New Penn Financial

I used New Penn Financial to purchase a house this year and the experience was horrific, to say the least. I was told the total process would take 30 days but it took over 90. The house was about to fall into foreclosure but they were in no rush to close. The lender refused to speak with my realtor after being caught in numerous lies. The processor would not effectively communicate with me to let me know what information was needed. Very disorganized and the refusal to communicate was absurd. My realtor had to find out who the branch manager was just so we could get some answers because the lender just kept saying he did not know what the underwriter needed. They would give me a list of things needed and I would turn it in within the next day and not hear from them for weeks just to find out from the listing agent that they needed it in a different format or something was wrong with what I turned in. Hindsight, I would have never purchased this house with them even if it meant no house at all. They made me pay the closing attorney the pay off for my car and he never sent it in, now I'm stuck trying to get my car paid off - again.

July 7, 2016Dear [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:New Penn's records indicate that you initially applied for a 30-year FHA loan in the amount of $145,319.00 with a rate of 3.375% with your broker [redacted]. dba [redacted]. May 28, 2016. Your intent was to purchase the real property located at [redacted] in Horse Cave, Kentucky (the “Property”). Your broker submitted your loan application to New Penn on May 31, 2016. 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 timeframe. New 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 application. New 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 sought. You instead elected to cancel your loan application.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. Corporate Counsel

Dear
[redacted]:
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, 2015 in the amount of $178,083.00 with a rate of
4.25% to refinance the real property located at [redacted] 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, 2015.
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 $187,603.00 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 [redacted], employed the services of
independently licensed appraiser [redacted] to appraise the Property.  New Penn received the completed appraisal on
September 24, 2015 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.  [redacted] 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
transaction. However, 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[redacted]
                                        ...⇄ Corporate
Counsel
                                        ...⇄ New
Penn Financial, LLC
                                        ...⇄ [redacted]@newpennfinancial.com
                                        ...⇄ [redacted]

I am in receipt of the rejection of New Penn’s response to
[redacted] complaint.  [redacted] is
accurate in his assertion that to date only half of the funds have been
disbursed.  The funds disbursed to [redacted] in May 2015 were for the initial draw that resulted from an error on the
final HUD-1.  New Penn is currently in
contact with the disbursement vendor regarding disbursement of additional
funds.  New Penn has not released
additional funds as a result of conditions that must be satisfactorily
fulfilled prior to the release of any additional funds.  Outstanding conditions that New Penn is
working with the disbursement vendor to resolve include a compliance inspection
submitted by the disbursement vendor that failed to include pictures, the use
of an approved contractor to complete the repairs, and the inclusion of an
invalid HUD Inspector ID.  To resolve the
aforementioned items New Penn has requested proof of the repairs and proof that
the contractor responsible for completing the repairs is a subcontractor of the
approved contractor.  At this time, New
Penn continues to await responses to its requests.  The additional funds will be released upon
the completion of work and the fulfillment of all pre-release compliance
requirements.
New Penn sincerely apologizes to [redacted] for any inconvenience
experienced during this transaction. 
Should [redacted] have additional questions or concerns he can contact
me directly at j[redacted]
or [redacted]

Review: Penn Financial owns my loan, they hired resurgent mortgage services to service my loan. The first month everything went fine, then for months 2 and 3 they have lost my payment. The money cleared my bank account and Resurgent credited November but not December,

Resurgent is non responsive once I send them a copy of the check, which is a bank check, I bank on line. They are silent no return email, or no return phone calls no apology. I don't want to jump through hoops to make sure your mortgage service provider does what they are supposed to do, properly deposit a check. I don't want my credit effected by their in competence to deposit a check into the right account. I want the fricken late payment notices to stop, I want my account resoled immediately. I want proof that I am not accruing additional interest past the date they actually received by payment.Desired Settlement: Sell my loan, or hire a new mortgage service provider who can get this done right, I want proof that I am not accruing interest past the date my check should have been received, not even 1 day

Business

Response:

Dear **. [redacted]:

Please see responsive douments attached hereto. As you will see, these same papers have been submitted to the South Carolina Revdex.com in response to the same underlying complaint.

Best regards.

[redacted], Chief Compliance Officer, New Penn Financial, LLC

December 30, 2013

Dear **. [redacted]:

This letter is in response to the complaint submitted December 23, 2013 regarding the above referenced loan. [redacted] (“[redacted]”) currently owns the loan number ending in [redacted]. Resurgent Capital Services L.P. (“Resurgent”) is the servicer of this [redacted] loan and began servicing it on or about October 8, 2013.

**. [redacted] stated in the complaint, that since his loan was transferred to Resurgent, we have lost his payments twice. The money cleared his account, but Resurgent has not credited his loan for the December payment even though he provided a copy of the cancelled check. We spoke to **. [redacted] on November 26, 2013, after he received a letter indicating we had not received his November payment. **. [redacted] advised us that he made the payment via online bill pay and the check cleared his account on November 18, 2013. To help us locate the payment, we asked **. [redacted] to send us a copy of the cancelled check and we provided our email address. We called **. [redacted] back the same day to let him know that we received his proof of payment via email and we would begin researching it. Resurgent located the payment and determined that it was applied to the incorrect loan. As shown in the enclosed payment history, we posted the payment to **. [redacted]’s loan on November 29, 2013, with an effective date of November 14, 2013. No late charges were assessed as a result of the oversight.

**. [redacted] contacted us on December 17, 2013 because his December payment cleared his bank account, but was not posted to his loan. **. [redacted] was very upset with the recurrence of the issue; however, he agreed to send a copy of the cancelled check. Resurgent located the December payment and determined that is was also applied to the incorrect loan. As shown in the enclosed payment history, we posted the payment to **. [redacted]’s loan on December 23, 2013, with an effective date of December 9, 2013. Resurgent has waived the late charge that was assessed as a result of the oversight.

Upon receipt of this complaint, we made contact with **. [redacted] on December 27, 2013. We advised him that the errors were due to our payment scanner mis-reading his Loan ID. We explained that his checks are being generated by a bill pay service and his payments are being sent without a payment coupon, which would normally be scanned to locate the Loan ID. Without the payment coupon, our machines have to scan the check to try to locate the Loan ID. **. [redacted]’s payment service prints checks on paper that is specifically designed to make electronic capture very difficult for machines. Therefore, if a payment coupon is not sent with the check, there is a small chance that a mis-read could occur. We advised **. [redacted] that we are working on upgrading our imaging platform to reduce the chances of a mis-read. We also have an ongoing project aimed at better detection of a misapplied payment, so that we can identify an error before the customer is affected. **. [redacted] stated he was satisfied with our response and is hopeful that our upgrades will prevent a similar occurrence in the future. Nothing derogatory has been reported to the three major consumer reporting agencies regarding this issue. The loan is current and the next payment is due January 1, 2014.

If you have any further questions, comments or concerns, please contact me at ###-###-####. Sincerely,

Review: My mortgage broker has been working on a re-fi for me and the underwriter at New Penn Financial has come back at least 3 times with different, and additional conditions, the one in question of which is requiring me to close a credit card account. This is an account that is used for business purposes and is paid in full, however, she is insistent upon me closing the account even though she's provided no coherent, legal reason for doing so. Additionally, we've let her know that if I were to do so, I'd re-open an account immediately, which she has apparently stated that would be ok. I provided statements showing the balance is paid in full, and she continues to halt the application until the account is closed. This seems to be the same underwriter who was seemingly taking into consideration interest and dividends as income from retirement accounts when no distributions have taken place.Desired Settlement: I have and will continue to provide statements showing the account is paid in full. If necessary, pass the file on to someone with the competence to decipher basic financial and investment statements and is capable of finishing the job.

Business

Response:

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:

Review: Complaint

In my opinion, New Penn Financial, through its agent [redacted], played a “bait and switch” mortgage game on me. Knowing that I had another mortgage application already in process, [redacted] quoted me a lower rate of 3.375% for a 30 year fixed rate mortgage refinance on my home. After I withdrew my application with the other lender, [redacted] then informed me that he had made a mistake and the rate would really be 3.5% and sent me another Rate Lock Agreement to replace the 3.375% agreement that I had signed. Then, regularly assuring me that the application was complete followed by demands for more documentation, [redacted] delayed our settlement. [redacted] assured me as late as March 8th for a March 13th settlement, that all was in order to close on or before the expiration date. The day before the March 13th expiration of the 3.5% Rate Lock, New Penn through [redacted] and others from New Penn, informed me that the settlement could take place on March 14th or 15th but only if I would agree to a 3.625 % annual rate.Desired Settlement: Closing of the mortagage at the agreed rate of 3.375% for 30 years fixed within 30 days.

Business

Response:

New Penn Financial, LLC (NPF) has provided [redacted] with precisely the resolution requested in her complaint. On Tuesday, March 26, we closed the refinance transaction at issue. [redacted]’s new loan is a 30-year mortgage with a fixed interest rate of 3.375%. NPF fully honored the terms of the Good Faith Estimate (GFE) that [redacted] received at the time of application. (The GFE and the HUD-1 Settlement Statement are submitted herewith as evidence.)

I would like to recommend Carol L[redacted] to anyone in Florida looking for a home mortgage. I had talked to 3 other Banks and all of the loan officers sat still doing nothing. Shorty after leaving her a phone message on a Holiday she returned my call and pushed forward to get my mortgage approved and closed in a very short period. Very positive experience with Carol and her staff.
Thanks S.L
A[redacted] Fl

Review: This mortgage lender is deceitful in their business practices. They advertise the lowest rates and easy application process (see website for rate30.com (their affiliate)), however, their true practice is the opposite. We applied for a mortgage with New Penn Financial during the first part of May 2013. We jumped through multiple hoops to provide the documents requested. Every few days a new list of documents was required. To obtain our mortgage, we required a commitment letter by May 31st. They waited until that final day to provide the commitment with the written stipulation that we pay off the mortgage on our current house prior to closing. There were no written requirements regarding how the loan was to be paid off. There were also no verbal explanations of [redacted] requirements for paying off this mortgage. Since they waited until the very last minute to provide confirmation, we had no choice but to continue our loan process with them. We paid off the current mortgage as requested and informed them that this had been completed several weeks prior to closing. There were then multiple delays in processing the loan to the underwriter. On the business day prior to the closing, when the moving truck was moving furniture out of our house, we were told that the loan would be denied. We met the written stipulation of paying off our current mortgage, we jumped through every hoop they placed in front of us and provided a quick turn around in every instance. It took them over two months from the loan application before they denied the loan and even then they waited until the last possible minute. The entire process was very difficult given the poor communication, lack of information provided to us, and repeated requests for additional paperwork. There lack of organization, poor communication, and "bait and switch" tactics cost us considerable financial loss.Desired Settlement: We had to obtain a business loan at a higher rate in order to pay off the curent house and purchase the new home. If New Penn had been honest with us from the beginning and explained the process, this could have been avoided and we would have been able to secure financing from a local bank. We are now paying a higher interest rate because of their deceitful business practices. When we complained, the vice president of the company accused us of being dishonest despite the clear written documentation in emails to the contrary.

Business

Response:

August 23, 2013

Review: I was referred to New Penn and started the process of refinancing my home. [redacted] was the agent that was handling my refinancing. [redacted] assured me an easy quick refinance at a rate around 4.125. After giving him the go ahead he pulled my credit and I gave him all the required paperwork. After a couple weeks and my inquiries he asked for additional paperwork. I received a letter in the mail informing me my credit had been pulled which I knew would happen. Normally I checked in about 5 days after he said he would give me an update. I felt I always gave him more time than he asked for. A few weeks after my initials credit was pulled by New Penn Financial I received another letter informing my credit had been pulled again by New Penn Financial. I asked **. [redacted] why they had to pull my credit for the second time. He informed me they only pulled my credit once when I initially gave him the OK to. after a few more weeks of getting the run around I decided to started to do my own research. **. [redacted] told me the only piece he was waiting on was the Mortgage insurance. He told me he has been in contact with the mortgage insurance on a weekly basis and due to the company holding my MI this was holding up the process. When doing my research I talked to another company about refinancing my home but never gave them any information or tried to switch to another company for refinancing. I informed **. [redacted] that I had spoken to another company in the hopes that this would give him some incentive to finish the refinancing of my home. After another couple weeks I asked **. [redacted] what the status was. **. [redacted] informed me that he stopped working on my refinancing two weeks prior because I emailed him and told him to. I pointed out in the emails I saved that I never asked him to which he still denied. I continued with my research about the mortgage insurance. **. [redacted] gave me the contact of who to call about getting the mortgage information released. Speaking to a gentleman for about ten minutes he informed me that no applications had been submitted about my mortgage insurance since I bought the home in 2007. He also said there was no reason it should take weeks to get the mortgage insurance released. I spoke with **. [redacted] boss [redacted] about this issue. He was not any help but more defended the actions of **. [redacted] even after I explained the issues I have been going through. *Disclaimer. ALL dates and descriptions above are approximation going off memory without researching exact times and dates through my email correspondence. I have already given enough time to this company. Researching and listing the EXACT dates would waste even more of my time then to simply try to address the poor customer service I have received.Desired Settlement: Finish refinancing my home at the original rate I was quoted while being honest about getting my mortgage insurance.

Business

Response:

{Please see attachment.}

Review: I have been receiving letters from this business for a couple years now, addressed to my spouse "[redacted]". These mailings do not include ANY information on the envelope that indicates the letter is of a business nature. The font is in a handwritten form and clearly intended to look like a personal letter. They do not include a business name, only the name "Nels E[redacted]" and an address. No other indications that the mailing is a business solicitation. I have returned at least 6 of these "Return to Sender" with "Please remove me from your contact list" written on them. To date, none of these have been honored. I am still receiving these. In fact, I've received 2 in the last month (July/Aug 2014). I fail to understand why they would continue to pay to have these mailed to an address that is clearly hostile to them and will NEVER buy their product. I am hoping that by filing this complaint, maybe they will finally honor my request to no longer receive their mailings whose purpose is clearly deceptive.Desired Settlement: I wish to no longer receive any mailings or other forms of contact from any New Penn representative.

Business

Response:

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 letter that [redacted] received was 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 been 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 the 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,Jeff C[redacted], Esq.Staff AttorneyNew Penn Financial, LLC[redacted]###-###-####

Consumer

Response:

[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.]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]

Review: On Jan 30th I was approved for a loan and asked to deposit $540 for the insurance portion of the loan which I did. I was then told that the loan was declined by the lender because he wanted more money depsited to the account. When I refused they told me that my loan application could not be processed so I asked that the loan be terminated. This is a copy of the email that I received

[redacted],

Good morning. Your account has been terminated as of February 14, 2013. You will be receiving your refund as a certified cheque via mail. Within two weeks, expect a phone call from an agent within our refund department. Once again I apologize for the inconvenience this has caused you.

--

Sincerely,

Loan Agent: [redacted]

Office phone: [redacted]

Office Fax: [redacted]

Email: [redacted]

Visit us at: [redacted]

Since I received this email I have not received any more contact by either email or phone. I have kept copies of all of my emails that I have sent. Since then I have sent emails on Feb 15 2013, Feb 26 2013, Mar 7 2013, Mar 13 2013, Apr 10 2013, and Apr 11 2013. Not to mention the number of phone calls.

If required I can provide you with all of the emails that I have regarding this issue.Desired Settlement: I was promised a refund by certified check as per the above email from [redacted] I expect to be refunded the entire amount because the loan was never activated by the company and the funds that were deposited by me were for insurance. They have held on to my money for far to long.

Thank you.

Business

Response:

This consumer has not been dealing with our company, New Penn Financial, LLC (NPF). NPF does not transact business in Canada

Unfortunately, this consumer has been victimized by a fraudulent scheme.

Consumers who click online ad banners are directed to [redacted], which purports to be a debt consolidation/personal loan company. After application online, the consumer target is contacted and presented with a personal loan approval letter and Loan Contract. The target is asked to provide “loan collateral” via wire transfer in order for the loan to fund.

Review: this is a finance company, they called me about doing a refi and after a lot of promises I agreed, first I had to pay for the appraisel that was over priced, then I had to get them a bunch of paperwork, on 5 different occasions I dropped off at their office, then I was contacted that all was approved, I set up a few things to do when all complete, I then got a call and was told that it was contingent on my rof being completed which was not until April and I would have to pay lock in fees or wait and go with the rate at that time, I got a ruaround, then they canceled the refi without my asking that means I have to pay a fee or start all over again, it was a horrible experience ans the very young lady that was helping me was terrible and did not know much, it has cost me about 1000 dollars and a lot of agg and I am still at the same starting spoy, what a waste of time.Desired Settlement: want to refi and the rate promised and approved for the month of December as told, I did my part.

Business

Response:

I am in

receipt of the complaint **. [redacted] filed with the 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:

Review: Good day and thank you for assisting in this natter.I have called this company more than once asking them to please stop contacting me, soliciting me, regarding my current mortgage and wanting to refinance my current one. I'm not interested, advised them of this. politely, and was assured I would be taken off the "list". I received yet another letter today, same verbiage as the last 6-8 previous letters. I called again and was told the same thing - "I would be taken off the list."I feel harassed and am tired of asking politely.Respectfully,[redacted]Desired Settlement: Stop ALL contact with me from this company and any or all affiliates there of.

Business

Response:

I

am in receipt of the complaint [redacted] filed with the RevDex.com (“Revdex.com”) against 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 [redacted]’s complaint and investigating the surrounding circumstances, I offer

the following response:

Review: I applied for a mortgage refinance with New Penn Financial, most of my contact with regard to the steps necessary to complete my application/ process were with an associate named [redacted]. During the course of the application process **. [redacted] requested several different documents at various times/ which I supplied to him in a timely manner. When all the necessary documents were received and review by [redacted] and New Penn Financial, I was given a verbal approval by **. [redacted] that everything was in order and that the only thing holding the loan from being approved was the appraisal , I expressed to **. [redacted] that I was a little uncomfortable paying for an appraisal without any written consent that my loan would be processed/ he assured me that everything was a go!! I ordered or should I say he ordered the appraisal using my credit card / with my consent. The appraisal came back well above the loan amount ( refinancing 170.000/ appraisal of home 750.000). [redacted] contacted be several days later, only to inform me that the loan was not approved. I asked for my refund for the appraisal and was told that was not possible/ I explained to him that he assured me that the loan would go through if appraisal came back positive( which it did) so I asked what the problem was / he referred back to some of the documentation I submitted and stated that it was not sufficient ( mean while when he received the requested documents/ he said everything looks good)- -- then he stated other factors were also holding the loan from being approved. ( Needed to show more income) I feel I mislead by this representative and was assured that it/ the loan would go forth( after appraisal ) So I am requesting a refund of my money and would also like to put on record that at least 2 months of my time and efforts have gone by the waste side!!!Desired Settlement: Just want the credit for the price of the appraisal that was charged to my [redacted] credit card.

Business

Response:

The attached letter and check were sent to **. [redacted] as reimbursement for his appraisal fee. Please do not hesitate to contact me with any questions. Thank you.

Review: Filed application for mortgage refi Nov 1,2012 with **. [redacted]. 8 months later the mortgage has not closed although approved. Closing has been cancelled 4 times by New Penn,twice at the last minute for various reasons. Latest was on May 24,2013. Supposedly,they needed verification of property taxes and were to obtain on May 28,2013. They once again failed to closed and will not honor the rate lock in of 2.5% which expired on June 3,2013. 8 months to handle a closing is ridiculous and something more may be amiss. Last email correspondence with **. [redacted] he sates that it is only another $30/month which amounts to $5400 over the life of the loan. They have repeatedly run credit searches which lowers our FICO scores. I also have $450 invested in an appraisal and have lost many hundreds of dollars in the past 6 months by paying our current mortgage at a higher interest rate(% 5.05).Desired Settlement: Compliance the terms of the original application for refi mortgage which they have unilaterally broken on many occasions over the past 8 months.

Business

Response:

**. [redacted]

Review: New Penn Financial"s subsidiary, [redacted] Services , will not apply my additional principal payments correctly.Desired Settlement: I want this problem fixed, I went through this same issue last year with their previous loan servicer, [redacted].

Business

Response:

New Penn Financial, LLC (“NPF”) reached out to

[redacted] Servicing (“[redacted]”) and requested that the problem be

addressed in an expeditious manner. We have been advised that [redacted]

has spoken to the customer and resolved this complaint to the customer’s

satisfaction by making the necessary modifications to the customer’s account

for proper payment processing moving forward. If this is incorrect,

please let us know. Thank you.

Consumer

Response:

[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.]

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,

Review: This person, [redacted], Mortgage Consultant has harassed us continually each week sending us unsolicited notes hand written on a notepad each week for months now. We sent a letter requesting that this not be sent to us any longer. We are not interested in responding to a request to refinance our home let alone a request that is handwritten on note paper! That letter was sent weeks ago and they continued to send us advertisements as usual. I called the middle of last week and asked them to take us off the list mentioning the letter we sent requesting them to do so. Again this week, we received our weekly request from this same person. We are sick of receiving these requests! We want them to cease sending them immediately. We have never initiated any involvement with this organization and would never consider them a viable prospect in lieu of these unprofessional solicitations. Please consider this a viable complaint!Desired Settlement: We want no more notes sent from this company!!

Business

Response:

On behalf of New Penn Financial, LLC ("New Penn"), I apologize to the [redacted] 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 [redacted] 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 [redacted] can reach out to me directly if they would ever need further assistance relating to their complaint.

Staff Attorney

New Penn Financial, LLC

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Review: On July 15, 2014 my wife and I refinanced our home located with New Penn at [redacted], Pilot Point, Texas 76258.

Shellpoint Mortgage Servicing is New Penn's mortgage servicing arm.

At the closing we agreed that my checking account would be drafted bi-weekly on a start date I specified.

I specified that drafts would begin September 1st, 2014 (my payday). The Automatic Payment Enrollment Form

was executed at closing, specifying September 1st.

Shellpoint did not draft on the 1st but instead waited until the 8th - 1 week later than the date specified on

their Automatic Payment Enrollment Form.

I contacted Shellpoint only to be told that it doesn't matter whats on the form, they draft everyone on the same date.

I said that that was unacceptable, that I wanted my contract honored.

Their reply was that I could go ahead and make biweekly payments, but that I would not get interest reduction benefit without paying a month in advance.

In lieu of drafting on my payday, I began making payments and have been since.

Shellpoint's army of debt collectors calls my cell number at least twice a month telling me that I'm behind in my payment and asking when I'll pay.

I explain the circumstance to get the standard answer, "We draft everyone on the same day."Desired Settlement: 1) I want my checking drafted each paycheck according to the documented contract, not something else.

2) I want interest benefits accrued since my first payment.

3) I want their bill collectors to stop calling me.

Business

Response:

Please see attached response

Review: Susannah R[redacted]

Current Legal Name: Susannah R[redacted]

NMLS ID: [redacted] Location(s): [redacted], NC 27609

Represents: New Penn Financial, LLC (3013)

We started a loan with these people after being contacted by Ms R[redacted] on July 28, 2014. Had several calls where we had filled out a form on line, my mistakes was listening to this great sales pitch by this person. But we filled out the paper work and was told we were good to go no problems. My credit was excellent with high scores, and instead of using the highest score they went with my husband lowest score which was over the 700 mark. My husband makes 110,000 plus a year. we were refinacing for a smaller payment and to pay off debt. I was told by R[redacted] it would only take 2 weeks. They hired some back woods appraiser who totally did not have any idea how to appraise a home, many mistakes and unprofessional to say the least. Argued with them about it and had some Manager Steve which was real joy tell me we could go VA and get 100% with this appraisal and he would charge me an extra 9,000 to do some, of course I told him he was stupid as the appraiser. I requested after talking to an attorney and another appraiser to send it back to them and fix the mistakes which their was many. They did so came back with a just one problem fixed, once again we said no way, and also during this time the company itself was hee-haw around and not completed paperwork. This is causing us money and undo stress, the bills were paying off were coming due and I got stuck paying high finance charges due to their lack of professional responsibilities . I was told by R[redacted] she would take it to her big boss, in the mean time told them to re-turn it to the appraiser to fix problems again he missed, they re-fused to do so or have their appraisal department fix the problem, they were always low-balling. I understand why it reminded me of Country wide that did the same thing to add PM! or higher rates, well they came back with a higher rate and less money , which again continue to put us in a bind. Here we are out 42 days and no resolve. I intend putting these people out of business if possible unless, they resolve this issue immediately with the original request for re-finance which would be the 280,000, a upgraded and completely appraisal by this person, which would put the home worth in the 400.000 range like I told R[redacted] from the start, if corrected it would be, also the original small fee for refinacing, no added crap extra fees added, also the 4.37% promised. I have all e-mails from this company also saying the appraiser made many mistakes. Here again I have no loan and all the bills due, and I'm losing money on interest. I ask your immediate attention to get this resolved. I will be contacting my lawyer and several other agents including the Revdex.com this morning in this regard. I'm not willing to let these people slide by: I feel we have been scammed!Desired Settlement: See the above written requirement for settlement

Business

Response:

September 19, 2014I 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

Consumer

Response:

[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]

Review: [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,