New Penn Financial

Complaint: [redacted]
I am rejecting this response because: Their excuses are based on "canned" responses and not my individual case.  They can continue to respond but unless they refund (at least a partial amount of) the appraisal fee or offer another appraisal (at their expense) by a more competent appraiser, I will not accept anything they have to say regarding this situation.  They are not going to budge.  So, they may as well close out this complaint.  
You can send all of the appraisal guidelines that you want, but your own loan officer said that you were going to fire the appraiser that you used because of my situation.  Are you really going to do that?  I doubt it.
Regards,
[redacted]

Dear [redacted]:I am in
receipt of the complaint that you directed to the CFPB and 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 FHA fixed rate loan in
the amount of $131,572.00 with an interest rate of 4.375% (the “Loan”) on April
23, 2015 to purchase the real property located at [redacted] in
Zephyrhills, Florida (the “Property”).  The
loan officer assigned to your file was Alvaro L[redacted] (NMLS ID [redacted]), an
employee of New Penn’s Tampa, Florida branch. On March
9, 2015, you received the pre-approval letter that you attached to your
complaint, which outlined that approval of the loan you sought was contingent
upon (i) review and approval of credit and income documents by NPF’s
underwriter, (ii) review and approval of satisfactory funds for closing by
NPF’s underwriter, (iii) receipt of an acceptable fair market appraisal on the
suitable property, and (iv) the submission of a credit application that meets
NPF’s underwriting criteria. You
entered into a purchase contract for the Property on April 5, 2015, which set a
closing date of June 15, 2015.  In order
to close on the date stipulated, you were required to provide the seller with a
loan commitment within thirty (30) days of the date of the purchase
contract.  On April 23, 2015, you
submitted a credit application for the Loan. 
An appraisal was performed on the Property on May 4, 2015.  Through your application and discussions with
Mr. L[redacted], you indicated that you transitioned to a new position with your
employer several months earlier, and as a result of which, you switched from a
salaried employee to a commissioned employee. 
In order
to qualify for the FHA Loan you sought, the U.S. Department of Housing and
Urban Development (“HUD”) requires that you demonstrate one year of income
documentation for your current job.  Specifically,
HUD guidelines state that “[c]ommission income earned less than one year is not
considered effective income.”  Because you
had switched from a salaried employee to a commissioned employee within the
previous twelve months, you were unable to fulfill the one year income
requirement.  However, HUD guidelines
allow for exceptions to be made for situations in which an applicant’s
compensation was changed from salary to commission within a similar position
with the same employer.  It was this
exception that New Penn attempted to utilize so that you might for the Loan.On May 1,
2015, your employer returned the initial written verification of employment to
New Penn.  On May 8, 2015, your Loan was
placed on processing hold because corrections and clarifications to the written
verification of employment provided by your employer were needed.  On May 11, 2015, your employer sent an email
which stated only “[s]he is now 100% commission, she has no base salary.”  On May 14, 2015, your Loan was placed in
underwriting suspense while New Penn worked with your employer to obtain
further information regarding the date upon which you became a commissioned
employee and the responsibilities you held as a salaried employee compared to
the responsibilities you held as a commissioned employee.  On May 19, 2015, your employer sent a letter
to New Penn that clarified certain date and salary questions, but which again failed
to address questions regarding your job responsibilities.  As a result, a Suspense Notice and a Loan
Commitment and Rate Lock Notice were generated on May 20, 2015 and sent to your
attention (enclosed herewith).  Both
documents outlined that your Loan was in suspense status due to deficiencies in
the information supplied by your employer. 
Your employer subsequently provided an additional letter on May 28, 2015
that addressed the New Penn underwriter’s outstanding questions. Unfortunately,
upon review of the information supplied by your employer, New Penn’s
underwriter determined that too few similarities existed between your salaried
job and your commissioned job to support the use of the aforementioned HUD
exception.  Your Loan was recommended for
denial on June 5, 2015, pending a second underwriting review of your file pursuant
to New Penn’s policy for denying loan applications.  On June 11, 2015, a second review of your
file confirmed that your Loan application was appropriately denied as a result
of a failure to meet HUD income requirements. New Penn
sincerely apologizes for any inconvenience you experienced during the
transaction. However, 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[redacted]Corporate
CounselNew
Penn Financial, LLC[redacted]@newpennfinancial.com###-###-#### 
Enclosures

August 18, 2015 The Revdex.com 512-445-2096 Revdex.com Case #[redacted] Dear Contact: Thank you for notifying our office of the concern filed by [redacted], at the Travelodge Inn. We are sincerely sorry to hear we did not provide the guest, with an excellent Travelodge Inn experience. You can...

count on our team to help resolve your concerns. Travelodge Inn is committed to assuring that all of its properties provide good service and quality accommodations. We would be happy to assist [redacted] on resolving her concern. Please provide the following information to help us expedite the process: Address of the property. As soon as we receive this information, Travelodge Customer Care will look into this further and respond back. If your office requires any further information regarding this, please contact me at ([redacted]. Sincerely, [redacted] Customer Care Representative

New Penn Financial, LLC ("New Penn") and [redacted] are in the process of finalizing a settlement on this matter.  Please see the attached email exchange between New Penn and [redacted] confirming such direction.  Please do not hesitate to contact me with any questions or comments.Best regards,Jeff C[redacted]Corporate CounselNew Penn Financial, LLC[redacted]@newpennfinancial.com###-###-####

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]
 Complaint: [redacted]
I am rejecting this response because:Company response does not coincide with complaint and certified letter submitted.  I have attached my response to Mr. C[redacted] via his response letter highlighted and also a copy of the certified letter I sent Mr. L[redacted] June 21, 2015.  Thank you for your response Mr. C[redacted].  You can reach me via email or phone provided below.
Regards,
[redacted]
[redacted].com[redacted]

March 31, 2016Dear [redacted]:This letter is in response to your correspondence dated March 22, 2016 and email dated March 23, 2016, regarding the above referenced loan. Shellpoint Mortgage Servicing (“Shellpoint”) began servicing the loan on or about April 8, 2014.Regarding the Mortgage Account...

Irregularities and Issues contained in your correspondence, Shellpoint will address them in the order listed.1. The payment received October 14, 2015 was posted to principal because the payment of $1,815.33 received was less than the full payment due of $1,871.14 and the loan was current at that time.2. In July 2015, monthly payments went from $1,815.33 to $1,871.14 due to Lender Placed Flood insurance coverage being added to the loan. However, payments received by Shellpoint continued to be in the amount of $1,815.33 until February 2016. As a courtesy, Shellpoint posted five (5) short payments of $1,851.33 for the months of July, August, September, October, and November 2015.Shellpoint received a payment of $1,926.95 on December 21, 2015 which was posted as a full payment of $1,871.14, to the December 1, 2015 due date and $55.81 to late fees.On January 10, 2016, another short payment of $1,815.33 was received. Since we did not receive the full payment due of $1,871.14, the funds were placed in unapplied.On February 9, 2016, another short payment of $1,815.33 was received. Shellpoint posted the $1,815.33 with $55.81 from unapplied to post as a full payment of $1,871.14, to the January 1, 2016 due date. At this time, payment for January 2016 was 30+ days past due. This information was reported to the Consumer Reporting Agencies (“CRA’s). In March 2016, Shellpoint received funds in the amount of $2,214.26 and posted the funds with $1,759.52 from unapplied to the February 1, 2016 and March 1, 2016 due dates in the amounts of $1,871.14 each and $231.50 to late fees.3. Late charges were assessed to the loan in November 2015 because the full amount due of $1,871.14 was not received by the end of the grace period on November 16, 2015. Late charges were assessed to the loan in December 2015 because full payment was not received until December 21, 2015, five days past the end of the grace period. Late fees were assessed in January 2016 and February 2016 because full payments were not received by the end of the grace period for those months. Our records do not reflect a request for late charges to be waived for the month of December, nor an approval.4. Shellpoint mailed requests to you for sufficient proof of Flood Insurance on September 3, 2014 and October 3, 2014. When sufficient proof was not provided, Shellpoint purchased additional Flood Insurance coverage in the amount of $236.38 for the period of October 19, 2014 through October 19, 2015. This policy was cancelled on August 24, 2015 when Shellpoint switched insurance vendors. A refund of the unused portion of the policy of $40.28 was posted to your escrow account on September 2, 2015.Our new insurance vendor mailed a request for adequate proof of flood coverage on August 27, 2015. Our records indicate an acceptable policy was provided showing proof of adequate coverage through September 3, 2015 and Shellpoint did not lender place for flood insurance at this time.Shellpoint again requested proof of insurance with a letter dated September 28, 2015 after your flood policy expired on September 3, 2015. When we did not receive proof of insurance, a policy was purchased on your behalf with a premium of $3,745.08. To date, Shellpoint has paid $2,329.92 in premiums for this policy.Upon receipt of proof of insurance from September 2015 through September 2016, Shellpoint will be able to request cancellation of the current Lender Placed Flood Policy and refund your escrow account.5. Your loan became past due because you provided payment short of the full payment amount. As a result, Shellpoint mailed delinquency and default notices. Once the loan was brought current, the notices stopped.Shellpoint has submitted a research request to our insurance department to determine if the supplemental flood insurance policy purchased effective October 19, 2014 was purchased in error. If our findings determine you had sufficient flood coverage during that time, the remaining $196.10 we paid for that policy will be credited to your escrow account.In order to cancel the active lender placed insurance purchased on your behalf in October 2015, please provide current proof of flood coverage.Our records also indicate your Homeowner’s (“Hazard”) Insurance policy with Florida Peninsula Insurance has been cancelled, effective March 21, 2016 for non-payment. Please provide proof of Hazard insurance coverage; otherwise, lender placed hazard insurance will be purchased on your behalf.Upon receipt of the above described documents, Shellpoint will request cancellation of the active lender placed flood policy, and will cancel any action to purchase a lender placed hazard policy and request the refund of the premiums paid out. The refunds will be posted to the negative escrow account balance. Any resulting positive escrow balance will be refunded to you by check.If you have any additional questions or concerns, please contact our Customer Service department at ###-###-####.Sincerely,L FShellpoint Mortgage Servicing

My mortgage was sold to Penn Financial - two months later, no billing, no information, no contact, confused as to what to do. Don't want ding to my credit rating.

New Penn Financial, LLC ("New Penn") and [redacted] are in the process of finalizing a settlement on this matter.  Please see the attached email exchange between New Penn and [redacted] confirming such direction.  Please do not hesitate to contact me with any questions or comments.
Best regards,
Jeff C[redacted]
Corporate Counsel
New Penn Financial, LLC
[redacted]@newpennfinancial.com
###-###-####

Used Rate 30 which is part of New Penn for a refinance. They had good rates (I thought) and I have excellent credit if the not absolute best. No debt and money in the bank...Told me I was approved within an hour and then 1 week later was not. Their fees keep changing and no one can give you the actual closing costs.
They act like used car salesman and no knows what it going on. Horrible customer service...even gave me the week of closing date! Don't work with this company.
So many others out there that are better. Go to your hometown mortgage broker- its' work the extra 1/8 of a point to work with professionals who actually know what they are doing. What a scam!!

New Penn Financial (Rate 30) has been a disaster to work with. Nine weeks, approved for a loan three weeks ago, and they are dragging their feet. No communication, incompetence - they are unreal. Now we have to start over after all the work we did. Stay away from this company. They talk a good game, but will not come through. Trust me, they are bad. Horrible place.

New Penn Financial, LLC (“New Penn”) is in receipt of the complaint that [redacted] 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 [redacted]’s complaint and investigating the surrounding circumstances, I offer the following response:
 
Our records indicate that [redacted] applied for a ** 30-year fixed Interest Rate Reduction Refinance Loan (“[redacted]”) with New Penn on December 16, 2014 to refinance real property located at [redacted] in Wildomar, CA [redacted]’s motivation for refinancing his loan was to reduce the monthly payment on his current mortgage which [redacted] also obtained through New Penn in July 2014.
 
On or about January 22, 2015, New Penn received executed documents from [redacted] along with proof of income.  Upon review of the proof of income provided by [redacted], it became apparent that [redacted] did not qualify for the [redacted] he sought because of unreimbursed employment expenses.  The [redacted] was placed in suspense on January 26, 2015 due to the aforementioned deficiency.  At the time, [redacted] was in the process of preparing his 2014 tax return and requested that New Penn hold the file in suspense until he completed his 2014 tax return, at which point the [redacted] could be reconsidered.  New Penn received [redacted]’s 2014 tax return on February 22, 2015.  Upon receipt of [redacted]’s 2014 tax return, New Penn was able to qualify [redacted] for the [redacted]. 
 
Unfortunately, after qualification of [redacted] based on his 2014 tax return, [redacted] posted a 30-day late payment for February on his current mortgage.  [redacted]’s 30-day late payment disqualified him from the [redacted] he sought.
 
New Penn sincerely apologizes for any inconvenience [redacted] may have experienced during this transaction.  New Penn does not believe that [redacted] became late on his current mortgage with New Penn as a result of anything that New Penn did or advised [redacted] to do or not to do.  New Penn did inform [redacted] 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 [redacted] 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 [redacted]’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[redacted]
                                        ...⇄ Corporate Counsel
                                        ...⇄ ###-###-####
                                        ...⇄ [redacted]@newpennfinancial.com

November
20, 2015Dear
[redacted]:I am in
receipt of the complaint response rejection that you directed to the Revdex.com
regarding the origination of your loan by New Penn Financial, LLC (“New
Penn”).  After
reviewing the allegations contained within your response rejection notice to
the Revdex.com, New Penn is of the opinion that the concerns you expressed regarding
the loan product were substantially addressed in New Penn’s initial complaint
response.  Please
allow me to reiterate that New Penn has absolutely no influence over the value
of the appraisal returned by the appraiser. 
New Penn places appraisal orders through appraisal management companies
(AMCs) approved by New Penn.  The AMCs
are subsequently responsible for selecting, retaining, and providing
compensation to appraisers.  I have enclosed
herewith excerpts from New Penn’s Appraisal Procurement Policy which directly
address the allegations contained within your complaint.  New Penn
disagrees with your assertion that New Penn employed a “bait and switch” tactic
to sell you on the loan.  New Penn
initially sought to refinance your current first mortgage with an FHA Streamline
refinance based on the belief that the holder of the second lien on your
property would be willing to subordinate its second lien to New Penn’s proposed
refinance loan.  It is commonplace for
second lienholders to subordinate their second lien to a refinance of the first
lien because their position is not adversely impacted.  Unfortunately, the holder of the second lien
on your property was unwilling to subordinate its position.  Upon the refusal of your second lienholder to
subordinate to New Penn’s refinance loan, New Penn gave you the option to
proceed under a different loan program that would require an appraisal, or alternatively
to cancel your application.  New Penn
informed you that the appraisal of your property would need to support a loan
amount sufficient to pay off both your first and second mortgages because of
the second lienholder’s unwillingness to subordinate its position in the event
of a refinance of the first lien.  With
that knowledge, you expressed your willingness to proceed.  Unfortunately the value of the appraisal
failed to support the loan amount necessary to pay off your first and second
mortgages and your loan application was withdrawn.    New
Penn sincerely apologizes for any inconvenience you experienced during the
transaction. New Penn does not benefit from the failure to originate a
customer’s loan application.  New Penn does
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

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is tentatively satisfactory to me.  I reserve the right however to reopen the case should  the issue continue beyond the possible 1 immediate letter, as stated by Mr. C[redacted].
Thank you Mr. C[redacted].Regards, [redacted]

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]
 Complaint: [redacted]
I am rejecting this response because:I have provided contradicicting outlined loan perameters.In documents I uave provided states loan was structured differently than what you have provided. You can clearly see where r p[redacted]. Sold me a different loan than what you are saying. I have provided proof in writing.You 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,
[redacted]

Dear [redacted]:
I am in
receipt of the complaint that you directed to New Penn Financial, LLC (“New
Penn”) Regional...

Manager Kevin K[redacted] and the Revdex.com regarding the amount of cash
you received as a result of your loan transaction.  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 applied for a 30-year fixed rate FHA Streamline
Refinance in the amount of $121,794.00 (the “Loan”) for real property located
at [redacted] in Columbus, Ohio (the “Property”).  Your intent was to refinance your then
current mortgage with [redacted] which had a principal loan balance of $119,009.36. 
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.  FHA guidelines further outline that the
refinance must involve no cash back to the borrower, except for minor
adjustments at closing, not to exceed $500.00. 
Therefore, the maximum amount of cash that you could have received as a
result of the refinance transaction was any funds remaining in your [redacted]
escrow account plus $500.00. 
Your Loan
with New Penn closed on September 14, 2015. 
Based on the closing date of your Loan, you would be able to skip two
months of mortgage payments (the September 2015 payment, because it was not
considered late at the time of refinance, and the October 2015 payment, because
the first payment due date for the Loan would be November 1, 2015).  However, sufficient funds still needed to be
deposited in escrow to account for two months of taxes and insurance fees and
to ensure your New Penn Loan escrow account contained enough reserve funds.  As a result, your escrow account for the New
Penn loan required $3,181.54 ($1,842.54 for taxes + $1,339.00 for insurance) to
account for such tax and insurance payments. 
Additionally, certain costs associated with the closing of your Loan,
including title company fees and other related closing costs, would need to be paid.  New Penn requested a payoff statement from [redacted] for your [redacted] loan on September 2, 2015 which reflected an escrow
balance of $1,927.24.  An updated payoff
statement was provided by [redacted] to New Penn on September 10 which reflected
an escrow account balance of $1,794.50.  US
Bank sent you a check in the amount of $132.74 which accounted for the decrease
in funds in your escrow account. 
After
reviewing your loan application and the circumstances of your refinance, your
loan officer discussed the benefit of netting your escrow accounts.  As previously mentioned, $1,794.50 remained
in your [redacted] escrow account that could either be returned to you by [redacted],
or alternatively netted against your New Penn Loan escrow account.  If the funds had been returned directly to
you from [redacted], you would have needed to bring cash to fund your New Penn escrow
account to the Loan closing.  Because you
elected to net the escrows, you were able to reduce funds needed to bring to closing
to account for closing costs and to offset a portion of the $3,181.54 in taxes
and insurance.  Still, after netting
escrows, additional funds were required to cover the aforementioned closing
costs and remaining $1,387.04 balance required to fund your New Penn escrow
account (reflecting the difference between $3,181.54 and $1,794.50).  In order to cover the remaining fees, New
Penn provided you with a lender credit in the amount of $3,197.09.  As a result of the lender credit, not only
were you able to close the Loan without bringing any cash to closing, you were
still able to receive $295.65 in cash from New Penn at closing as a result of
the transaction. 
However,
New Penn firmly believes that, at all times, it processed your inquiry
professionally and in accordance with all applicable laws, regulations, and
industry guidelines.  New Penn does not
offer guarantees in relation to the amount of cash a customer may receive at
closing.  New Penn further believes that
the loan terms you received are competitive and benefit you as a borrower, as
demonstrated by your lower monthly payments.
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[redacted]
                                        ...⇄ Corporate
Counsel
                                        ...⇄ New
Penn Financial, LLC
                                        ...⇄ [redacted]@newpennfinancial.com
                                        ...⇄ 610-629-6037

href="/ODRWeb/Home/SecureLogin.aspx?SecureLinkGuid=da6eeff3-09c5-4918-9dd2-7ad42...⇄ /> [redacted]
[redacted]
[redacted]
RE:      [redacted]
[redacted]
This letter is in response to
your complaint dated January 5, 2015 regarding the sale of the above referenced
property.  As you aware, the above
reference property was Real Estate Owned (“REO”). New Penn Financial, [redacted] was the servicer managing the property
and [redacted] was the closing agent for the [redacted] sale. 
Per your correspondence, you
advised you were dissatisfied with the experience you had in completing the
purchase of the property and you requested a refund of the Homeowners
Association (“HOA") fees, in the amount of $2,929.29.  Please review the following information in
response the specific points outlined in your complaint: 
·        
The seller refused a cash offer and 30 day closing. The seller
countered with a 60 day closing and 10% increase in the sale price.  This property had multiple offers which
increased the sale price to $82,500.00.  [redacted]
could not accommodate your request for a 30 day closing and offered a 60 day
closing instead, and you chose to continue negotiations for the purchase of the
property. 
·        
Your attorney composed a letter requesting the seller
pay HOA dues and [redacted] ingored the request.  [redacted]
did not agree or accept the offer; therefore we did not sign or return the
document. You still chose to continue negotiations for the purchase of the
property.
·        
The seller told you a single point of contact could
not be identified.  [redacted] maintains that you had contact
information for [redacted]’s Asset Manager, [redacted], and [redacted]’s representative at the title agency, [redacted]. 
·        
The listing agent advised that the property required “minor”
TLC; however, you ordered a home inspection which reported $4,000.00 worth of
replacements or repairs. As a result, you requested $1,000.00 in credit for
repairs.  [redacted] refused your request for  $1,000.00 for repairs and you continued
negotiations for the purchase of the property.
·        
Less than 24 hours before the scheduled sale, you were
surprised with a new HUD Settlement Statement (“HUD”), which included $3,000.00
in HOA dues.  [redacted] received an updated estoppel letter from
[redacted] on November 24, 2014 advising of a total amount due in
HOA dues of $2,929.29.  As soon as [redacted]
was made aware of the HOA dues, we provided a revised HUD on November 25, 2014 to
include this information.  Per state
statute, the buyer is responsible for the HOA dues.  After the addition of the HOA dues to the
HUD, you still chose to continue negotiations for the purchase of the
property. 
·        
The listing agent lost the earnest money check,
delaying final funding by one week.  [redacted] is unable to comment on this
event.   
[redacted] state statute states
that the buyer of a property on the first sale after foreclosure sale is
responsible for up to six months of HOA dues that were incurred prior to the
time that the HOA initiated an action against the prior owner, plus late fees
and legal fees. For this reason, [redacted] will not reimburse you for the full
amount of  $2,929.29 in HOA fees paid at
closing.  However, [redacted] overpaid
the HOA fees by an amount of $580.26 and [redacted] is asking the HOA to refund
that to you directly. 
[redacted] would like to
remind you that you were able to discontinue negotiations for the purchase of
the above referenced property at any time, if you did not agree to any of the
above referenced circumstances.
If you have any additional
questions or concerns, please contact me at ###-###-####.
Sincerely,
Kara W[redacted]
Compliance Manager
[redacted] Mortgage Servicing

I am in receipt of the complaint [redacted] 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 [redacted]’s complaint and investigating the surrounding circumstances, I offer the following response:
Our records indicate that [redacted] originally applied for a 30-year fixed rate FHA loan with New Penn in the amount of $68,633.00 with an interest rate of 4.25% on September 16, 2014 to purchase property located at [redacted] in [redacted], Tennessee (the “Property”).  The initial documentation and information submitted by [redacted] created circumstances that required either further documentation or explanation from [redacted].  Additionally, based on [redacted]’s debt-to-income ratio and loan-to-value ratio, his loan needed to be manually underwritten. 
After [redacted] submitted the additional documentation requested by New Penn, a review of [redacted]’s file was conducted on October 6, 2014, which revealed that a cash gift [redacted] received and intended to use to pay closing costs associated with his loan could not be verified in accordance with FHA guidelines.  FHA guidelines require that a lender verify the source of money a customer intends to use to pay closing costs.  New Penn underwriting guidelines do not allow the use of a cash gift for closing costs because transfer of a cash gift cannot be verified in a trustworthy manner.  A subsequent review of [redacted]’s file on October 17 showed that [redacted] received a new gift from his employer in the amount of $2800 along with sufficient documentation to support the gift.  On October 22, New Penn verified that [redacted]’s account included adequate reserve funds per FHA manual underwriting guidelines to issue a clear-to-close.  [redacted]’s loan closed and funded on October 24, 2014. 
New Penn sincerely apologizes for any inconvenience [redacted] experienced during the transaction, however New Penn firmly believes that, at all times, it processed his inquiry professionally and in accordance with all applicable laws, regulations, and industry guidelines.  New Penn thanks [redacted] for his business and is pleased and proud of the fact that New Penn was able to provide [redacted] with a loan to allow him to purchase the Property.    
 
Sincerely,
 
 
Jeff C[redacted]
Corporate Counsel
###-###-####
jc[redacted]@newpennfinancial.com

December 21, 2017Dear [redacted] [redacted]:This letter is in response to the Revdex.com complaint received on December 13, 2017, regarding the subject property. New Penn Financial LLC d/b/a [redacted] is currently the owner of the account number ending in 0126. The issuer of...

the loan is [redacted] (“[redacted]”). New Penn Servicing (“New Penn”) began servicing the loan on the behalf of the owner referenced above on or about September 01, 2016.Please know that New Penn takes its customer service and consumer protection 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.Per the complaint, you stated that your insurance company issued funds to both you and New Penn due to a flood claim on your property. You stated New Penn advised you that you must use a contractor for the repairs, until you reviewed your Mortgage and discovered this was not true. You stated New Penn is holding your funds, drawing interest of those funds and making you “jump through hoops” in order to release your funds. You would like for New Penn to release your insurance funds.Upon receipt of the complaint, New Penn’s Compliance Department contacted you on December 20, 2017 to discuss the complaint with you, at which time you expressed your dissatisfaction with the way New Penn is handling the disbursement of your loss draft funds. You also referred to details contained in your Mortgage agreement, and alleged New Penn’s policies and procedures could not conflict with what is outlined in the Mortgage. Furthermore, you stated you would not submit any more receipts to New Penn in order to receive loss draft funds.According to New Penn’s records, New Penn received the insurance funds in the amount of $47,941.49 on September 1, 2017. Upon receipt of the funds, two disbursements were made to you on September 8, 2017; one for $5,840.27 and another for $3,419.49. Another disbursement in the amount of $5,720.74 was made to you on September 12, 2017, and yet another in the amount of $14,173.22 was made on December 14, 2017. You have confirmed receipt of these funds. The remaining funds in the amount of $18,787.77 will be disbursed when repairs are at ninety-five percent (95%) complete. A property inspection will be required to make this determination.Please be advised, New Penn is required to follow [redacted] guidelines upon receipt of loss draft funds, which may supersede the guidelines in your Mortgage agreement. Since your claim was over forty-thousand dollars ($40,000.00), [redacted] requires a licensed contractor to perform the repairs. However, you notified New Penn that you had already begun the repairs without a contactor. Therefore, New Penn granted approval to proceed with the repairs yourself.Guidelines for self-repairs are as follows:•A signed form stating the homeowner is doing their own work;•Paid receipts (before the second draw);•Release of Liens by contractor at final draw (if applicable); and•A Waiver of LienNew Penn has never indicated your loss draft funds will not be released. However, there are guidelines to ensure the homeowner is using the loss draft funds to repair the property as intended. Additionally, we need to ensure there are no liens against the property by contractors or others who may have performed work on the property.Regarding interest from the loss draft funds, if you reside in a State which allows the homeowner to gain interest from loss draft funds, the interest amount will be added to the final loss draft disbursement. Additionally, it will also appear on the Loan History Summary.We apologize for any inconvenience you have experienced regarding the disbursement of your loss draft funds. You have the right to request documentation supporting our determination that no error has occurred in the servicing of the loan. Enclosed is the Loan History Summary showing the above-mentioned transactions with the loss draft funds.Should you have further questions, you may contact me directly at ###-###-####.Sincerely,Lisa F[redacted]

On behalf of New Penn Financial, LLC (“New Penn”), I apologize to [redacted] for the inconvenience that New Penn has caused him.  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 [redacted] that New Penn has addressed the instant problem and that [redacted] will never again be contacted by New Penn unless he solicits New Penn.  I have included my personal contact information herein so that [redacted] can reach out to me directly if he would ever need further assistance relating to his complaint.                                                                                                                 Sincerely,                                             ...⇄ Jeff C[redacted]                                                                                                                 Corporate Counsel                                         ...⇄ New Penn Financial, LLC                                         ...⇄ [redacted]@newpennfinancial.com                                         ...⇄ ###-###-####

New Penn Financial LLC doing business as Shellpoint attempted a foreclosure sale of my home without statutory authority and proof of who owned the note.
It is most likely they have done this to others based on their practices of hiring foreclosure mill attorneys and preying on the the general population leveraging USPS.
This involved a violation of the Federal Statues specifically FDCPA and FDCRA.
My foreclosure sale was agreed to be cancelled by their representatives but only after I paid for an expensive lawyer and took emergency action in the State Circuit Court.
I do not recommend anyone get a mortgage serviced by these firms: B[redacted] of A[redacted], New Penn Financial operating as Shellpoint.
You have been treated unfairly please contact me at [email protected]
Cordially
Plaintiff to be against New PennFinancial dBa Shellpoint