How long do Penfed appraisals usually take?

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Going through the process with PenFed and am wondering if I should be worried.  Had the appraisal on the house we are buying about 8 days ago.  Appraiser submitted the appraisal a few days ago and it has been in 'review' ever since.  Seller's party and their relocation company are getting nervous.  Is this a normal thing for Penfed?

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Did you call them to find out where things are? Sometimes the appraisal company drags their feet.. I wouldn't get too worried yet, honestly, but would try calling them to get the pressure going.

IME though, Penfed is slow. I've read other similar experiences. If you are worried, get a backup funding source just in case, preferably a broker who can tap into several funding sources and just do underwriting once. I did a refi with Penfed a few years ago and they were so slow I stopped the process and paid them incurred costs (~$100 IIRC).

Penfed said, as of yesterday, that the appraisal was received and is under review. Just wondering how long a review should take.

Not that long..IIUC they just need to validate the appraisal was performed in accordance with their standards, and that you meet the LTV ratio. I say keep calling.

Don't say I didn't warn you about getting a backup funding source though:
https://www.fatwallet.com/forums/finance/1461513
https://www.fatwallet.com/forums/finance/1518849

I had to call and keep calling for Penfed to move on mine.

Even then, after a few weeks of slow / non-movement and getting moved to different reviewers (due to work loads, vacation, etc.)... I only got things finalized when I spoke to a supervisor and said they had 5 days to finish the review or I had to go to a another lender.

Something happened to Penfed about 3 years ago - they stopped caring and it really shows.

Well, we're about 28 days out still, so I've got that going for me. Looks like the key is to just ride them to the finish line.

slappycakes said:   I had to call and keep calling for Penfed to move on mine.

Even then, after a few weeks of slow / non-movement and getting moved to different reviewers (due to work loads, vacation, etc.)... I only got things finalized when I spoke to a supervisor and said they had 5 days to finish the review or I had to go to a another lender.

Something happened to Penfed about 3 years ago - they stopped caring and it really shows.

  and yet people keep going back for more.

PenFed has always been garbage, at least for the past 10 years.

I was about to talk about how they weren't so bad on my last mortgage - then quickly realized - THAT WAS 10 YEARS AGO.... :O

qcumber98 said:   
slappycakes said:   I had to call and keep calling for Penfed to move on mine.

Even then, after a few weeks of slow / non-movement and getting moved to different reviewers (due to work loads, vacation, etc.)... I only got things finalized when I spoke to a supervisor and said they had 5 days to finish the review or I had to go to a another lender.

Something happened to Penfed about 3 years ago - they stopped caring and it really shows.

  and yet people keep going back for more.

  
Unless it has changed their mortgage department is on its own in Eugene Oregon and likely staffed heavily by graduates from the two big nearby colleges.  So it is basically a "first job" for recent grads.  Not sure if any of you guys have ever BEEN to Eugene -- but it is probably more left than California...

I never have issues with all the rest of their services.  (I have an auto loan with them as well as credit cards)

RedWolfe01 said:   qcumber98 said:   
slappycakes said:   I had to call and keep calling for Penfed to move on mine.

Even then, after a few weeks of slow / non-movement and getting moved to different reviewers (due to work loads, vacation, etc.)... I only got things finalized when I spoke to a supervisor and said they had 5 days to finish the review or I had to go to a another lender.

Something happened to Penfed about 3 years ago - they stopped caring and it really shows.

  and yet people keep going back for more.

  
Unless it has changed their mortgage department is on its own in Eugene Oregon and likely staffed heavily by graduates from the two big nearby colleges.  So it is basically a "first job" for recent grads.  Not sure if any of you guys have ever BEEN to Eugene -- but it is probably more left than California...

I never have issues with all the rest of their services.  (I have an auto loan with them as well as credit cards)



My mtg processors were in VA for the one I just completed. Definitely an older lady.

kjl1977 said:   Well, we're about 28 days out still, so I've got that going for me. Looks like the key is to just ride them to the finish line.

You are 28 days out from closing? They are likely just sitting on it, working their nearer closings.

In my experience....They didn't start doing much of anything until about 14 days out. I didn't have much confidence, but they got it closed on my scheduled date. Good luck..

kjl1977 said:   I was about to talk about how they weren't so bad on my last mortgage - then quickly realized - THAT WAS 10 YEARS AGO.... :O
  I just refi'd my 1st mortgage with them in 27 days including appraisal - apart from the fact they kept calling my wife instead of me there were ZERO problems.

When they had the appraisal in, I called and harrassed them (politely!) and they emailed me the appraisal while I was on the phone. 

Appraisal came the day after I posted this.



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