On 6/27 my wife & I applied for a re-finance loan with New Penn Financial on our TN residential home. We were helped by Carolyn McKew. We were purchasing a second home in South Florida & paying cash for it. We had a closing date in FL of 8/3 & were told that she would do the best to get this done. We signed the loan for a rate of 3.50%. We sent them all the necessary paperwork & written letters that they required. We both have very high credit scores, not to mention assets. After several weeks passed we finally had our house appraised & had to pay $400 out of pocket. On 7/30 we received an e-mail stating that we were approved for the loan – but were told that the Under Writers needed more papers from us, which we supplied. Our closing date in FL came & went. We got an extension till 8/8 to close in FL. On 8/9 we were contacted by Tom Brady of New Penn’s corporate office and were told that if we changed our loan to a rate of 3.99% & change our house to an investment property – then we would have our loan within 2 days. We agreed to the change of rate, so that we wouldn’t lose our $23K Escrow money. But again, the 2 days came and went forcing us to request another extension from the seller. We also received a letter from our homeowner’s insurance company stating that as of 8/3 New Penn Financial was now our Mortgagee on our home. Since our house was now considered an investment property, we leased it out – so that we could stay in FL for a while. On 8/12 I was told that we could drive down to FL since our money would be here any day now. We packed up our belongings & drove to FL. On 8/15 we finally cancelled the loan – since we were now told that the Under Writers needed 5 more papers from us & there was still no guarantee if we would get the money or not. We want our $400 back plus damages for stress & anxiety caused by this whole mess. My wife & I had to liquidate our 401K’s to purchase this house. It also cost us an extra $700 for the moving truck – since we are now homeless waiting for our funds. New Penn Financial acted totally unprofessional in this entire matter. We have all the e-mails to prove this!
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