topic Re: PenFed in Mortgage Loans

PenFed

Anonymous — Tue, 31 May 2016 01:25:20 GMT

anybody have experience with PenFed mortgages?

Re: PenFed

Anonymous — Wed, 01 Jun 2016 02:42:22 GMT

We got pre-approved with them last summer, but didnt pull the trigger because we wanted more down.

Out of the CU's I have talked with, they are straight forward and honest- Member service mortgage people are very knowledgeble.

As of the last time I checked the minimum was 10% down in a 80/10/10 with no PMI and a decent rate.

We will be talking with NFCU now that I have finally figured out how to join without being in the Service or having someone from the Service as a roommate.

PenFed's 5/5 has no loan origination fee and the rate is pretty good- though they do you qualify at the best rate you can get plus the 2% first jump.

Tough to tell at this point and as rates might on their way up- but at least for us, we are still in a holding pattern while we sock away money.

But in the end, PenFed is in my top 3 choices at this point.

Re: PenFed

youdontkillmoney — Wed, 01 Jun 2016 23:52:12 GMT

For jumbos PenFed wants 20% down, checked about a month ago. Does not have a 10% down Jumbo product.

Re: PenFed

Anonymous — Wed, 29 Jun 2016 21:34:21 GMT

I worked in Mortgages for them, as well as collections. Feel free to ask me anything.

Re: PenFed

Appleman — Wed, 29 Jun 2016 22:47:44 GMT

harleygirl87, welcome to the forums!

I do have a few questions about PenFed:

1: Do they pull all 3 bureaus for a mortgage application?

2: What scores are needed for the best rate?

3: What made an application easy to approve? Hard to approve?

4: How were they in collections? Did they try to work with homeowners?

5: Were they a good company to work for?

Re: PenFed

Anonymous — Wed, 29 Jun 2016 23:40:29 GMT

I do have a few questions about PenFed:

1: Do they pull all 3 bureaus for a mortgage application? They pull Equifax.

2: What scores are needed for the best rate? Last that I was aware it was scored over 700 had the best rates. However, a co worker of mine just asked her friend who worked at the loan desk about a used auto loan, and he told her she needed at least a 650 rate for an auto loan to buy from an individual party, and 628 I want to say, to buy from a dealer for the better rates. Again, don't hold me to that, they're doing a lot of re structuring with their loans, and I stopped working there September 2015.

3: What made an application easy to approve? Hard to approve?: They just started risk based lending the end of 2015, so it's easier to get applications through/processed especially since the CEO is pushing hard to grow their assets.

4: a)How were they in collections? Collections was fine. The director of the department believes in calling (aka 4+ calls a day from the 15th of the month till end of the month) somehow makes people want to call you and pay you. However, that just trains people to not answer, or return calls. They RARELY sue anyone, they will however if they find you've frauded them and they can go after you. There is a large number of fraud accounts, especially autos and credit cards specifically coming out of Guam that they can't go after, and just create a headace. The co workers are nice overall, and want to help you and are overall just happy you called so we can take you off the calling list at the end of the month.

b)Did they try to work with homeowners? (I assume you mean collections) Overall yes, if there was a TRUE hardship. Often times members had the funds to pay either from savings, IRA, stocks etc and refused to take money out of that to pay their mortgage and they would be turned down for modifications or hardships. Another thing we saw quite often was people who couldn't even pay for their own expenses, who would support adult children, or pay for their college education and refuse to stop, which is something they also didn't have time to deal with since if you're willing to pay for other things, then you should focus your efforts and funds to your house if you really wanted to keep it. They will go into foreclosure, generally after 120 days. Once a mortgage account is over 60 days late is when they really play hard ball.

5: Were they a good company to work for? Yes, and no. It depended on the department. Most departments are under staffed, others have high quotas to reach, the company as a whole does try to make employee life fun. Mortgages were ALWAYS understaffed and often times they pull employees to work after their shirft or before their shift to assist mortgage department as "mortgage helpers" which is something I did for my 4 years working for them, often times working from home till 10 or 11pm. It was a good training and learning tool, however to get into the department was hard. Even though they are under staffed, they don't have many job openings so you're competing with a lot of people. If you don't have a college degree some jobs such as management you won't ever get since they only want people with a college degree in those positions. It seems as if the new CEO is moving away from this, but our last CEO wouldn't allow anyone to promote above supervisor without a 4 year defree. It's definetly if they like you, then you'll promote easily. It was more on if they liked you as a person, than job quality/performance most of the time. I had one co-worker who had been there for 6 years who had been applying to move into the mortgage collection department, from normal collections. She applied no joke, 8 times. They always turned her down for some silly reason, and would hire someone else who they liked more who's job quality sucked. Finally after 3 years of her applying, and them having ran out of reasons to reject her promotion she was moved. I overall liked the company and my department, I got married and they decided to let me work from home vs let me go. I would still be working there, however due to a manager being moved into our department who didn't like the fact that I worked at home, made work hard for me, she would try and write me up for approved time off , body shamed me, and made a fake Facebook Profile of me and started posting things posing as me I finally decided to leave. I filed a complaint with the company, however nothing came from it and she's still causing trouble for everyone in my old department. The Collection department in Eugene Oregon can't hire anyone from inside the company due to it's reputation now, they can only get outside hires and they stay for a few months then leave.

Re: PenFed

p- — Wed, 29 Jun 2016 23:55:23 GMT

Vortexeng wrote: anybody have experience with PenFed mortgages?

Yes. I refinanced last summer with them. The process was smooth, and the rep was easy to deal with. They used Credco to pull all three, unlike when I got a car loan and they just pulled Equifax. I was well within DTI, and above the score ranges, and we weren't taking money out so it was pretty straightforward.

They had a local appraiser come, and then used a remote escrow company that sent a mobile notary for me to sign.

Just like with any mortgage bank, it works best when you stay in contact with them and are quick to respond with bank statements and pay stubs.

I plan to use them again in six months or so on another house.

Re: PenFed

Appleman — Thu, 30 Jun 2016 11:14:39 GMT

Thanks for the information!

Re: PenFed

Anonymous — Fri, 08 Jul 2016 22:37:20 GMT

Does penfed have any product for like 5% down?

My scores are 760+ and no negs and solid work history

Re: PenFed

Anonymous — Sat, 09 Jul 2016 03:55:30 GMT

You could do FHA with 3.5% but you'll have PMI.

Re: PenFed

Anonymous — Mon, 11 Jul 2016 03:08:54 GMT

@Anonymous wrote:
You could do FHA with 3.5% but you'll have PMI.

So FHA but just go through penFed?

I am also thinking SONYA which also gets low rates if you dont go over
income threshold which I don't.

Re: PenFed

sekada — Mon, 18 Jul 2016 17:55:37 GMT

Hey Harley,

I'm thinking of a HELOC with them - can you give me any info on how they do appraisals? I called several months ago and they said they do computer appraisals, not in-person... does that sound right? Do the appraisals seem to come in about accurate as far as you could tell, or low? Thank you!!

Re: PenFed

p- — Tue, 19 Jul 2016 17:01:52 GMT

sekada wrote: I'm thinking of a HELOC with them - can you give me any info on how they do appraisals?

When I refinanced with them, they used all mobile services, including a mobile notary. They hired a local appraiser to come out and he did an in-person appraisal of my house and property.

Re: PenFed

p- — Tue, 19 Jul 2016 17:07:15 GMT

smarzig wrote: So FHA but just go through penFed?

Penfed does not do FHA loans.

Re: PenFed

Anonymous — Wed, 03 Aug 2016 01:52:13 GMT

Well- in the end I found an even better solution.

My wife and I had a qualifying low middle score of above 740, and while talking with a guy I know at a Marina in Seattle he told me to go to BECU (Boeing Employees Credit Union)

So I did- in 35 minutes I got a 90\10 on a $635k house at 2.75% on a 5/5ARM with no loan origination, no underwriting fees, no points- just prepaid's, and the legally required items.

I couldn't FN believe it. But I locked the rate and have the loan estimate- had the inspection completed today, and the appraisal is set for the end of next week. We provided the docs they wanted this morning and received a commitment from underwriting this afternoon. We are set to close on September 13th.

I'm freaking out!! I was prepared to "go to the mattress" to get this done.

In the end- $3,400.00 in closing costs plus prepaids plus the $63,500.00 down and we have a house.

After closing I'm taking the other $20k I thought I would have to spend and "I'm going to Disneyland"

Well my version of Disneyland is where everyone speaks German and they serve Beer in very large glasses!!!

Danka BECU!!

Re: PenFed

Anonymous — Wed, 03 Aug 2016 13:41:03 GMT

Wow congrats!

Re: PenFed

Anonymous — Sun, 07 Aug 2016 20:37:23 GMT

Thanks for the wealth of information Haleygirl, if I ran a bank I would hire you!

Re: PenFed

damnedanddetermined — Fri, 15 Sep 2017 11:53:50 GMT

Does PenFed do personal loans? I want to purchase a home that is 17K, my highest fico right now is 655. What would my chances be? How long to get approved? What are the requirements/timeframe?Thanks!

Re: PenFed

MontegoMack — Sat, 30 Sep 2017 01:47:59 GMT

@HarleyGirl1987 I would love, love, *love* to have the same information for NFCU.

Thanks for shring your knowledge and experience.

Re: PenFed

pizza1 — Sun, 01 Oct 2017 01:43:19 GMT

@damnedanddetermined wrote:
Does PenFed do personal loans? I want to purchase a home that is 17K, my highest fico right now is 655. What would my chances be? How long to get approved? What are the requirements/timeframe?Thanks!

yes they do, look for my thread in PF.