lukasz said: Penfed is offering to use either Epic real estate solutions or Servicelink for title and closing services.
its a straight forward refi
any suggestions which is better?
I haven't used those companies before, but its a good idea to get quotes from other companies. Entitle Direct offers very competitive rates and might beat the lenders choices: http://www.entitledirect.com/
I have had nothing but good experiences with them. I know some have had issues and I have no doubt at some point have an issue with them someday. That said, I still think by and large they are a great credit union and I for one am happy to be a member. As usually with anything in the financial world, YMMV.
just closed my 5/5 ARM on Wed am. It's for 91k @3.37% because I signed up before the rate went down and it was not worth it to pay $700.00 to lock in new rate. Everything was as advertised. No payment due in Feb. Yea!! They start direct withdrawal from my checking acct on 3/1 for 205.00 less then BOA!. They only fee I paid was the reissue of my title ins, (in NY State only, this is due to the very corrupt state lawmakers in Albany) I am positive that the most corrupt of them (Sheldon Silver and others get a cut of every Real Estate closing in NY) State. These guys are in bed with the banking industry. Anyway I only paid the 314.00 for the reissue, plus the taxes due thru 1/31 (28.00) plus they got me for $14.00 for an instant update on my employee status. Penfed told me that pay stubs are no longer any good because I could have quit or been fired in the last week. Oh well. But overall it was "no closing costs" They are even paying the 879.00 mtg recording fee to my town and 650.00 to NY state for mtg fees! The closing was in my home in Putnam County with just 1 female closer who reps Penfed up here and sends all the $ to BOA.
datapoint re loan modifications: As of this afternoon, they have a three week backlog before you will get your initial contact (reply). Today, they were addressing requests that came in on 1/9. Since rates have inched up slightly, I confirmed that if the rate was lower on the day that you made your request, you will be offered that rate. * * *
Hey guys, looking for some help. I am getting divorced, but need to refinance quick because I want to see what the appraisal will come back at. This appraisal will give me the value I need to pay my wife for the house.
Our current loan is 73k, and she is thinking the estimated appraisal will be around 87k. My wife wants me to give her 7k. However, the homes around here have been selling very cheap and zillow value is 78k. The appraisal could come back easily at at 80k. First question is: Will I be able to go through this refinance process, with just myself, and have it completely finalized without her signing anything? Then when that is complete, I will know the "actual" appraisal value -- and give her the half she deserves.
The second question is: What are the closing costs for the 5/5 ARM in my case, above the 80% LTV and I do plan on escrowing.
whatSay said: Its been a week I locked with penfed and I havent heard back again after a confirmation rate-lock email and that they are swamped.....
Anyone else seeing any movement on their refi's with PenFed?
I have been talking with them lately and my refi has been moving along. I submitted my app back in January and it took them a couple of weeks to get in contact with me.
whatSay said: Its been a week I locked with penfed and I havent heard back again after a confirmation rate-lock email and that they are swamped.....
Anyone else seeing any movement on their refi's with PenFed?
I applied and locked Jan 18th but still haven't been contacted about my refi (other than an automated email a couple days later that it could be 2-3 weeks)
dl73 said: whatSay said: Its been a week I locked with penfed and I havent heard back again after a confirmation rate-lock email and that they are swamped.....
Anyone else seeing any movement on their refi's with PenFed?
I applied and locked Jan 18th but still haven't been contacted about my refi (other than an automated email a couple days later that it could be 2-3 weeks)
I applied on 18 JAN 12. On 22 JAN 12 they contacted me by email and asked for the usual docs(paystubs, bank accounts, etc.), I faxed to them the next day. I didn't hear back from them so I sent an email on 1 FEB 12 and they said appraiser would contact me. Appraiser contacted me on 3 FEB 12 and he did the appraisal on 6 FEB 12. I should be all set to close at the end of the month.
I recently closed on my refi. Here's the timeline:
Dec 13 - applied online & locked rate Dec 14 - got email saying it would take 45-60 days to refi, and my processor will contact me in 10-14 days Dec 20 - got an email from the mortgage sales consultant to gather some info (paystubs, bank statements, etc) before passing along to my processor. Dec 21 - got an email reply from the processor with some forms to fill out and fax back Dec 27 - Appraisal company contacted me and scheduled appriaise for Dec 29 Jan 3 - Processor emailed me with copy of the appriasal. It came in too low. Gave me list of options and my costs if I cancelled. I said I would pay the difference at closing. Jan 5 - They provided me a counteroffer letter (which basically just said they couldn't offer me my initial request due to the appriasal, but here's what they can offer). I accepted via email reply. Received a copy of the Truth in Lending Disclosure and the Good Faith Estimate. Jan 6 - I asked for a copy of closing docs 24 hours prior to closing. Also asked for clarification on the TIL docs (see below) Jan 11 - I emailed to ask where things stand and what the next steps would be. She said we can close as early as the 13th. I said 13th is fine. Jan 12 - received all closing documents via email Jan 13 - signed closing papers Jan 23 - I faxed back the form declining the right to cancel. I was supposed to send this back 3 business days after closing, but forgot about it for a few days. My old mortgage reported payoff on the same date. Feb 6 or 7 - Mortgage finally showed up in my penfed online account. I had been checking every day. Not sure why it took so long
So only 31 days from application to closing. It might even have been able to be done a few days quicker if we didn't have that gap from Jan 6 to Jan 11. On Jan 6 I emailed my processor for clarification on some info, and then after receiving a response, I emailed again asking for further clarification. I was having difficulty understanding the odd way that the penfed-paid closing costs are reflected on the Truth in Lending Disclosure. It actually made it look like they were loaning me more money than I asked for, and I thought they were somehow passing closing costs along to me, even though I had been told before they were paying it. I didn't toally buy her second response, so I didn't respond back. Did some searching the next day and found out she was correct, and it's just a oddity in the way regulations required it to be reported. Apparently some of the penfed-paid closing costs are added to the loan amount, and thus the "Amount Financed" on the TIL shows as higher than the actual borrowed amount. Seems odd, but I found several websites confirming it's supposed to be done that way. At that point, I figured I was waiting for her to tell me what was next, and I think maybe she was waiting for me to say OK. So we might have lost a few days there.
Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
LordKronos said: Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
I don't think you're required to sign or send that back at all if you're not canceling.
Maybe that is a trigger for PenFed to move to the next step or maybe just a fluke in your case.
gremln007 said: LordKronos said: Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
I don't think you're required to sign or send that back at all if you're not canceling.
Maybe that is a trigger for PenFed to move to the next step or maybe just a fluke in your case.
Thanks for posting your experience!
When I did my refinance back in 2008, it was required for me.
***Funds will not disburse if these are not followed***
The lender requires that the borrower(s) sign a confirmation that the loan has not been cancelled during the 3 day cancellation period.
On day of signing: Borrower(s) must sign the NOTICE OF RIGHT TO CANCEL in the acknowledgement section and date it the day they sign all documents.
On the disbursement date, xxxxxxxxxx: Borrower(s) must sign the copy of the NOTICE OF RIGHT TO CANCEL they receive in the Confirmation Certificate section and date it xxxxxxxxxx.
The form must be faxed to the FISERV at xxxxxxxxxx.
Fiserv will disburse the funds from the lender upon receipt of faxed copy of the completed Confirmation Certificate.
gremln007 said: LordKronos said: Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
I don't think you're required to sign or send that back at all if you're not canceling.
Maybe that is a trigger for PenFed to move to the next step or maybe just a fluke in your case.
Thanks for posting your experience!
I don't know what penfed would do if you didn't return it (unlike jtdeals, I don't see anywhere in my docs that specifies what would happen if I didn't sign return that form). From a lenders point of view, I can see why they would absolutely require that form before disbursing funds. My understanding of the law is that, as long as your cancellation is postmarked within 3 days of closing, it doesn't matter how long it actually takes for the lender to receive it. So even if it somehow takes the long trip, getting lost in a dark corner of the post office until some postal worker finds it 6 months later, as long as it was postmarked within 3 days the mortgage is cancelled. You can imagine how difficult it would be to undo a mortgage 6 months after the fact. So it's definitely in the lender's best interest to require it, but in penfed's case that isn't clear.
So anyway, my suggestion is to make sure you return it right away, just to be sure your loan disburses as soon as possible.
LordKronos said: gremln007 said: LordKronos said: Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
I don't think you're required to sign or send that back at all if you're not canceling.
Maybe that is a trigger for PenFed to move to the next step or maybe just a fluke in your case.
Thanks for posting your experience!
I don't know what penfed would do if you didn't return it (unlike jtdeals, I don't see anywhere in my docs that specifies what would happen if I didn't sign return that form). From a lenders point of view, I can see why they would absolutely require that form before disbursing funds. My understanding of the law is that, as long as your cancellation is postmarked within 3 days of closing, it doesn't matter how long it actually takes for the lender to receive it. So even if it somehow takes the long trip, getting lost in a dark corner of the post office until some postal worker finds it 6 months later, as long as it was postmarked within 3 days the mortgage is cancelled. You can imagine how difficult it would be to undo a mortgage 6 months after the fact. So it's definitely in the lender's best interest to require it, but in penfed's case that isn't clear.
So anyway, my suggestion is to make sure you return it right away, just to be sure your loan disburses as soon as possible.
You and the earlier poster are absolutely right. I was thinking of a different form altogether.
gremln007 said: LordKronos said: gremln007 said: LordKronos said: Also, don't forget to fax back the form declining your right to cancel after 3 business days. I'm assuming penfed was waiting to receive this before paying off my mortgage. Not sure how long they would have waited before assuming that I didn't cancel had I not sent it back in. Interestingly, in my 3 previous mortgages (2000, 2002 and 2004) I don't recall having to send such a form back to the lender. Anyone know if this is a new process that all lenders follow, or is this just something penfed does?
I don't think you're required to sign or send that back at all if you're not canceling.
Maybe that is a trigger for PenFed to move to the next step or maybe just a fluke in your case.
Thanks for posting your experience!
I don't know what penfed would do if you didn't return it (unlike jtdeals, I don't see anywhere in my docs that specifies what would happen if I didn't sign return that form). From a lenders point of view, I can see why they would absolutely require that form before disbursing funds. My understanding of the law is that, as long as your cancellation is postmarked within 3 days of closing, it doesn't matter how long it actually takes for the lender to receive it. So even if it somehow takes the long trip, getting lost in a dark corner of the post office until some postal worker finds it 6 months later, as long as it was postmarked within 3 days the mortgage is cancelled. You can imagine how difficult it would be to undo a mortgage 6 months after the fact. So it's definitely in the lender's best interest to require it, but in penfed's case that isn't clear.
So anyway, my suggestion is to make sure you return it right away, just to be sure your loan disburses as soon as possible.
You and the earlier poster are absolutely right. I was thinking of a different form altogether.
If you were thinking of the "Notice of Right to Cancel" document, this is actually the same document (at least with penfed...and I assume it's a standardized form, so probably every lender). There are 3 places to sign. 1) To indicate you received and understand the form 2) To indicate you wish to cancel the mortgage 3) To indicate you have not exercised the right to cancel.
You sign spot 1 at closing, and then either 2 or 3 depending on your choice.
My rate modification is finally rolling - I got the call a full four weeks after requesting that they process it. I am paying a total of 1.5 points to move from 3.5% (from January/February 2011) to 2.75%. 1 point to get to 3.0% (the current rate at the time I applied for the rate mod) and another .5 points to go down to 2.75%. You can add the 1% charge to the loan one time only, and you always have to pay any additional buy-down out of pocket.
It takes a couple of months for the new payment and rate to be active after they start the process, due to back and forth with the documents, but they base the points on the expected balance at the time the modification will be active.
I was kind of confused by the way that they calculate the "break even" period - they simply divide the total monthly savings by the total cost of the points to do the rate modification. That's kind of a pessimistic way of looking at it, as the amortization table (and the fact that I'm now paying 75 bps less in interest) means that more of my payment is going towards principal instead of interest. By my calculations, ignoring small effects for the decreasing balance and the fact that I'm paying some interest on that first point, I'll break even on a nominal dollar basis right around 24 months, since I am paying 1.5 points for a .75% decrease in the interest rate.
Overall, I'm still very happy with PFCU and very pleased that they offer this program.
TheWags said: My rate modification is finally rolling - I got the call a full four weeks after requesting that they process it. I am paying a total of 1.5 points to move from 3.5% (from January/February 2011) to 2.75%. 1 point to get to 3.0% (the current rate at the time I applied for the rate mod) and another .5 points to go down to 2.75%. You can add the 1% charge to the loan one time only, and you always have to pay any additional buy-down out of pocket.
It takes a couple of months for the new payment and rate to be active after they start the process, due to back and forth with the documents, but they base the points on the expected balance at the time the modification will be active.
I was kind of confused by the way that they calculate the "break even" period - they simply divide the total monthly savings by the total cost of the points to do the rate modification. That's kind of a pessimistic way of looking at it, as the amortization table (and the fact that I'm now paying 75 bps less in interest) means that more of my payment is going towards principal instead of interest. By my calculations, ignoring small effects for the decreasing balance and the fact that I'm paying some interest on that first point, I'll break even on a nominal dollar basis right around 24 months, since I am paying 1.5 points for a .75% decrease in the interest rate.
Overall, I'm still very happy with PFCU and very pleased that they offer this program.
I did my "back of the envelope" math like they did. Please do educate us as that will just make my day!
I went from 3.5 -> 2.875 for 1.125%. I had calculated my "break even" to be about 40 months
How often do the points change on these loans? I have a 5/1 ARM at 4.875 that I did a rate mod a couple of years ago when my original 2005 5/1 ARM was about to reset. Like another poster, I regret doing that rate mod now as I see that my fears of rates immediately going higher was not correct.
But so now that I am looking at doing another rate mod, should I wait for a better deal on points like you guys got or are the current points about average and you guys just got in lucky?
CycloneFW said: TheWags said: My rate modification is finally rolling - I got the call a full four weeks after requesting that they process it. I am paying a total of 1.5 points to move from 3.5% (from January/February 2011) to 2.75%. 1 point to get to 3.0% (the current rate at the time I applied for the rate mod) and another .5 points to go down to 2.75%. You can add the 1% charge to the loan one time only, and you always have to pay any additional buy-down out of pocket.
It takes a couple of months for the new payment and rate to be active after they start the process, due to back and forth with the documents, but they base the points on the expected balance at the time the modification will be active.
I was kind of confused by the way that they calculate the "break even" period - they simply divide the total monthly savings by the total cost of the points to do the rate modification. That's kind of a pessimistic way of looking at it, as the amortization table (and the fact that I'm now paying 75 bps less in interest) means that more of my payment is going towards principal instead of interest. By my calculations, ignoring small effects for the decreasing balance and the fact that I'm paying some interest on that first point, I'll break even on a nominal dollar basis right around 24 months, since I am paying 1.5 points for a .75% decrease in the interest rate.
Overall, I'm still very happy with PFCU and very pleased that they offer this program.
I did my "back of the envelope" math like they did. Please do educate us as that will just make my day!
I went from 3.5 -> 2.875 for 1.125%. I had calculated my "break even" to be about 40 months
Fryth, PenFed charges a 1% few for rate modifications. So basically look at their site and pull the trigger if the rate looks good to you. On their rate page you will see the point to further reduce the rate. So in my case, there was the 1% fee for the rate modification. The day I did that, it equalled a rate of 3%. That day, there was a 0.125% point to take the rate down another 0.125% to 2.875%. Worth it for me to buy down the rate at an equivalent rate to the rate reduction.
CycloneFW said: TheWags said: My rate modification is finally rolling - I got the call a full four weeks after requesting that they process it. I am paying a total of 1.5 points to move from 3.5% (from January/February 2011) to 2.75%. 1 point to get to 3.0% (the current rate at the time I applied for the rate mod) and another .5 points to go down to 2.75%. You can add the 1% charge to the loan one time only, and you always have to pay any additional buy-down out of pocket.
It takes a couple of months for the new payment and rate to be active after they start the process, due to back and forth with the documents, but they base the points on the expected balance at the time the modification will be active.
I was kind of confused by the way that they calculate the "break even" period - they simply divide the total monthly savings by the total cost of the points to do the rate modification. That's kind of a pessimistic way of looking at it, as the amortization table (and the fact that I'm now paying 75 bps less in interest) means that more of my payment is going towards principal instead of interest. By my calculations, ignoring small effects for the decreasing balance and the fact that I'm paying some interest on that first point, I'll break even on a nominal dollar basis right around 24 months, since I am paying 1.5 points for a .75% decrease in the interest rate.
Overall, I'm still very happy with PFCU and very pleased that they offer this program.
I did my "back of the envelope" math like they did. Please do educate us as that will just make my day!
I went from 3.5 -> 2.875 for 1.125%. I had calculated my "break even" to be about 40 months
If I look at my applicable amortization tables for month 41, which PFCU says is my break-even month, the remaining balance on the loan is actually lower under my modified loan, even though I have capitalized the 1% fee for modifying to the new rate. This is because the drop in interest rate means that a higher percentage of my monthly payment is going to principal rather than interest. So, PFCU has actually double counted my 1% fee. In my case, the my monthly P&I payment has dropped by about X%, while my monthly principal gone up by about 2X % and my monthly interest payment has dropped nearly 3X %.
My rough calculation for people who are still near the beginning of a 30 year amortization is your break-even point is the number of years after which you have paid off, via the drop in the interest rate, the points you are paying to do the rate mod. Because of the changing balances and the amortization table, that's not perfectly accurate, but I think that it's within a few months. The closer you are to the beginning of you amortization period the closer it should be.
I think that there are probably regulations about how they have to describe break-even points to people.
I have been doing some research on this product and found a great discussion on another forum. I have copied the main points below (posted by someone else who seems knowledgeable). Hope this is informative to others.
Below are some basic features/benefits of the 5/5-year ARM loan product through PenFed.
- Interest fixed for 5 years then adjusts once every 5 years - It is a fully amortizing loan (not interest only, not an option ARM, or some other toxic loan) - There's no prepayment penalty - Interest rate will be lower than a 30-year fixed mortgage - After 5 years the interest rate adjusts once every 5 years based upon 5-year CMT + margin - Interest rate can only go up or down a maximum of 2% per 5 year adjustment - Maximum interest rate is 5% above the start rate - Loan balance at the end of year 5 and year 10 with the loan will be lower than with a 30-year fixed mortgage - Using worst case scenario the breakeven point will be early in year 13-14 - Same loan prices for conforming and jumbo conforming loans - PedFed picks up most of the closing costs
I am not sure if FW likes references to other sites, so I will simply suggest if you want to read this thread, google this and choose the first result: "irvine pen fed 5/5".
gremln007 said: I have been doing some research on this product and found a great discussion on another forum. I have copied the main points below (posted by someone else who seems knowledgeable). Hope this is informative to others.
Below are some basic features/benefits of the 5/5-year ARM loan product through PenFed.
- Interest fixed for 5 years then adjusts once every 5 years - It is a fully amortizing loan (not interest only, not an option ARM, or some other toxic loan) - There's no prepayment penalty - Interest rate will be lower than a 30-year fixed mortgage - After 5 years the interest rate adjusts once every 5 years based upon 5-year CMT + margin - Interest rate can only go up or down a maximum of 2% per 5 year adjustment - Maximum interest rate is 5% above the start rate - Loan balance at the end of year 5 and year 10 with the loan will be lower than with a 30-year fixed mortgage - Using worst case scenario the breakeven point will be early in year 13-14 - Same loan prices for conforming and jumbo conforming loans - PedFed picks up most of the closing costs
I am not sure if FW likes references to other sites, so I will simply suggest if you want to read this thread, google this and choose the first result: "irvine pen fed 5/5".
Good info, though nothing new. All of this info has been provided int his thread multiple times.
TheWags said: If I look at my applicable amortization tables for month 41, which PFCU says is my break-even month, the remaining balance on the loan is actually lower under my modified loan, even though I have capitalized the 1% fee for modifying to the new rate. This is because the drop in interest rate means that a higher percentage of my monthly payment is going to principal rather than interest. So, PFCU has actually double counted my 1% fee. In my case, the my monthly P&I payment has dropped by about X%, while my monthly principal gone up by about 2X % and my monthly interest payment has dropped nearly 3X %.
My rough calculation for people who are still near the beginning of a 30 year amortization is your break-even point is the number of years after which you have paid off, via the drop in the interest rate, the points you are paying to do the rate mod. Because of the changing balances and the amortization table, that's not perfectly accurate, but I think that it's within a few months. The closer you are to the beginning of you amortization period the closer it should be.
I think that there are probably regulations about how they have to describe break-even points to people.
Thanks! Looking at the amoritization schedule on Bankrate for my modified loan with the shortened remaining term, I will be back at the current level of principal once my July 2012 payment is applied. So roughly 5 months for payback for me - woohoo! I much prefer a 5 month break-even point than a 41 month one!
Talked to Penfed yesterday to see why they haven't called yet. They said call back in a week if I haven't been contacted. It's been almost two weeks. Just letting people interested in applying for this loan that it will take around 2 months to complete from the application. That was what I've been told.
sjack827 said: Talked to Penfed yesterday to see why they haven't called yet. They said call back in a week if I haven't been contacted. It's been almost two weeks. Just letting people interested in applying for this loan that it will take around 2 months to complete from the application. That was what I've been told. Similar experience on my end. You need to follow up with them, I didn't hear for ages, then contacted them twice and had somebody contact the supervisor of my processor and then things started to move. They are overwhelmed. I am doing a refinancing so not in a real hurry but if you buy a home you need to stay on top of things.
GermanExpat said: sjack827 said: Talked to Penfed yesterday to see why they haven't called yet. They said call back in a week if I haven't been contacted. It's been almost two weeks. Just letting people interested in applying for this loan that it will take around 2 months to complete from the application. That was what I've been told. Similar experience on my end. You need to follow up with them, I didn't hear for ages, then contacted them twice and had somebody contact the supervisor of my processor and then things started to move. They are overwhelmed. I am doing a refinancing so not in a real hurry but if you buy a home you need to stay on top of things.
While still sound advice and I would follow it, I will say that purchase loans and refi loans are handled by different teams (same dept, but different teams). They are better staffed on purchase loans and from this thread and my anecdotal experience, they have consistently been ready to close at about 23 days. However, their refis do definitely take longer and in either case, I would always keep tabs on the progress my loan is making!
I've been looking around the PENFED site and cannot find the LTV requirements for the 5/5 refinance. I did find that you need higher than 75% to avoid escrow, but nothing stating the minimum requirement overall. Even using zillow estimates I would only scrape in at about 82%...do I need 80% or below to make it worthwhile even applying?
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