Pen Fed

[JohnDoe]

John. You're having a terrible time with them. You should refuse to take their money and never do business with them again. Life is too short.

Guess i got a different PenFed - they've been the best financial institution i've ever dealt with, having bought and sold maybe 20 properties. Omly done a single refi, over newyear's last year, with PenFed.

I got a different penfed in may, too. But they are obviously understaffed these days.

I don't plan on using them again. They'll probably sell my mortgage, then I close my share out and be done with them.

 

[JohnDoe]

You'll receive a large packet in the mail a few days after the loan is funded (my loan was funded the morning after the 3 day right of rescission expired and my packet was post marked the same day). A few weeks after that, you'll be able to see the mortgage details on the website.

Call/email the settlement company or check the website of the previous mortgage lienholder to verify the old mortgage has been payed off.

I found the title company's phone number at work and gave them a call. Got all my questions answered right away.

 

[Da Nag]

This is the only negative thing I've ever read about Penfed.

Here's another...

After reading all the praise here, I joined up to get a small HELOC - no existing loan, %20 LTV on the home, two earner household each with 20+ year government jobs, perfect credit...what could go wrong?

You name it, it did. Suffice it to say, the customer service was horrendous, the demands of us equally so, and they refused to honor loan terms stated on their web site, and by the loan officer.

I finally told them to pound sand, went to the local US Bank, and got a better deal and access to funds in 3 days.

Given the huge number of positive posts about them here, logic suggests my experience was an anomaly...not that such an observation, makes me feel any better about them.

 

[slouch]

They'll probably sell my mortgage, then I close my share out and be done with them.

Check the RESPA Servicing Disclosure document signed at closing. I suspect it might state:

1.
[X] We are able to service your loan and we
[X] will
[X] retain all of the mortgage servicing

2.
For all first lien mortgage loans that we make in the 12-month period after your mortgage loan is funded, we estimate that the percentage of mortgage loans for which we will transfer servicing is between:
[X] 0 to 25% or NONE

 

[jblack]

Well, I guess pen fed has become swamped. Noticed today that they are now charging a 1% origination fee on all fixed rate loans, which I believe is new.

DW and I are finishing up our refinance and I can echo others' recent statements that the service over the past ~6 weeks has been less than wonderful. This week our application was reassigned to a new loan processor and (so far) she's been great.

Net-net of this is that seems PenFed is starting to catch up on their backlog of applications, at least from our perspective. Another sign things are getting better is that they have removed the 1% origination fee that started back in early January to help stem demand.

 

[Dawg52]

anyone get an email from Penfed today.............

concerning possible credit card fraud? Below is a part of the email. Says SS numbers were not stolen but that I should monitor my acct. Says I will not be responsible for any charges not mine. I took a look and no charges have been made. They say I can change my cc number if I would like.

Just wondered if all Penfed cc customers got this.


Dear Member,

Visa Fraud Control has recently notified us that your Pentagon Federal Credit Union Visa credit card account number, name, expiration date, and CVV (a three-digit verification value on the magnetic stripe of the plastic) may have been compromised in a processor level breach at Heartland Payment Systems, Inc. Heartland Payment Systems, Inc. is one of the nation's largest payment processors delivering credit/debit/prepaid card processing, payroll, check management and payments solutions. Heartland has dedicated a website, www.2008breach.com to provide additional information on the breach.
Information pertaining to your other Pentagon Federal Credit Union account(s) has not been associated with this event or compromised in any way. The compromise did not occur at Pentagon Federal Credit Union nor did it involve any of our systems. All of your Pentagon Federal Credit Union account information remains absolutely secure.

 

[OAG]

Strange that there is no mention of this on the PFCU Site. Here is some more information on the "breach" from Heartland Systems Site: http://www.2008breach.com/

 

[cantlogin]

Yeah, I got that memo too.

 

[Dave J]

I got an e-mail from them yesterday(11th) at 930pm, reference to the last 4 digits of my credit card number with the above notice.

There was also a local news story a couple days ago that a local bank and a local credit union had the same possible problem.

 

[wolf]

Count me in too. Got the same e-mail. Would rather not request a "new"

credit card number. Would have to change my providers that charge my

credit card directly. What do you experts recommend doing? Is the risk

that great?

 

[Dude]

I closed on a 20 yr fixed refi with PenFed late January, paid 0.375 points to get 4.75% rate with no origination fee (locked in December). Closing costs about $1500 (not including points paid) on a $137k refi. Did most everything through e-mail, didn't need to or try to call much, overall was happy with the deal and the whole process. The key is to be patient

I have no problem with the PenFed old or new website, I don't need bells and whistles, just keep giving the best deals

I got the credit card e-mail also, will be watching my statements like a hawk

 

[RustyShackleford]

I have no problem with the PenFed old or new website, I don't need bells and whistles ...

Really !! Some of the most dreaded words I hate to see: Our website is
going to have a FRESH NEW look !! Great - thanks, morons; now I have to
re-learn how to do everything. (I sure hope there're some management
types reading this ...)

 

[Dawg52]

Count me in too. Got the same e-mail. Would rather not request a "new"

credit card number. Would have to change my providers that charge my

credit card directly. What do you experts recommend doing? Is the risk

that great?

I'm going to just monitor my acct. PF said they would refund bad charges, so just going to review my acct more frequent.

 

[brewer12345]

Got the e-mail, too. Its ultimately their problem, since they are liable for any fraudulent charges.

I noticed the removal of teh 1% fee as well. Guess they finallyt got caught up.

 

[JohnDoe]

Got the e-mail, too. Its ultimately their problem, since they are liable for any fraudulent charges.

That's why many card issuers will just go ahead and reissue new cards - especially if it's related to a particular card bin or region. It's cheaper then dealing with the fraud.

 

[slouch]

I noticed the removal of teh 1% fee as well. Guess they finallyt got caught up.

As of 2/17/09 the 1% loan origination fee is back again for fixed rate mortgages

 

[brewer12345]

As of 2/17/09 the 1% loan origination fee is back again for fixed rate mortgages

Saw that. Amazing how fast they take it off and immediately bring it back.

I'd have to guess that at this rate it will never be worth it for me to refi. So be it.

 

[jblack]

As of 2/17/09 the 1% loan origination fee is back again for fixed rate mortgages

Obviously the capacity/demand issue an imperfect science for them.....I had a laggging response from my (new) loan processor last week but then she called up and said somewhat out of the blue, "we can close on next Monday if you are okay with moving the date up....".

With the rate and costs we're getting I'm willing to put up with a few bumps in the road/process. Hopefully this is the last time we need to refinance, though.