@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:This post of yours below. I am actually surprised Penfed doesn't cater to it's own employees. Was there a specific reason why they didn't lend to people who worked for them?
No idea. The employees would always joke about this, that you can live in Guam or be a fraudster and get a loan, but if you were an employee you wouldn't. Some employees did, however they were required to have a co-signer that didn't work there. Employee loans were flagged and reviewed by one woman only, she would pick apart your credit report with you on the phone with a fine tooth comb. I had one co worker apply for a 3k personal loan to replace their heat pump in their house, and the woman who looked over employee loans demanded to know why they had another perosnal loan with navyfed and what it was for, and why they had this or that etc. so i think that her reputation got around, and people stopped trying.
Wow.. I am really surprised and a bit shocked by the treatment of it's employees. I know all they care about is the bottom line but not even lending to you own employees should tey qualify?
Most banks actually give you an extra discount / special employee rates if you work for them and want a loan, mortgage etc.
They JUST and I mean JUST started giving 1% loan discounts to their employees exluding mortgage loan products this year. James expected every employee to use PenFed as their main banking hub, and encouraged everyone who worked there to have at least 1 product of theirs so they could personally rave about it to the members as a selling point. I remember our town hall meeting before I quit in September of 15 where he spent a good hour talking about this. Only since the beginning of 2016 have they gotten better, preivous to that it was rather ill treatment to give employees loans.
That is a good step in the right direction. For all the love Penfed gets, that is the least they can do for the people who make myfi'coer's love their products
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@Anonymous wrote:
@Anonymous wrote:
@baller4life wrote:
Harleygirl Penfed was always a Holy Grail for me when I learned about them on MF in 2013 because they were so strict. So I felt like once I could be approved by the almighty Penfed, I officially made it! But,over the past year their UW really loosened up and they started approving those with baddies,lots of new accounts,like CRAZY. Hence the almost 300 pg Penfed Data Share thread. What do you feel caused this drastic change?The new CEO is the reason for the change. The old CEO was very old school. He wouldn't even let an employee promote past a supervisor position unless they had a bachelor's degree. James is a forward thinker, he wants PenFed to grow and eventually take the lead over NavyFed. He's the one who started the risk based lending. A lot of baddies have gotten in, even under the old lending PenFed followed however with the new risk based lending it's out of control, which I feel is the reason why they are now requiring POI etc. However, not all of the time is that looked over as well as it should. Frequently I would see POI people would send in who were fraudsters that sent in 6 months of the same pay check, but just changed the pay period on the top and nothing else changed and they accepted it.
Going back to this, how can you be so sure?
My salary stays the same on every paycheck...
Enough! Leave this one alone, last warning.
