease note, *** ***
requested Shellpoint cease all telephone callsOn July 9, 2015, Shellpoint
honored the request and updated the loan to cease all telephone communicationEnclosed is an updated copy
of the Loan Transaction History.Shellpoint would like to
extend our most sincere apologies for any inconvenience regarding these issues
Please know, Shellpoint takes its customer service obligations very seriously
and these concerns have been brought to the attention of the appropriate people
within our organization.If you have any further
questions, comments, or concerns, please contact Customer Service at
###-###-####.Sincerely,LH***Shellpoint Mortgage Servicing