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Penfed Mortgage (purchase)

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Anyone recently (last 6-12m) closed a mortgage with Penfed. Their 5/5 ARM product is best for my situation.....but we only have right at 6 weeks to get it closed on this purchase. I used them a couple years back for a refi, and they were rather slow (took nearly the full 60 day lock period).

Hoping that purchases are either prioritized, or service has gotten a little more prompt.

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Good luck.  I'd appreciate any tips you can give in terms of being proactive with the PenFed people to avoid any delays.... (more)

kjl1977 (May. 10, 2017 @ 11:02a) |

Ok, so we got it closed.

I was actually doing an 80/10/10 loan, with the 10% being a HELOC. Penfed is fairly difficult, ... (more)

rascott (May. 10, 2017 @ 8:17p) |

That's about what I figured.  Thanks!

kjl1977 (May. 11, 2017 @ 2:04p) |

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Nothing has changed. I started with them on a recent purchase and had to go elsewhere to close on time.

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otaymiester said:   Nothing has changed. I started with them on a recent purchase and had to go elsewhere to close on time.

Dang. What's their deal?

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They used to be awesome about 10 years ago, their service completely tanked.

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I'm in process trying to get a conventional 15 year mortgage right now - they are extremely slow, luckily my closing date is far off.

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Going to bump this thread. I'm in the market as well and got my pre-qual with Penfed. Anyone have any suggestions on good lenders these days, in terms of performance at closing?

Thanks!

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I was looking into doing a HELOC. Was embarassing how inept they seemed, comedy of errors. I wound up going with another lender.

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If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster

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I'm doing a HELOC with them right now. They are definitely taking their sweet time with it. Application was sent to underwritng on 3/21/2017. I called them on Thursday of last week and they said to expect something toward the end of this week!

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imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  NFCU gave me a 60-day lock and closed in about 30 days.  Customer service was excellent too.  They made me feel like I was their only customer.

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imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  
Everyone is eligible for PenFed with a small $5 donation to the National Military Family Organization. For NFCU you actually need a military connection or a time machine so you can go back and join whatever that CU was in San Diego that was acquired by NFCU circa 2010.

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Kevo171 said:   
imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  
Everyone is eligible for PenFed with a small $5 donation to the National Military Family Organization. For NFCU you actually need a military connection or a time machine so you can go back and join whatever that CU was in San Diego that was acquired by NFCU circa 2010.

  you're right, my bad.

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Kevo171 said:   
imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  
Everyone is eligible for PenFed with a small $5 donation to the National Military Family Organization. For NFCU you actually need a military connection or a time machine so you can go back and join whatever that CU was in San Diego that was acquired by NFCU circa 2010.

  
Anyone can join Navy Federal by first joining the San Diego Council of the Navy League.  There's an enormous thread on this on CreditBoards.

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I have used Penfed for the past three mortgages, but this time had a tight closing deadline since we will be out of the country after a certain date. We decided to go with Navy Federal. The spread in rates between the two are much lower than in the past and the customer service is such a difference. Our processor has never failed to answer the phone or respond to emails within a few minutes.

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sailinlight said:   I have used Penfed for the past three mortgages, but this time had a tight closing deadline since we will be out of the country after a certain date. We decided to go with Navy Federal. The spread in rates between the two are much lower than in the past and the customer service is such a difference. Our processor has never failed to answer the phone or respond to emails within a few minutes.

Navy Fed has a 1% origination fee, that Penfed waives for the 5/5 product. That's the big difference. Nearly $4k in my situation.

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I think I'm going to jump on the 5/5 with Penfed. Devil that I know...  I also don't have a military connection, so Navy is out for me. Good news is that our closing is about 60 days out, so 15 more than Penfed demands.

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Their customer service on my HELOC was awful, but it was a couple of years ago. I couldn't get a response and when I called to see how things were going and that no one has called me yet, I was told that they were very busy, but not in a polite way.

My guess is that they reduced their staffing which continues to hurt their customer service, but that is just a guess.

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I'm in the middle of it now.  My mortgage closes in June.  My experience has been horrible.  Asked for the same thing over and over.  One rep denied getting 2 specific emails from me even though she responded to one.  They have moved me to a manager to handle my account, but so far I would never use them again.

Maybe in the next 5 weeks they turn it around.

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Do either NFCU or Penfed even have competitive rates on most of their products? I got the same 30 year rate with no origination fee on Zillow mortgages that NFCU is offering for 1.0 point.

The only decent product is the 5/5 arm that covers closing costs.

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I suggest that you call NFCU because they offered me two options over the phone: one with a point and one without.  Last time I got quotes from Zillow, I googled the top result and their Yelp profile looked very shady to me.

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imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  

It does look like Navy SERIOUSLY loosened up their requirements recently though, I didn't qualify before and now I do.  (as a Honorably Discharged veteran)  They used to not include the Coast Guard, Army or Air Force unless you were stationed in specific locations.  Now it is pretty much all veterans, active duty and DoD Civilians.  They even added Air and Army NG.  

It used to be a pretty complicated Q&A to determine eligibility.

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otaymiester said:   Anyone can join Navy Federal by first joining the San Diego Council of the Navy League.  There's an enormous thread on this on CreditBoards.
In doing a quick google search, seems this method has been discussed in other threads on here before, but like the above it was mentioned in passing in a thread discussing some financial product/deal (that may or may not have been NFCU specific). IMO the info above should be its own thread on here (the way it is on CreditBoards, MyFico, DoC, etc).

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elektronic said:   Do either NFCU or Penfed even have competitive rates on most of their products? I got the same 30 year rate with no origination fee on Zillow mortgages that NFCU is offering for 1.0 point.

The only decent product is the 5/5 arm that covers closing costs.


The 5/5 is the only decent regular mortgage offerings. Their HELOCs are ok too.

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carrollmg said:   I'm in the middle of it now.  My mortgage closes in June.  My experience has been horrible.  Asked for the same thing over and over.  One rep denied getting 2 specific emails from me even though she responded to one.  They have moved me to a manager to handle my account, but so far I would never use them again.

Maybe in the next 5 weeks they turn it around.


Yeah that sounds like my experience. They say they'll still make my closing date, we will see.

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kjl1977 said:   I think I'm going to jump on the 5/5 with Penfed. Devil that I know...  I also don't have a military connection, so Navy is out for me. Good news is that our closing is about 60 days out, so 15 more than Penfed demands.
  
Anyone can join Navy Federal by first joining the San Diego Council of the Navy League.  There's an enormous thread on this on CreditBoards.

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RedWolfe01 said:   
imbatman said:   If you're eligible for PendFed, you're likely also eligible for Navy Federal CU. They have similar 5/5 ARM products and are faster
  

It does look like Navy SERIOUSLY loosened up their requirements recently though, I didn't qualify before and now I do.  (as a Honorably Discharged veteran)  They used to not include the Coast Guard, Army or Air Force unless you were stationed in specific locations.  Now it is pretty much all veterans, active duty and DoD Civilians.  They even added Air and Army NG.  

It used to be a pretty complicated Q&A to determine eligibility.

  
Anyone can join Navy Federal by first joining the San Diego Council of the Navy League.  There's an enormous thread on this on CreditBoards.

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Thanks for the tip. I'll probably use it next time. Already started the process with Penfed and am sort of regretting it.

We signed a contract on a house about 22 days ago. The seller's agent has yet to hear from an appraiser. I had followed up with my processor on Friday and she said that the appraisal was ordered, but as of today the seller's agent has heard nothing. Meanwhile, the house we sold it only took about 8 days from contract to appraiser showing up. Ridiculous.

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So I ended up crossing my fingers and going with Penfed 5/5 for my purchase. It was 39 days from contract to closing.....and it appears they are going to get it done. Closing is today, we got the clear to close yesterday. They were so late on getting numbers to title co. that I had to guess and overfund my wire yesterday.

I'll update and let you know how it goes today.

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rascott said:   So I ended up crossing my fingers and going with Penfed 5/5 for my purchase. It was 39 days from contract to closing.....and it appears they are going to get it done. Closing is today, we got the clear to close yesterday. They were so late on getting numbers to title co. that I had to guess and overfund my wire yesterday.

I'll update and let you know how it goes today.

  
Good luck.  I'd appreciate any tips you can give in terms of being proactive with the PenFed people to avoid any delays.  So far, I've been trying to keep in touch with the processor and keep asking on occassion if she needs anything from me.  Hoping that reduces the chances for any last second 'oopsies'. 

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kjl1977 said:   rascott said:   So I ended up crossing my fingers and going with Penfed 5/5 for my purchase. It was 39 days from contract to closing.....and it appears they are going to get it done. Closing is today, we got the clear to close yesterday. They were so late on getting numbers to title co. that I had to guess and overfund my wire yesterday.

I'll update and let you know how it goes today.

  
Good luck.  I'd appreciate any tips you can give in terms of being proactive with the PenFed people to avoid any delays.  So far, I've been trying to keep in touch with the processor and keep asking on occassion if she needs anything from me.  Hoping that reduces the chances for any last second 'oopsies'. 


Ok, so we got it closed.

I was actually doing an 80/10/10 loan, with the 10% being a HELOC. Penfed is fairly difficult, because the 2nd mortgage dept is totally different than the 1st, so it's basically 2 different closers and processors reviewing/approving/funding the closing.

They were both late on wiring the funds, and then we ended up with 3 versions of closing statements before they got it right....then a delay for them to actually wire the funds to title company. So closing took about 2.5 hrs.

But they did get it done, and basically on time.

As for advice....I pestered them constantly for updates from the start. They asked for the same docs multiple times throughout.....almost comically bad. There was one specific question I answered 5 different times. The 1st mortgage processor didn't answer the phone. Or return messages. Fortunately the "advisor"...(very first person I worked with, before being assigned a processor) always responded....and at least would answer questions/give updates.

In the end....it's about your diligence and patience for the inevitable incompetence. Their 5/5 ARM (at the rates and fees they offer) is still the best I have available from anyone. They did close on time and at the rate/fees promised. So I can't complain too much.

Just realize you are going to need to be very actively engaged to keep things on track.

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rascott said:   
kjl1977 said:   
rascott said:   So I ended up crossing my fingers and going with Penfed 5/5 for my purchase. It was 39 days from contract to closing.....and it appears they are going to get it done. Closing is today, we got the clear to close yesterday. They were so late on getting numbers to title co. that I had to guess and overfund my wire yesterday.

I'll update and let you know how it goes today.

  
Good luck.  I'd appreciate any tips you can give in terms of being proactive with the PenFed people to avoid any delays.  So far, I've been trying to keep in touch with the processor and keep asking on occassion if she needs anything from me.  Hoping that reduces the chances for any last second 'oopsies'. 


Ok, so we got it closed.

I was actually doing an 80/10/10 loan, with the 10% being a HELOC. Penfed is fairly difficult, because the 2nd mortgage dept is totally different than the 1st, so it's basically 2 different closers and processors reviewing/approving/funding the closing.

They were both late on wiring the funds, and then we ended up with 3 versions of closing statements before they got it right....then a delay for them to actually wire the funds to title company. So closing took about 2.5 hrs.

But they did get it done, and basically on time.

As for advice....I pestered them constantly for updates from the start. They asked for the same docs multiple times throughout.....almost comically bad. There was one specific question I answered 5 different times. The 1st mortgage processor didn't answer the phone. Or return messages. Fortunately the "advisor"...(very first person I worked with, before being assigned a processor) always responded....and at least would answer questions/give updates.

In the end....it's about your diligence and patience for the inevitable incompetence. Their 5/5 ARM (at the rates and fees they offer) is still the best I have available from anyone. They did close on time and at the rate/fees promised. So I can't complain too much.

Just realize you are going to need to be very actively engaged to keep things on track.

  
That's about what I figured.  Thanks!  

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