Pentagon Federal Credit Union

Dear [redacted],
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Your complaint filed with the Revdex.com regarding your PenFed Credit Union accounts was received in my office on October 14, 2015. I appreciate having the opportunity to address your concerns.
 
The PenFed accounts opened in your name were carefully reviewed. The membership was established in May of 2008. A checking account and three loan accounts and a credit card account were opened within that month. Signature cards for the share accounts were received, as well as promissory notes for the motorcycle and personal loans. Payments were received to all loan accounts in July 2008; however, there were no payments thereafter. Though there were extensive attempts to reach you by phone and mail, as well as contacting your relatives, our Collections staff was unable to reach you to discuss the balances owed. In March and April of 2009 the over $40,000 in loan debt owed to PenFed was charged off and assigned to a collection agency.
 
Our review of the account histories did not find your stated contacts with us on December 1, 2008, May 1, 2009 or October 1, 2015.
 
In June of 2015 we received through the consumer credit reporting agencies, your disputes of the dates we are reporting for these loans. In that month, we submitted updates to [redacted] and [redacted] to correct the loan amounts and change the dates of last account information, date of first delinquency and date of last payment. Due to the charged-off status of the accounts, they will continue to appear on the consumer credit reports for seven years from the date of charge off, not from the date the account was opened. The loans will continue to report into 2016.
 
We confirmed the loans are correctly reporting as opened in May of 2008. The date of last account information refers to the date we provide information to the consumer credit reporting agencies and, therefore, changes with each contact.
 
Due to your claim that these accounts were opened fraudulently, our Fraud Security Officer contacted you by phone on October 23, 2015. Upon receiving identity documents from you, your fraud claim was fully investigated. It was determined the signatures on file for the loans match that of your driver’s license, and the claim was denied. The loan balances are your responsibility to repay and will continue to be reported as such to the consumer credit reporting agencies.
 
I hope you now have a better understanding of the reporting of the loan accounts, and our process for your fraud claim.
 
Sincerely,
 
Angela *. P[redacted]
Senior Vice President, Enterprise Risk Management

More 24 of 99  Print all In new windowYou have a new message from the Revdex.com of Metro Washington DC & Eastern Pennsylvania complaint #[redacted].Inboxx Pentagon Federal Executive CorrespondenceAttachments6:22 PM (22 hours ago)to...

me Hello [redacted],We missed our due date on this complaint and mailed our response to [redacted]. Pasted below is a copy of that letter for the Revdex.com’s records.Thank you,Barbara W[redacted]Coordinator Executive CorrespondenceOffice of the Chairman of the BoardPentagon Federal Credit UnionThis e-mail and any files transmitted with it are confidential and intended solely for the use of the individual to whom it is addressed. If you have received this e-mail in error, please notify the sender. The recipient should check this e-mail and any attachments for the presence of viruses. While Pentagon Federal Credit Union makes every attempt to prevent the transmission of any viruses, it is not responsible for any damage caused by any virus transmitted by the e-mail. [redacted]Tarrytown, New York [redacted] Re:  Fraudulent Membership Dear [redacted], Your complaints filed with the Revdex.com regarding the Pentagon Federal Credit Union (PenFed) account fraudulently opened in your name were received in my office on November 3, 2014 and November 7, 2014. I appreciate having the opportunity to address your concerns. On October 21, 2014, your identifying information was provided to us through our website, www.PenFed.org, and used to open a PenFed membership. A share (savings) and two checking accounts were opened on this membership. Applications were also submitted and approved for a PenFed [redacted] Promise credit card and a [redacted]) line of credit. On November 3, 2014, you contacted PenFed by phone and informed us this membership and the associated accounts were opened fraudulently. In response, the credit accounts were immediately closed. By November 5, 2014, the membership and all associated accounts were closed. We regret any frustration caused by correspondence you may have received during the time we were closing down the membership.
 A request was submitted to all three major credit reporting agencies to remove any record of the [redacted] and [redacted] accounts, and to [redacted] specifically to remove the hard inquiry made when this membership was opened. [redacted] will not allow the full removal of an inquiry; however, they will change it from a “hard” inquiry, which can affect your credit score, to a “soft” inquiry, which does not affect your score. A letter containing the information used to open the membership and how it was supplied to PenFed was mailed to you on December 5, 2014. An Affidavit of Forgery was also mailed to you from our Card Fraud Department to confirm the charges made to the PenFed Promise [redacted] are fraudulent. We received the completed affidavit from you on December 5, 2014. The credit card fraud case will be finalized and you will receive no further contact from PenFed on this matter.We regret any frustration this experience caused you and hope you find this to be a satisfactory resolution.   Sincerely,  Vincent *. G**Vice President, Security and Facilities                                                                       cc:  Revdex.com

I tried refinancing with these guys. My credit score is excellent and was preapproved.
From the start had communication issues with the processor and ended up getting a replacement. They had an appraisal done which came back undervaluing my property so that they could try charging me extra points. I canceled the refinance with them and ended up paying the appraisal fee and they charged me for title work that the title company told me they neither billed or got paid for!
I am now going thru consumer direct. My appraisal they had done was 50k higher than P[redacted] .
Beware

Dear [redacted],
Your rejection of my response to your Revdex.com complaint was received in my office on April 22, 2015. I appreciate having the opportunity to address your concerns again.
I regret this event caused you such frustration that you are considering the validity of your financial relationship with PenFed. Our primary goal is to provide our members with the high quality service they deserve.
At the time of your first complaint filed with the Revdex.com, our Collateral Control Department was already in contact with the Idaho Department of Motor Vehicles (DMV). They immediately requested the return of your title from the Idaho DMV on April 14, 2015. In the interim, a letter detailing the series of events regarding your title and a lien satisfaction letter were mailed and faxed to you on April 16, 2015. Additionally, on April 22, 2015 a check for the cost of a duplicate title was sent to your address of record in the event the original title was not received in time to finalize the sale of your vehicle with the buyer. We hope this letter and check were helpful.
Management in our Loan Servicing Department was in regular contact with you during this difficult time. We hope their contact helped to restore your confidence in PenFed.
Your title was received on April 24, 2015, and it was immediately sent to you for next-day delivery. [redacted] tracking number [redacted] indicates delivery on April 25, 2015.
I hope the recent service you received during this trying time has overshadowed this unfortunate event. I am grateful for your many years of membership and am confident our future dealings will be more favorable.
Sincerely,
James *. K[redacted]
Senior Vice President, Operations
Pentagon Federal Credit Union

Dear **. [redacted],

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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) tax statements was received in my office on April 6, 2014. I appreciate having the opportunity to address your concerns.
 
Please accept my apology for the poor service you received when calling to request your tax reporting information from 2012. We strive to provide our members with the superior service they deserve, and I regret we did not meet this commitment in this case. The delay in the processing of your request is unusual and not the standard for PenFed.
 
Your 1099-INT and 1099-R were not mailed to you originally because your tax statements are coded for electronic delivery. With this method, you are sent an email advising the statements are available. They are viewable once logged in within PenFed Online and can be printed for your records. Unfortunately, the statements are only available for viewing until the following year’s statements are uploaded. The electronic delivery method remains in place on your profile. If you would like to receive your tax statements by mail in the future, this option can be changed either online or by calling a Member Service Representative.
 
I ensured your request was expedited and completed on April 9, 2014. The originals of the prepared letters were mailed to you and per your request a set was also faxed the following day. Please be assured that I do not take your concern lightly and your situation was shared with management.
 
I regret this experience has left you with an unfavorable impression of the credit union. I 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,
 
[redacted]
President/CEO

[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:  Lack of explanation of closing agent of previous loan (i.e. 5/5 Jumbo loan: We've specifically asked that any early payoff penalty) as well as recent loan (i.e. 15/15 Jumbo loan). No explanation of at the Good Faith Estimate.  I could withdraw whole process (by paying processing fee ($6-700) at that time) if I was aware, I need to pay early payoff fee ($2100).  This should be identified prior to closing not after closing.  Nobody (closing agent nor PFCU mortgage agent) was able to answer at that time of closing on this fee (early payoff).  Also, payoff statement ONLY indicate as "Other Fees Due".  This is NOT acceptable for the customer of last 20 some years.  Also, my recent mortgage package has been delayed sometime so that my lock rate has to be renew and  PFCU needed to be hurried up before 2nd expiration of locked rate.  I'm deeply disappointed PFCU position on this requiest and again request carefully reconsidering this and compensate financial impact due to lack of recent mortgage processing.
Regards,
[redacted]

Advise for anyone thinking of using PenFed for a mortgage. FIND ANOTHER LENDER!!! PenFed is unprofessional and do not care about the timing of closing on a home. We were never informed of additional documents needed unless we emailed the Loan Officer, than it was we need this and we need that. We had to postpone the original closing due to last minute requests which we should have been told about weeks prior. Once everything was done on our end, they knew we needed closing documents 4 days prior to closing and yet it took them 3 days to put together our closing documents(which only left 3 days prior to closing), which were done incorrectly. When it was brought to their attention they basically said if you want it fixed you can't close on the date that is now planned. We will end up losing about $2,800 in closing costs due to their negligence. They had all the documentation stating what the seller was paying yet they totally ignored it. Not to mention the address and seller name was incorrect from the very beginning, which we informed them of and it was still wrong on the closing documents. For a company that is supposed to be so professional their work looks like it was done by a bunch of people that have never done this before. SERIOUSLY PEOPLE DON'T USE THIS CREDIT UNION FOR YOUR MORTGAGE. We used them because someone suggested them to us but it has been nothing but stress and aggravation. We will be looking to refinance the mortgage as soon as possible just so we don't have to deal with them.

[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: The seller portion of taxes is still due from Seller no matter what.
The title company or closing attorney should chase the seller who owes taxes to the buyer.
Regards,
[redacted]

I have always been with Pen fed since 09, I know most of their cards have no annual fees. Mine didn't for years but I guess it has changed terms and conditions which i'm okay with it. The negative credit report in my account was due because the fee was added to my 0 balance credit card, a zero balance that I kept for months.  Thank you for taking care of this issue and I am expecting a change in my credit report. I understand it can take up 60 days from now. I will be checking that as well. 
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]

'Leelawadee','sans-serif'; FONT-SIZE: 11pt">Dear [redacted],
Your complaint filed with the Revdex.com regarding your application for a Pentagon Federal Credit Union (PenFed) mortgage was received in my office on January 2, 2015. I appreciate having the opportunity to address your concerns.
Our application questions are designed to determine if there is a product we can offer on the property being used as collateral. To this end, one of the questions specifically asks for the number of units associated with the residence. The drop-down box provided for the response allows for single family home, condominium, or two unit.  You selected two unit.  PenFed does not lend for properties containing more than two units, so three unit is not provided as an option. While comments placed at the end of the application may be helpful during later processing stages, they are not taken into account by the automated application system.  Based on your selection of a two-unit property, your application moved forward and you indicated your intent to proceed with the application. 
Prior to submitting your application, the fees which may be charged if an application is submitted but does not move to closing were disclosed to you. By agreeing to continue with the application and submitting it for review, you consented to having your credit card account charged for these costs.
After confirming with you that your home has three units, your application was declined on December 11, 2014 due to the type of collateral not meeting PenFed guidelines. Your credit card account was charged $65.00 for the application and $9.75 for the credit report, fees we had already paid on your behalf. 
I hope the information I provided addresses your concerns regarding the fees associated with your application. I regret we were not able to assist you with the refinancing of your home.
Sincerely,
Craig *. O[redacted]
Senior Vice President, Mortgage Operations
Pentagon Federal Credit Union

Your
complaint filed with the Revdex.com regarding your Pentagon Federal
Credit Union (PenFed)...

auto loan was received in my office on November 11, 2015.
I appreciate having the opportunity to address your concerns.
 
I
am sorry to hear of the delay in receiving the final payment to your auto loan
and the difficulties you encountered receiving information from us. Payments
can be sent to our PO Box or to a street address. I regret you were
misinformed. We consider providing a positive experience with every member
interaction a service imperative. Providing accurate information is a key
component of that goal.  
 
We
apply payments to loans on the date received. At the time of your call on
November 11, 2015, the check sent on October 30, 2015 was not received in our
Item Processing Department. I was happy to hear the second check sent from the
dealership on November 12, 2015 posted to your auto loan on November 13, 2015
in the amount of $6,131.15. This paid the loan in full, and an overage of $3.73
was placed in your PenFed share account. Since the payment came in as certified
funds, PenFed representatives were immediately able to fax the lien release on the
same date. I hope this expedient delivery of the lien release helped to
facilitate the sale of your vehicle.
 
I
hope the service you received over your years of membership helps to overshadow
this unfortunate experience. I 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,
 
James ** K[redacted]
Senior
Vice President, Operations

[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:
The information Provided by them is inaccurate, My identy has being stolen and I'm a victim of Fraud. I had never contacted as they stayed on their reply a Delinquency Control Counseler and neverless refused according to them payments.  I had accounts with the Pentagon but all accounts has being paid in Full.  The loans that I had with the Pentagon all were Car loans.  They also stayed that they closed the account in question. How a account can be closed by them if according to them the accounts was used and repaid on a consistent.  Yes a was Deployed during 2003-2004 the time they Mentioned, but they stayed " there was regular contact with you throughout the active period of My deployment.  How I can be contacted if I'm Deployed ?  It is simple the account is question is not Mine and it has to be deleted for inaccuracy.
 
Regards,
[redacted]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 
Regards,
[redacted]

Dear **. [redacted],

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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Equity Line of Credit account was received in my office on April 6, 2013. I appreciate having the opportunity to address your concerns.
 
Please accept my apology for the service you received when calling about the rejected check written from your ELOC. The day after your conversation, a letter was mailed to you to confirm that electronic transactions are not permitted on an ELOC account. I hope this letter has now reached you and adequately follows up on your initial request.
 
I regret that you continue to experience problems negotiating checks using your ELOC account. As a loan product, this account does not follow the same policies as a checking account. As you are aware from our previous communications, it is our policy to prohibit electronic funds transfers and electronic checks on equity line of credit loan accounts.
 
When you submitted check # [redacted] for $194 to [redacted] of [redacted] for payment, they converted the check to an electronic format and presented it to us as check # [redacted]. We rejected the electronic debit on November 13, 2013 and notification of the rejection was mailed to you on that same day. It is regrettable the notification was not received and I apologize for any resulting inconvenience. This check was not paid by PenFed and the funds never debited from your ELOC, therefore I cannot approve a refund.
 
Your complaint mentions two returned checks, however analysis of your account revealed only one rejection. Additional information would be required to provide you with detailed information on a second check rejection.
 
Since PenFed cannot control how a payee submits a check for payment, my suggestion is to open a checking account for your primary use. Funds could be advanced from the ELOC allowing you to then write checks from your checking account. Since the checking account does not have electronic transfer limitations, future incidents could be greatly reduced.
 
Throughout the life of your ELOC account, our policy regarding electronic transfers has remained constant and I apologize for any miscommunication that caused you to doubt our integrity. I am confident that our future dealings will be more favorable.
 
Sincerely,
 
[redacted]
President/CEO

Dear **. [redacted],
 
The SSCRA, as it applies to interest rates on loans, allows civilians, reservists or National Guard members who are called to or volunteer for active duty to have the interest rate on outstanding debts reduced to 6% APR during the period while they are on active duty. In December of 2002, when we were first notified of your upcoming deployment, you had a PenFed auto loan at 3.9%. Applying SSCRA interest rate limitations to the auto loan would not have lowered your interest rate or otherwise been advantageous in any way. However, the [redacted] Gold account was at a rate greater than 6%; and as a result of your request, this rate was lowered to 6%.
 
As stated in the [redacted] Gold Credit Card Agreement, PenFed reserves the right to close lines of credit if periodic credit reviews indicate the account owner’s credit standing no longer meets our lending guidelines. Although your [redacted] Gold account was used and paid acceptably, in July of 2011 a review of your credit standing indicated you no longer met PenFed’s lending standards and so, even though we were in receipt of regular payments, the account was closed.
 
To date, you have been provided with a list of documents supporting our assertion that the [redacted] Gold account is your responsibility. They include:
·         A signed [redacted] Gold Credit Card authorization with a signature matching that on the promissory note for your auto loan, which you recognize as a legitimate account.
·         Various mailed correspondence from 2003 to the present directly referencing the credit card account number and status, that were mailed to addresses provided to us by you in the course of your membership, including:
o   Multiple instances of correspondence concerning your request for SSCRA coverage bearing your signature as verified by the signature on your auto loan promissory note, and
o   Multiple instances of PenFed’s Delinquency Control Department attempting to make contact concerning the account’s delinquency and eventual charge off.
·         Credit card statements mailed to your address as confirmed by the physical address you provided to [redacted] when you disputed your ownership of this account.
·         Copies of check payments bearing your name, address and signature, drawn on an account from [redacted] that is confirmed to be yours, to the credit card account and with direct reference to the credit card account in the memo section using the complete card number.
 
Copies of all the above-referenced documents were mailed on April 22, 2014 for your review.
 
Due to the documentation on file, we maintain that this account is your responsibility. We will continue to report it as such to the consumer credit reporting agencies and consider this matter closed.
 
Sincerely,
 
[redacted]
President/CEO

See Attachment
FW: You have a new message from the Revdex.com of Metro Washington DC & Eastern Pennsylvania complaint #[redacted]. id [redacted]Inboxx Pentagon Federal Executive CorrespondenceJan 13 (7 days ago)to me Ms. [redacted] I apologize for...

our delayed response for Mr. [redacted]. Our responses to the Revdex.com go through a very thorough review by many PenFed departments. This can take some time and sometimes results in missing our deadline. Again, I apologize. Pasted directly below is our response to Mr. [redacted]. Thank you, Barbara W[redacted]Coordinator Executive CorrespondenceOffice of the Chairman of the BoardPentagon Federal Credit Union This e-mail and any files transmitted with it are confidential and intended solely for the use of the individual to whom it is addressed. If you have received this e-mail in error, please notify the sender. The recipient should check this e-mail and any attachments for the presence of viruses. While Pentagon Federal Credit Union makes every attempt to prevent the transmission of any viruses, it is not responsible for any damage caused by any virus transmitted by the e-mail. Dear Mr. [redacted], Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage account was received in my office on December 17, 2014. I appreciate having the opportunity to address your concerns. I regret you are dissatisfied with the amount of taxes collected at the closing of your PenFed mortgage on June 13, 2014. The settlement company calculated the county taxes based on information available at that time. The county tax for 2013 was $2,361.99. As the current year tax amounts are not provided until the annual September billing, it was not possible to determine the exact amount that would be due for the 2014 tax year. As shown on the HUD-1 Settlement Statement you signed at closing, the 2013 tax amount was used to determine the amount the seller must pay in county taxes for the time period of January 1, 2014 to June 13, 2014. Using the $2,361.99 amount divided by 365, the daily tax accrual was $6.471205. This amount multiplied by 164 days equals the $1,061.28 amount the seller paid at closing. The county tax bill we received in September 2014 showed a $363.92 increase. This amount is your responsibility to pay. It is not possible to seek additional funds from the seller due to the increase and, as the correct figure was used to calculate the amounts due from the seller at closing, neither PenFed nor the settlement company is responsible for this amount. As you requested in your telephone conversations with our staff, the requirement for an escrow account with your mortgage account was waived. The remaining funds in the escrow were applied to your mortgage principal balance and your monthly mortgage payment was reduced to reflect only principal and interest payments going forward. I hope this information clarifies the county tax issue, and the waiver of the escrow account is beneficial for you. Thank you for choosing PenFed for your home financing needs. Sincerely, Craig K. O[redacted]
 Senior Vice President, Mortgage OperationsPentagon Federal Credit Union  From: [redacted]] Sent: Thursday, January 08, 2015 3:35 AMTo: New PenFed Member ServiceSubject: You have a new message from the Revdex.com of Metro Washington DC & Eastern Pennsylvania complaint #[redacted]. id [redacted]

Dear [redacted]
*
Your complaint filed with...

the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) share account was received in my office on March 13, 2015. I appreciate having the opportunity to address your concerns.
 
Please accept my apology for the misinformation provided to you during your recent phone call requesting the withdrawal of all funds on deposit with PenFed. At the time of your call it was not recognized that your PenFed debt had been discharged in a 1997 bankruptcy. Your request to withdraw the funds was not processed pending payment arrangements.
 
We corrected this oversight by issuing a 1,089.79 check on March 17, 2015 made payable to you and mailing it to your address on file. I hope this action fully resolves this matter.
 
Sincerely,
 
Fred R[redacted]
Sr. Vice President/Chief Credit Officer
Pentagon Federal Credit Union

Dear Ms. [redacted],
 
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) checking account was received in my office on February 2, 2015. I appreciate having the opportunity to address your concerns.
 
The recent activity on your checking account was carefully reviewed. It was found there were four [redacted] debits between January 5, 2015 and January 15, 2015. At the time of each debit your checking account was in a negative status. The debits were returned unpaid and your checking account charged a $30 returned ACH fee for nonsufficient funds. The [redacted] debits did not create the negative account balance.
 
As you were informed during your January 20, 2015 phone call regarding the overdrawn checking account, your request to have the fees refunded was denied. Also as a result of your phone call, your account was forwarded for review. A fax received from you on that date included information from [redacted] that stated, “the customer unintentionally used their bank account instead of their credit card to fund an instant [redacted] payment…” As [redacted] indicated that all four transactions were authorized, a dispute claim was not initiated. Additionally, based on the management of your checking account over the past 12 months, it was closed. A letter regarding the closure was mailed to you on February 3, 2015. I apologize for the delayed delivery of this notice.
 
Your direct deposit normally credited to your checking account was posted to your PenFed share (savings) account on January 28, 2015.
 
Further consideration of the checking account closure was conducted, and based on your long PenFed membership it was reopened. Additionally, $120 of the fees assessed due to the account overdraft were refunded.
 
I hope this information and our actions are helpful for you.
 
Sincerely,
 
Christopher ** M[redacted]
[redacted]
Pentagon Federal Credit Union

[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:
Revdex.com,
I reject Pentagon Federals resolution since
it is not what was originally agreed. Additionally Pen Fed acknowledges in this
Feb 4th response that their Jan 15 response was incorrect (they
would indeed consider the loan if I showed my rental income on my forthcoming
tax return) . This further shows a lack of communication amongst their
organizations departments and within their departments. (Evident when I read back
to Mr J[redacted] on the phone his own (Jan 15) letter he sent you, and he later acknowledged
it was wrong. (this despite his most senior staff now working the issue) Furthermore,
The delay of this loan has cost me thousands in extra interest, something Pen
Fed has not offered any solutions to remedy.
But I am working to complete these taxes
so that they have a record of my rental income (most of which is reported by
the local county government to the federal govt via 1099) . This is not an easy
process as it requires a lot of meticulous get all the expenses, depreciation,
and related details for filing.
Depending on the outcome of that review
and subsequent terms of the final loan, I may offer to reopen this case and consider
a lesser classification of its closure, but for now, I reject the response and
ask that it be closed as not resolved, nor do not believe that a classification
of “company made a reasonable effort …”. Is appropriate is this situation.
Respectfully,
[redacted]
Regards,
[redacted]

Dear Mr. [redacted]
Your rejection of our response with the Revdex.com regarding your PenFed equity application was received in my office on January 26, 2015. I would like to now further clarify our position with regard to our decision.
I again apologize for the confusion regarding our decision on your equity application and regret I was unavailable in early January to take or return your calls.
Thank you for taking the time to speak with me on January 19, 2015. I hope this discussion clarified the basis for our decision. There is information provided in tax returns that affects total net rental income, which is the amount used in our determination of your debt-to-income ratio. We therefore cannot use the income information solely from W-2s and 1099s.
Though we could not approve your current application due to an inability to fully verify your stated income, once you have filed all your tax returns with the IRS, we would be glad to review your situation again.
I hope we will have the opportunity to consider an equity product for you in the future.
Sincerely,
David P. J[redacted]
Vice President, Second Trust Operations
Pentagon Federal Credit Union