I feel that it’s my professional duty to leave this review and inform the public about Penfed lending practices, since I am a professional, full time realtor. As a realtor, I have worked with many lenders of the buyers that I represented, and so I have a ton of experience with various lending institutions. Here is how Penfed compares to other lending institutions that I worked with in past: Usually when I contacted a lender on behalf of my buyers, they responded within 24 hours. Mostly they responded during the same business day, within 1-3 hours. With PenFed - they just don’t respond. They don’t. If you are sitting and waiting for them to respond, you will miss your closing date. I remember a week before our closing I received an email from my Escrow officer: “I have not heard from your lender and I have emailed the processor twice.” With other lending institutions that I worked with, there was a team that would work together to get the file to closing. A loan officer, loan processor, underwrites, closer, all the team members came together, and each did their part in the process. They also communicated with each other to resolve issues. With Penfed... (quoting my partner) “it was like ordering a food in a fast food restaurant that is run by inexperienced teenagers. Although, teenagers actually try to learn from their mistakes and improve. PenFed doesn’t.” Every Penfed employee that we encountered in the process did not do their job right. (with one exception of a manager who magically made things work in the last moment, after I wrote them that if the sale doesn’t close on time, I will go public to the news outlets) I needed to educate (no kidding) the loan processor that it was her job to make sure that the appraisal is scheduled and happening. Every time that she told me that she will figure something out and call back, she didn’t. Finally, I just told her that she is a liar, and I don’t trust her at all. The underwriters... After the first review, their underwriters counted my investment property, which has been a rental for that past 10 years, against my credit. (as if I was paying mortgage on it but wasn’t getting rent) After complaining to their management that this was against lending rules and regulations, this was corrected. With their second review, there was the following request: “Provide a letter from CPA stating the withdrawal of funds for this transaction will not have a negative impact on the business.” My accountant was stunned when I communicated this to her. She said that this was against CPA regulations of not attesting to the future of any business and that no CPA firm would take that risk of losing their license and providing a statement that violates CPA codes and regulations. 2 days before closing, with their third review, the underwriting requested a home owners insurance policy for HOA and HOA documents. This was not something that suddenly came up in the last moment. This was something that the underwriting missed twice, in 2 prior reviews, and figured out 2 days before closing. After I complained to the management about an appraisal being paid for on February 21st and on March 15th still not being scheduled (with closing on March 26th), Penfed management didn’t have a phone number for the appraisal management company that they work with. (think about it what this means for you, as a buyer) Only after countless back and forth, and me writing: “are you seriously telling me that Penfed doesn’t have a way to contact the appraiser management company that you work with???!!!” they finally found that number. And when they finally scheduled, the appraisal company told me that the appraisal was scheduled for March 29th when our closing was on March 26th. You can imagine. When I called Penfed about this, they responded that they can’t make an appraisal management company work faster than it does. On their final loan estimate that was sent to us for signatures, the sales price for our new home showed wrong numbers. That’s not even a calculation. That’s simply copy pasting the numbers from the sales agreement to the loan estimate. They copy pasted that number incorrectly twice, which required a few more emails and phone calls from me to have them get it right. A month after closing we received an email saying that they made a mistake calculating our closing costs and they are refunding us around $200. To conclude, I so much wish that I believed the 1-star reviews that customers left for Penfed lending on multiple websites. These reviews are real, it’s not just a few disappointed customers. PenFed lending is a giant, careless, out of control mess, that painfully impacted lives of many good people. Here is my favorite part of the story. When they’d send me emails about our loan, their wording was this: “... a loan # ... , tentatively scheduled to close on March 26, 2021.” Can someone please educate these people that every real estate contract has the words “time is of the essence of this contract” and that these words are actually a legal term that means that you can be sued if you don’t stick to the dates and times spelled in the contract??? Thanks for reading.