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New Penn Financial Reviews (171)

February 16, 2016   [redacted] Tonganoxie, KS  [redacted]
  Re:      New Penn Financial File No. [redacted] Dear [redacted]: I am in receipt of the complaint that you directed to the Revdex.com against New Penn Financial, LLC...

(“New Penn”) regarding this 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 15-year fixed rate loan in the amount of $150,855.00 (the “Loan”) to refinance your property at [redacted], Tonganoxie, Kansas (the “Property”). New Penn acknowledges your statements that the charge for the appraisal that was completed in your transaction was more expensive than originally estimated and that your loan officer was unaware that your particular property would not qualify for New Penn’s underwriting guidelines.  The property is unique in character and lacked sufficient comparable properties to verify its value, which contributed to the outcome.  Even though these matters were beyond New Penn’s control, in this instance, [redacted] did initiate a request to have the appraisal fee refunded to you. Enclosed please find a full refund in the amount of seven hundred dollars to reimburse your appraisal fee.  We apologize for any inconvenience that this may have caused. 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,                                                                          Kirk W[redacted] Esq.                                         ... Corporate Counsel, New Penn Financial, LLC                                         ... [redacted]@newpennfinancial.com                                         ... ###-###-#### cc: Philip ** I[redacted], Esq., Vice President - Legal

Please see the attached pdf files which include the Company's response along with supporting documentation. 
Should you have any additional questions, please do not hesitate to contact me at the phone number or email address provided...

below.
Sincerely,
Jeff C[redacted]
Corporate Counsel
###-###-####
[redacted]
This letter is in response to the complaint submitted July 8, 2015 regarding the servicing of the above referenced loan. Federal National Mortgage Association (“[redacted]”) currently owns the loan. [redacted] Services, L.P. (“[redacted]”) was the servicer of the [redacted] loan beginning October 1, 2013. Effective March 1, 2014, Shellpoint Mortgage Servicing (“Shellpoint”) purchased substantially all of [redacted]’s mortgage servicing assets. Mr. [redacted] stated in the complaint that, every year the servicer of his loan increases his escrow payment due to increased taxes. Mr. [redacted] advises his taxes have not increased and states Shellpoint cannot provide him with a copy of the county tax statement showing the increases. Mr. [redacted] also advises he petitioned his county to have his property taxes lowered, which should have lowered his escrow payment. By way of background, [redacted] began servicing this loan on or about October 1, 2013. The following table shows the anticipated payments to be made out of Mr. [redacted]’s escrow account and the actual payment that was paid, as required by Mr. [redacted]’s insurance provider and tax authority. Escrow Item Anticipated Payment Actual Payment Insurance due March 2013 $1,056.00 $1,115.00 Taxes due April 2013 $1,938.90 $1,938.90 Taxes due December 2013 $1,938.91 $2,038.18 Insurance due March 2014 $1,115.00 $1,189.00 Taxes due April 2014 $2,038.16 $2,038.16 Taxes due December 2014 $2,038.18 $2,157.24 Insurance due March 2015 $1,189.00 $1,325.00 [redacted] Taxes due April 2015 $2,038.16 $2,157.23 Taxes due December 2015 $2,157.24 Insurance due March 2016 $1,325.00 Taxes due April 2016 $2,157.23 A review of the data shows increases in the insurance and/or the tax installments each year. For this reason, [redacted], and later Shellpoint, increased Mr. [redacted]’s monthly escrow payment, as necessary. Enclosed are copies of escrow analyses dated January 1, 2013 from Selene Finance, January 28, 2014 from [redacted], June 11, 2014 from Shellpoint and June 20, 2015 from Shellpoint. In addition, a copy of Mr. [redacted]’s loan transaction history is enclosed showing each disbursement made to [redacted] of North America and [redacted] County Tax Collector. Also enclosed is a copy of the payments received, and their amounts, printed from the [redacted] County Tax Collector’s website. Mr. [redacted] may check the data himself at http://[redacted]. Shellpoint also inquired with [redacted] County about the amount of the next tax installment due December 10, 2015. The county representative advised those figures are not available at this time, but should be available in September 2015. If you have any further questions, comments or concerns, please contact me at ###-###-####. Sincerely, D. E[redacted] Shellpoint Mortgage Servicing Enclosures

[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 as Answered]
 Complaint: [redacted]
I am rejecting this response because they are not accepting responsibility.  Derek F[redacted], the regional manager already said he was refunding the appraisal fee and this was  almost 3 weeks ago (on 11/10/2016) and I haven't even seen that?  I'm guessing this was another lie?   I don't know.  It seems they can't follow through with their promises and advises.  When this occurs I will. 
Regards,
[redacted]

Our loan process was a nightmare UNTIL New Penn!! The customer service was above and beyond and every single person was friendly and helpful. They made our dreams come true and I will never work with anyone else if we buy a home again in the future. This team was amazing!!!

[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:In response to New Penn: I disagree that everything could have been done here. They need to go back to that appraiser to correct all mistakes on it. When sent back he only corrected one thing. Theirs no way in [redacted] that a garage can be 5.00 a sq ft, also got the house at 65.00 a sq ft, while his so called comparatives are way higher. When in fact our house is way better then his comparatives. He did not take the time and effort to do a fair evaluation of our home.  New Penn was asked to go back and have him re-do these mistakes, and we were told they were not going back to the get the appraisal fixed. Since this refusal they tried to bait and switch method, will give you a VA loan for extra money and it will also add 30,000 to your loan> This a thought out and calculated to do what they want it to do in the first place, fail the appraisal.This nothing more then another country wide scam to steal from the consumer. Also their is no where on their website for the people complaining about their rip-offs. The documents sent to speak for themselves. Personality I think this should be turned into the attorney general and these people put out of business. I don't believe these people are in good standing with the Revdex.com like they publish on their website, I consider misrepresentation and fraud at the highest. All documents we have have been attached. We were lied to from the get-go, only have a low appraisal do to them making sure it was done so, to push higher interest rates and add extra money to our loan. Plain and simple, liars and thieves! And I believe something should be done legally about their lies and rip-offs. Too many people going on line about alot of the same stuff going on in this company. Also found where Suzanne R[redacted] was involved in keep money that was paid to appraiser, that alone should give you an idea what these people are capable of defrauding people out of their money. Personally jail time would be to nice for these people.
Regards,
[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.
The letters that [redacted] 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 [redacted] prior to New Penn's receipt of this complaint, I can assure [redacted] that New Penn has addressed the instant problem and that aside from the final letter in a series that may have already been sent, [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,
 
[redacted]
Staff Attorney
New Penn Financial, LLC
[redacted]
###-###-####

Our loan officer, Robin W[redacted] lied to us on two occasions. The first occasion began when my wife and I asked for our rate to be locked at 3.75%. She responded the next day by saying that our rate was locked as of that day and that we would be receiving a form to sign to that effect. We waited a week before emailing again to inquire about the form as we had not yet received it. She responded that day by saying that our rate was locked but at 3.875%. She wrote in her email to us that she thought that "we had discussed this." Of course, that had not happened. We had no email notification and no phone contact with her. I will apologize and withdraw this complaint if Robin can provide so much as a phone record stating that she spoke with my wife or I during the week since stating that our rate was locked while referencing a document listing 3.75 as our rate.
I contacted Robin's supervisor to have him correct her behavior. He did. However. No apology was given. And while we requested a new loan officer on account of Robin's behavior, our request was not granted. In fact, Robin then called and left a rude and unprofessional phone message.
On the second occasion that Robin lied, our realtor was reviewing disclosures a week prior to closing and noticed that some closing costs were being billed to us. Our realtor emailed Robin (while cc'ing us) to ask for an explanation as the understanding was that no closing costs were to be billed. As I saw no response from Robin to our realtor, we emailed her asking for an answer. Robin emailed back to say that she had already responded to our realtor in stating that they would be removed just prior to closing. This was a lie and our realtor immediately noticed and wrote her back to say that she had received no such response. When I emailed again (while cc'ing Robin's supervisor) Robin responded by rudely stating that it wasn't her responsibility to explain things to our realtor - completely ignoring the fact that she had just lied to our realtor, my wife, and I.
Further, it was our understanding that we were to have received a final loan disclosure document 10 days prior to closing. We didn't see the final document until we were at the signing. We had to check whether or not Robin had changed the terms of the loan at the signing.
Our experience with Robin W[redacted] and New Penn was extremely unpleasant. We will make sure that everyone we know and who will listen will know about our experience.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 
Regards,
[redacted]

Dear
Ms. [redacted]: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, 2016 to refinance the real property located at [redacted] West in Bradenton, Florida (the
“Property”).
Your loan application was submitted to New Penn’s underwriting
department for review on October 20. 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 680 or higher;
or (ii) the applicant has a credit score ranging from 620-679 AND a
debt-to income 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 9. 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 9. 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 $525.00. 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 New
Penn Financial, LLC[redacted] ###-###-####

This company treated us miserably throughout our 7 week loan process. They missed repeated closing dates, always coming up with some bogus nonsense at the last minute. Never an apology and never and sense of decency. I have excellent credit and was putting 25 % down yet they still jerked me around. Stay as far away as possible from this disreputable company...

November
20, 2015
Dear
[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

September 19, 2014
I am in
receipt of the complaint [redacted] filed with the RevDex.com (“Revdex.com”).  Please be assured that
New Penn Financial (“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]’s original application was taken by New Penn
on July 29, 2014.  [redacted] was
seeking a conventional loan in the amount of $280,000 with an interest rate of
4.375% to refinance real property located at [redacted] in
[redacted], Tennessee (the “Property”).  At
the time of application, [redacted] estimated the value of the Property to be
$450,000.  New Penn was unable to verify
the Property estimate at the time of application as a result of the Property’s
location in a rural area with a lack of comparable properties.  Based on the Property estimate provided by
[redacted], New Penn anticipated that [redacted]’s loan-to-value ratio
(“LTV”) would fall below 80% and thus the loan would not require mortgage
insurance.  As a result, New Penn quoted
[redacted] the conventional loan terms contained in the attached original
Good Faith Estimate (“GFE”) dated July 30, 2014 without mortgage insurance.New Penn,
through E-Street Appraisal Management Company, LLC, employed the services of
independently licensed appraiser Daniel Collier to appraise the Property.  The original appraisal resulted in a Property
value of $275,000.  New Penn contested
the value of the appraisal due to a discrepancy in the lot size.  As a result of the error to the original
appraisal, a new appraisal report was issued which valued the Property at
$320,000.  Even with the newly appraised
value of the Property, the LTV exceeded 80%, and thus mortgage insurance would
be required to proceed with a conventional loan.  It was at this time that New Penn explored
the option of a VA refinance with [redacted]. 
While VA Cash-Out Refinances require a funding fee (in [redacted]’s
case the funding fee was approximately $9,000, which can be financed into the
loan), a VA Cash-Out Refinance would have allowed [redacted] to refinance the
Property with a maximum LTV of 100%.  Ms.
Lunsford indicated that she did not wish to proceed with the VA Cash-Out
Refinance.   Contrary
to [redacted]’s assertion, New Penn did not use her husband’s lowest score to
qualify the loan.  In circumstances with
two borrowers, New Penn guidelines require that New Penn use the lower of the two middle scores.  [redacted]’s middle score was lower than
[redacted]’s middle score.  Therefore
New Penn used [redacted]’s middle score.  Perceived
delays in the loan process identified by [redacted] were beyond the control
of New Penn.  The appeal of the flawed
appraisal report required additional time. 
The loan process was also slowed as a result of the need for a written
verification of employment.  [redacted]
received an increase in salary shortly before the loan process commenced, and
New Penn guidelines require a written verification of employment when a customer’s
salary differs from the salary shown on the customer’s W2, evidenced by
supporting documentation.  New Penn did
not instruct [redacted] to refrain from paying any bills or to incur any
other expenses during the loan process which would negatively affect her
financial condition.  Further, New Penn
covered the cost of the appraisal for the Property.  The
addition of mortgage insurance and the discussion of an alternative loan
program were each predicated upon the low appraisal value, which New Penn does
not control.  [redacted] appraiser
independence requirements ensure that lenders such as New Penn have no
influence over appraisers.  New Penn
sincerely apologizes for any inconvenience [redacted] may have experienced
during this transaction.  However, New
Penn firmly believes that, at all times, it processed [redacted]’s loan
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[redacted]                                  �... Corporate
Counsel

Dear [redacted]: 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, 2017 through your broker Network Financial Group (the “Broker”).  Your intent was to purchase the real property located at [redacted], San Jose, CA [redacted] (the “Property”).  Applying with you for the loan was [redacted] 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[redacted]Corporate Counsel

I am in
receipt of the complaint that **. [redacted] filed with the RevDex.com.  Please be assured...

that New Penn Financial (“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 began the refinance process with New
Penn on April 15, 2014.  **. [redacted] was seeking to refinance a non-owner
occupied property at [redacted] in [redacted] Colorado. 
Upon review of **. [redacted]’s application and the supporting documentation
requested by New Penn, **. [redacted]’s debt-to-income ratio (“DTI”) exceeded the
45% threshold traditionally required by New Penn and agency guidelines for a 15-year fixed rate
conforming loan.  As a result, New Penn’s underwriter requested that **.
[redacted] close his [redacted] account to bring the DTI below 45%.  Instead of
closing the [redacted] account, on April 23 **. [redacted] was able to provide
documentation of additional assets which would allow **. [redacted] to qualify for
the loan he desired with a DTI still in excess of 45%.  Certain pages were
not included at the time of submission of the documentation substantiating **.
[redacted]’s additional assets.  As a result, New Penn’s underwriter approved
**. [redacted] on the condition that the absent pages were provided to New
Penn.  On April 25, **. [redacted] provided the missing pages as
requested.  **. [redacted]’s refinance was cleared to close on April 30 and the
loan was funded on May 1. 
 
New Penn
sincerely apologizes for any inconvenience **. [redacted] may have experienced
during the transaction. However, New Penn firmly believes that, at all times,
it processed **. [redacted]'s inquiry professionally and in accordance with all
applicable laws, regulations, and industry guidelines.  New Penn further
believes that the loan terms **. [redacted] received are competitive and benefit **.
[redacted] as a borrower.  
 
If I can
be of any further assistance to **. [redacted], please do not hesitate to contact me
at the phone number or email address provided below.
Sincerely,
 
[redacted]
Staff Attorney
[redacted]
###-###-####

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]

Complaint: [redacted]
I am rejecting this response because:
There has been no viable offer as of yet. The address of the property is:Travelodge Inn and Suites3821 N Pan AmSan Antonio, Tx
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:
Attached is the copy of the letter from [redacted] with
my in response in BOLD rebuttal to each of their responses to my initial
letter.
I thank Revdex.com for your assistance as I believe this firm would had
ignored my letter forever.
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

Dear
Ms. [redacted]: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, 2016 to refinance the real property located at [redacted] West in Bradenton, Florida (the
“Property”).
Your loan application was submitted to New Penn’s underwriting
department for review on October 20. 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 680 or higher;
or (ii) the applicant has a credit score ranging from 620-679 AND a
debt-to income 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 9. 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 9. 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 $525.00. 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 New
Penn Financial, LLC[redacted] ###-###-####

I cannot say enough about the New Penn Finacial team in Tampa, FL. They worked with us and got us our dream home while being extremely transparent and keeping us informed at every stage of the process. We had a horrible experience trying to find a home and our loan originator went above and beyond to help us find a new realtor and even sent us potential listings himself. The loan process was smooth and quick, we got a quick rate and were able to close early. They were friendly and personable and I truly felt like they cared.

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Description: Mortgage Bankers, Mortgage Lender

Address: 6136 Frisco Square Blvd STE 400, Frisco, Texas, United States, 75034-3251

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Web:

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Shady, yet now dead: once upon a time this website was reported to be associated with New Penn Financial, LLC, but after several inspections we’ve come to the conclusion that this domain is no longer active.



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