This was my worst experience getting a mortgage, or any loan for that matter. It has been an absolute nightmare.
I have made 27 calls to my loan officer and loan processor and they have picked up the phone thrice: twice when my loan officer were still trying to get me to agree to getting my mortgage through them and once after I emailed my complaints to their resolution lines, more on that later. I have also emailed them a total of 32 emails and got 4 email responses.
I have 800+ credit. I put down 20%. The house value is 2x my annual income. The house appraised for higher than the asking price. So it should be one of the most straight-forward application.
I have always provided requested documents a few hours after they were asked. PenFed has never needed to wait for me for more than 12 hours for anything. I have always been prompt in my communication.
I would save you time here and advise you to not go with PenFed unless you would like to take a chance at not being able to meet contract deadlines, or love to take on some emotional stress.
I have emailed their [email protected]
and [email protected]
twice for help for help but that didn't help. So I'm not sure what else could be done here.
Feb 26th, initial loan application signed through the loan portal.
Mar 9th, appraisal paid.
Mar 10th, loan processor assigned. Sent an email to her to introduce myself. No response.
Mar 17th, loan officer asked for the seller's agent phone number. I responded.
Mar 25th, since I have never heard from my loan processor, I emailed MortgageResolution and Comments for help.
Mar 26th, loan officer emailed me asking for the seller's agent phone number(!) I told her we had been through this 9 days ago.
Mar 26th, I heard from the loan processor for the first time, 16 days after she was assigned to my case. I promptly provided documents while we were on the phone.
Mar 30th, I was Conditionally Approved. I promptly provided additional documents.
Apr 1st, I called my loan processor and asked whether we would be able to meet the Mortgage Contingency deadline. I was told that would depend on the appraisal and the title check. Okay... Had the appraisal been scheduled as soon as I paid for it (3 weeks ago at that point), may be those would have been done by that point.
Apr 5th, I received the appraisal report. I emailed and called my loan officer and loan processor to ask for a status update. No response.
Apr 8th, I called the person what responded to me when I emailed MortgageResolution and Comments back on Mar 25th. No response.
Apr 9th, I emailed MortgageResolution and Comments again asking for help. A person replied to me saying that they would provide me with an update the next business day (Apr 12th).
Here we are, on the evening of Apr 12th, I have not received any email or phone call today. My Mortgage Contingency date is Apr 15th.