Pentagon Federal Credit Union

Dear Ms*** ***,
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Your complaint filed with the Revdex.com regarding your application to refinance your home with Pentagon Federal Credit Union (PenFed) was received in my office on April 08, I appreciate the opportunity to address your concerns
Please accept my apology for your unsatisfactory experience with our Mortgage DepartmentWe adhere closely to *** guidelines when working with real estate lendingThose guidelines clearly state the required loan-to-value ratios and which supporting verifications, such as insurance documents, are required to progress with your applicationThere was a misunderstanding whether you were refinancing a townhome or condominium, and we received conflicting informationHad the property been a condominium, the loan terms and existing homeowner’s insurance coverage did not meet our underwriting guidelinesI regret we did not verify that your home is townhome prior to your decision to withdraw the application
Although the mortgage loan process is complex and time is required to collect and verify the proper documents, you should expect to receive prompt status updates, timely responses to your questions and accurate informationI am sorry this was not the case in your situation
Due to the misinformation about your home, we will be refunding $for the appraisal and application fee to the credit card account you entered in your application
I regret this experience left you with an unfavorable impression of the credit unionWe understand our members are our most important asset, and our primary goal is to ensure you are satisfied with our products and servicesI hope there are opportunities in the future to assist you with your financial services
Sincerely,
Cindy G***
SrVice President, Mortgage Originations
Pentagon Federal Credit Union

Dear Mr***,
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Your complaint filed with the Revdex.com regarding your recent mortgage loan transaction was received in my office on July 07, I appreciate having the opportunity to address your concerns
The processing of a mortgage loan can be complex and frustratingClear, frequent communication is essential to the timely completion of this process, and I am sorry this was not the case in your situationPlease accept my apology, and know your experience was shared with all levels of mortgage management
In addition, receiving documents for another member is most regrettableFortunately, the only information included was the name, address, and application numberPlease know this situation was also shared with mortgage management and used as a training opportunity for the real estate division, reminding all to be diligent and attentive when sending information or documents to our membersPlease accept our apology
A review of your file shows the loan was ready for closing on June 24, and per your request and work schedule, closed on Saturday, June 27, at your homeDue to the three-day right of rescission requirement, funding took place on July 2,
We appreciate the time you spent speaking with Christal S***, Mortgage Manager, on more than one occasion, regarding the progression of your loan requestIn consideration of the time it took to process your refinance loan, she arranged for a refund of your appraisal fee, and the application fee for a total of $These funds were returned to you on July 13, Any questions regarding fees or costs from another lender should be addressed with them
We appreciate you choosing PenFed Credit Union for your real estate financingWe hope to earn back your trust, and demonstrate our respect for you in the years to come
Sincerely,
Cindy G***
Senior Vice President, Mortgage Originations

Dear *** ***,
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Your complaint filed with the Revdex.com regarding your PenFed Credit Union accounts was received in my office on August 24, I appreciate having the opportunity to address your concerns
We consider providing a positive experience with every member interaction a service imperativeProviding accurate information is a key component of that goalI apologize for the miscommunication about the status of your PenFed Platinum Cash Rewards *** account during your conversation with our Member Service Representative regarding the past due payment
In regard to the annual fee associated with your *** account, in August we began assessing a $annual fee on all *** Cash Rewards accounts where the cardholder did not qualify for ‘Plus’ statusNotices of this change in terms were mailed to all affected cardholders in August of with the changes taking effect in October of
The annual fee is assessed on the anniversary month of the account’s openingIn your case, this is AprilYour March *** statement included a reminder that the annual fee would appear on your next statementYour April and May statements both showed a $balance with a
May 7, due date.
I understand your profile included outdated contact information which prevented us from reaching you about the balance due on your *** accountAttempts to call were made in late May and, when we were not able to contact you by phone, a letter was mailed asking that you contact us
Thank you for calling us on June 18, and making payment of the past-due balanceThe representative assisting you refunded the $late fee assessed to your *** account and updated your phone numberUnfortunately, by that date, your account was over 30-days past due and it reported as such to the consumer credit reporting agencies in accordance with the requirements of the Fair Credit Reporting ActAs a courtesy, we removed the negative reporting from your credit report as we trust that this was an oversightPlease allow days for the credit reporting agency to complete the correction
Regarding the auto loan, we carefully researched the reporting of an active PenFed auto loan in your name to the consumer credit reporting agenciesWe found an auto loan check was disbursed to you on February 28, At your request, the loan was cancelled on
March 26, and effective dated to February 28, to prevent interest accrualWe send information to the consumer credit reporting agencies on a monthly basisAs this loan was active at the time of our monthly file submission to the credit reporting agency in March 2014, it appeared on your credit fileThough we subsequently reported the loan with a zero balance, this information did not update on your bureau files
To correct this, on August 26, 2015, an update was submitted to the three major credit reporting agencies, ***, *** and ***, to remove the loan from your credit reportAgain, please allow up to days for the agencies to complete the correction
I am pleased you have chosen to carry the PenFed Platinum Cash Rewards *** card in your wallet, and hope you will continue to be a committed cardholder and member
Sincerely,
John K***
Senior Vice President, Card Services

[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 10448102, and find that this resolution is satisfactory to me.
Regards,
*** ***

Dear *** **,
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Your complaint filed with the Revdex.com regarding your mortgage application with Pentagon Federal Credit Union (PenFed) was received in my office on February 5, I appreciate having the opportunity to address your concerns
Please accept my apology for the frustration you experienced as a result of the way your mortgage application was processedWe strive to provide excellent service on every application and I am sorry we did not demonstrate that to you in this instanceI regret any misunderstanding there may have been on the terms and fees related to our applications and that the experience has left you with an unfavorable impression of the credit union
A Manager reviewed your file and approved refunding the fees assessed when your application was declinedAt that time, a credit report fee ($16.50) and an application fee ($65.00) were assessedA total of $will be refunded to you
I hope you find this resolution satisfactoryAs previously discussed with your Processor, we would be happy to consider an individual application from youWe value every opportunity to assist our members with their financial needs and would be pleased to welcome you to the PenFed family
Sincerely,
Craig *O***
Senior Vice President, Mortgage Operations
Pentagon Federal Credit Union

[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 ***, and find that this resolution is satisfactory to me
Regards,
*** ***

Dear *** ***,
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) *** account was received in my office on March 24, I appreciate having the opportunity to address your concerns
Your check card ending in *** was part of a security compromise that took place in September This compromise occurred with a third party company, not with PenFedIt was brought to our attention in February of All *** cards impacted by the compromise were scheduled to be replaced and closedYour check card was scheduled to be replaced and closed by March 16,
On March 8, 2015, suspicious charges triggered a security block on your check card ending in ***This block prevented the card from being used for any transactions and remained in place until March 16, 2015, at which point check card *** was closed
Your replacement check card ending in *** was activated on March 08, On March 18, 2015, you contacted PenFed and reported fraudulent activity on your accountAll of the fraudulent activity you reported took place between March and March of 2015, before the security block was placed on the check card ending in ***As some of the fraudulent charges were non-PIN transactions, they posted to your account as late as March 9, Your *** account was fully refunded on March 23, for all the reported fraudulent activity
I apologize for any misinformation you may have received about the status of your account and the nature of the fraud that occurred using your check cardAlthough the check card was never out of your possession, it is likely the information obtained in the September compromise was used to duplicate your cardPenFed takes safeguarding your accounts very seriously and practices ongoing and strenuous security procedures to ensure your accounts are protectedThis includes closing check cards when a compromise is brought to our attentionUnfortunately, we are not able to prevent security breaches with third party companies
I regret this experience left you with an unfavorable impression of the credit unionWe understand our members are our most important asset, and our primary goal is to ensure you are satisfied with our products and servicesI ask that you allow us the opportunity to restore your confidence in our ability to meet your financial needs and treat you as a valued member of PenFed
Sincerely,
Scott PY***
Vice President, Card Services

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because:To whom this may concernPenfed has yet to even send me any type of notice about any payment deferral that they spoke ofAgain,it is a clear sign of bad business on their end with miscommunications!I was not days past due to be reported as it was a transaction that came before daysNo where has it been shown that I was lacking payments when I clearly paid off a 5,credit card in full with themNow tell me why if I had no money would I direct a payoff of their credit card that they closed on me due to not using it enough for them to make money?Again,I was never behind days on my account and some months I only had to pay a little over for paying OVER the amount of the monthly paymentIt is a shame that a business would seek out to have no compassion and destroy a person's report based on miscommunicationsI will file a complaint with the Attorney General of their state as well as mine as this is not fair and my account was adjusted without even informing me
Regards,
*** ***

Dear *** ***,
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) *** *** credit card account was received in my office on September 12, I appreciate having the opportunity to address your concerns
On August 22, 2013, you redeemed 36,Rewards Points in exchange for air travelDue to an error in our system, this redemption amount was not subtracted from the Rewards Points total displayed on your credit card statementThis information was shared with you on September 4, when you contacted PenFed to inquire after your Rewards Points balanceAs a result of that phone call, the Rewards Points total was updated in our system
I regret any confusion caused by the incorrect Rewards Points total reported on your credit card statementsI wish to assure you this was solely the result of a system error and not meant to mislead you in any wayBecause the discrepancy in totals is the result of points you successfully redeemed, we do not find cause to provide you with additional points at this time
We encourage members to access www.penfedpremiumrewards.com or call ###-###-#### for the most accurate Rewards Points total for your PenFed *** *** cardI hope the information in this response clarifies any concerns you may have on this issue and that you continue to enjoy the benefits offered by the PenFed *** *** card
Sincerely,
Scott *Y***
Vice President

I have been a member of Pentagon Federal credit union since It wasn't until I took a loan against funds in my account that I had a problemI set my payments up on auto payThis was in 2014, since then I have late payments charged to my account repeatedlyNot to mention the phone calls over and over telling me my payment is lateThe payment should come out of my account automaticallyI'm writing this review because in the past the matter has always been resolvedThis time I was to a different amount of my payment and that I don't have auto pay

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because: The fact that I had a family house WAS entered in the original applicationUnfortunately I cant bring that original application up as once answered, and submitted, your system does not allow itYou are ASSUMING that your application specifically has a box that a customer has to checkYou are relying on your computer generated information not the original application! Garbage in garbage outThe information was given in one of the general comment/more information section of your applicationThat still does not negate the fact that I was charged for a product you do not offer. PLEASE, PLEASE, look at that original application and not something generated by one of your subordinates or COMPUTER rehash.
Do you think that a sensible CUSTOMER would carry this to this extreme IF YOUR previous answer were correct? Do you think this is about the +- dollars? As I cant access the application it is impossible for me to prove my allegations. WE/ME your customer(s) are at your mercy but remember, "What's Right is Right" and sir it is "WRONG" to charge for something you don't offerRegards,
*** ***

Dear *** ***,
I regret my initial response did not fully address your concernsI am pleased to provide additional information regarding the fees associated with your PenFed mortgage application
The charges assessed to you upon the denial of your application are fees PenFed was charged by third-party vendors for the services they provided in relation to your applicationTypically these charges are paid as part of the closing costs during finalization of an applicationWhen an application does not move to closing, PenFed recoups the cost paid on the applicant’s behalf by charging the credit card provided at the time the application was submittedPenFed does not profit from these fees
At the time you submitted your application and provided your credit card account number, you authorized us to charge this account for these fees
I am sorry you feel we did not provide you with the level of service you deserve and have chosen to close your membershipI wish you the best in your future financial endeavors
Sincerely,
*** ** ***
President/CEO
Pentagon Federal Credit Union

[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 ***, and find that this resolution is satisfactory to me. Regards, *** ***

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because:No reason was given as to why they allow Pen Fed loan officers and Pen Fed real estate agents to submit purchase contracts for borrowers with negative incomes I am not asking for specifics of the borrowers income I would like to know why they allow their employees to submit purchase contracts with pre-qualifications without properly investigating the borrowers income Do they make a good faith effort to actually determine a borrowers actual income? If so, what steps do they take to ensure they are doing their due diligence with regards to proper qualification of a borrowers income What are the actual requirements for issuing a pre-qualification? Were these steps followed? If so, how did you issue a pre-qualification for someone with a negative income? Additionally, why did it take two weeks to determine this loan couldnt qualify when other lenders were able to determine this in less than an hour
Regards,
*** ***

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint: ***
I am rejecting this response because: I received a response from *** stating that they closed my account and refunded the $that I paid to PenFedI don't have very much confidence in their word since I've received to many different answers from various representatives from both them and PenFedOnce I receive my check from them (which they stated was mailed on 02/15/2016), you can cancel this check, check # ***.Regards,
*** ***

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Complaint: ***
I am rejecting this response because:
Penfed should honor the original promotion of 3.99% Fixed APR Penfed should not change the rate to 3.75% Variable rate because they took too long to process the application and rate lock expired As a compromise, I would accept a counter offer of 100K at 3.99% Fixed APR Furthermore, I am willing to accept a longer loan term of or years to further lower the monthly payment if Penfed insists that my debt to income ratio is still too high Please note that 100K is half of what was originally agreed (200K) and only 25K over Penfed's counter offer of 75K.
Regards,
*** ***

Dear ***,
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage application was received on April 18, Your complaint was also received by email and my response was emailed to you on April 16,
I am very sorry to hear that the processing of your application was difficult and prolongedI appreciate the anxieties that come with purchasing real estate and regret that our processing of your application did not help to alleviate themPlease be assured that we do not take your concerns lightly, and I shared your e-mail with our managerial team
I understand there were some complicating factors with your application involving verification of your assets to close and sufficient reservesI regret we did not have a clearer understanding of the types of funds, their location and the underwriting requirements in these circumstances earlier in the processWe did not, however, want you to incur the expense of the title work and an appraisal by ordering these services prior to having underwriting approval of the assetsI am sorry this resulted in a delay with your application
I see you originally locked your rate at 2.65% and that this lock expired just prior to closing and that you opted to lower your rate to 2.50% with discount pointsI hope the lower rate over the term of your loan is beneficial for you
We will provide the final HUD-to the borrower at least hours prior to closing when asked to do soI am sorry if this was not communicated to you so you could receive the form early
I asked that your HUD-and the closing credits be reviewed to ensure they are accurateI am providing a breakdown of the costs and credits you receivedYou will see the final credit equals the $addendum amount
A Loan Level Pricing Adjustment (LLPA) was a factor with your applicationThis is a fee determined by the Federal National Mortgage Association (FNMA) based on a matrix of FNMA-defined risk factorsIn your case, there was a 0.250% LLPA combined with your buy down of 0.625% for a total fee of $These fees are not included in the PenFed closing costs promotion
PenFed paid $in fees on your behalf as follows:
$- application fee
$- appraisal fee
$- credit report
$- tax service
$- flood cert fee
$- final inspection fee
$- work number fee
$- settlement fee
This amount subtracted from the $LLPA fee left $due from you, as indicated on line of the HUD-
An additional credit for the $title service fee and $recording fee was grantedHowever, due to the final cost of the title service exceeding the cost listed on the good faith estimate, the title service fee was reduced by $Therefore, the net amount we credited for these fees was $(+ - 217.56)This credit is listed on line
The total credit amount is then $from line and $from line 207, which is the $amount listed on the addendum you signed
Although the processing of an application is usually completed by the same processor from start to finish, situations can arise where that processor is unable to work, such as illness, vacation, promotion, or resignationI regret that your application was affected by one of these factors
I am sorry to hear that you believe we would intentionally delay your applicationI want to assure you this was not the caseWe look forward to having the opportunity to restore your confidence in our ability to meet your financial needs and treat you as a valued member of PenFed
*** ** ***
Chairman of the Board
Pentagon Federal Credit Union

Dear *** ***,
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I appreciate the opportunity to address your concerns with the changes to PenFed’s *** Platinum Cash Rewards accounts
We perform periodic reviews of all products and services and changes are made as necessary to balance costs and revenueWe have offered rewards products in varying forms for over ten years and have at times adjusted them to maintain the program’s integrity and the credit union’s financial strengthIn October we made the decision to reduce the cash rewards earned with the *** Platinum Cash Rewards accounts and assess an annual $fee on all accounts where the cardholder does not have a qualifying PenFed product
The decision to change the structure of the *** Platinum Cash Rewards account was difficult to makeThe fact of the matter is, this is an expensive product and assessing the annual fee helps offset those costsHowever, we also recognize the value of member loyalty and wanted to acknowledge our members who use PenFed for a variety of their financial needs
The *** Platinum Cash Rewards account now earns 3% gas rewards for purchases at the pump and includes a $annual feeIf members utilize qualifying PenFed products, their annual fee is waived and they earn 5% cash back on gas purchases at the pump
Qualifying PenFed products include:
Active checking account with a monthly direct deposit of $or more
Money Market Savings account with a balance
Thrifty Credit Service or Personal Line of Credit
Money Market Certificate or IRA Certificate
Mortgage
Equity Loan or Equity Line of Credit
Installment loan to include auto, boat, motorcycle, travel trailer, personal and educational loans
At the end of August of 2013, change of terms letters that included the above information were mailed to all cardholdersAs you did not have a qualifying account, your cash rewards for gas purchases at the pump were reduced to 3%With the opening of your Money Market Savings Account in July of 2014, you began earning 5% cash back on gas purchases at the pump in September
I regret your questions regarding the changes to your *** were not answered at the time of your call and hope this information clarifies our actionsThank you for choosing to carry a PenFed *** Platinum Cash Rewards card
Sincerely,
Scott *Y***
Vice President, Card Services
Pentagon Federal Credit Union

Dear *** ***,
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Your complaint filed with the Revdex.com regarding your PenFed Credit Union accounts was received in my office on July 22, I appreciate having the opportunity to address your concerns
I regret you had difficulty updating your name in our system and initiating the process to be removed from *** ***’ share accountI understand your frustration and regret this caused you to close your PenFed membership
To protect all parties, the removal of a joint owner from a share (deposit) account results in the closure of the accountTherefore, it is PenFed policy to obtain the consent of both ownersThis policy protects PenFed from liabilities and ensures we have up to date records
In response to your inquiries, I initiated the process of removing your name from MrWalter’s share accountJoint owner removal forms were mailed to you on July 22, Please complete the forms and return them to PenFedThe forms will then be forwarded to *** *** for his signatureShould the forms not be returned from *** *** within days, the joint share account will be closed and a new individual account opened it its place
Additionally, we updated our records to reflect your name as *** ***I hope you find these resolutions satisfactoryI regret your confidence in our ability to meet your needs has been shaken, and you will reconsider your decision to close your membership
Sincerely,
Christopher ** M***
Senior Vice President, Operations

Dear *** ***,
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage application was received in my office on March 13, I appreciate having the opportunity to address your concerns
I apologize for the misunderstanding with the PenFed mortgage application you completed on June 18, We carefully reviewed our records and found your application was submitted to us on June 18, This allowed us to provide you with a good faith estimate and a truth in lending disclosureThough you did submit the application, you also indicated you were not ready to proceed with the applicationThis designation prevents the lender from ordering services, such as the appraisal and title work, which incur additional expenses, and allows the borrower time to consider their options
When we were unable to approve your application, the $application fee and $credit report fee were charged to the credit card account number you provided with your applicationHowever, based on your indication that you were not yet ready to proceed with application, the application fee should not be chargedI apologize for our oversight submitting this chargeWe sent a credit to your credit card issuer on March 23, for the full $charge
I regret this issue was not settled with your dispute of our charge to your credit card accountI hope our actions have now resolved this matter to your full satisfaction
Sincerely,
Cindy G***
SrVice President, Mortgage Originations
Pentagon Federal Credit Union