New Penn Financial- Mortgage Reviews

3.7 out of 5 stars
3 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3 out of 5 stars

3.5 5
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These reviews were written by current and former borrowers in the last year.

Nov 24, 2017
Best way to trash your credit rating

Shellpoint is a profitable company because they're dedicated to their craft. They've thrived because they've discovered a simple two-step method to making money: 1) Increase the creditor's loan-amount due by adding surprise fees (even better if the consumer can be caught off-guard) thereby increasing the likelihood that the consumer will become delinquent;  2) Once the consumer is delinquent, strive to keep them in delinquency status for as long as possible.

Wait a minute, that doesn't make any sense..! How can Shellpoint stay in business if its customers are delinquent? Dedication to their craft, pure and simple. They add fees. They make threats. They make "promises." I call it "Profit by Punishment." If you become their customer, you'll be the one getting punished. I can also promise you a trashed credit rating.

Simply put, Shellpoint has figured out how to thrive at the bottom of the barrel. It has created a business methodology which preys upon the "least sophisticated consumer" in order to make money. Give me an example, you say. Ok, how about by suddenly adding fees and charges, and then following up the fees and charges with intimidating phone calls and notices, then adding more fees. You get charged the fee, you call them to dispute it... they are banking on you NOT paying it. Or at least paying it late or not paying it in full. It's easy to be late with Shellpoint, because there is no grace period. You've heard the term "grace period," right? And you know why a grace period is even "a thing," right? Because humans are human, and we humans need a couple of extra days "grace" every now and then. Shellpoint requires you to be perfect, nevermind the fact that you're human.

Shellpoint makes money, a LOT of money. For Shellpoint, making a lot of money REQUIRES that your loan become delinquent or damaged somehow. That's a very important part of the equation, so I'll repeat it: in order for Shellpoint to make profit, you must be in a delinquent status of some form or another. Once you're delinquent, they've won. There is no grace period. There is no forgiveness. Only intimidation and threats - that they WILL follow through on, believe me. They're very good at threats.

They are also experienced at disregarding the spirit of various consumer-protection laws (designed to protect and help the consumer) by adding fees like "Broker Price Opinion fees" and "Property Preservation fees" - fees which inflate the level of delinquency to the point that the consumer is disqualified from other programs designed to help. These are perfectly legal actions, I've read the laws and you can read them too. Their actions won't "seem" legal, not as judged by any ordinary human. But legal they are, for the most part.

You may be wondering about my situation.. I'm an ordinary consumer with ordinary debts and ordinary problems. I'm just like you. And I'm telling you, Shellpoint trashed my ~720 credit rating down to 590 for a late payment. Like me, you've probably had a situation once or twice in your life where you know you're going to be late on a bill, and you call the company and tell them, and they're perfectly OK with it as long as you pay it by the end of the month? And it doesn't impact your credit rating because hey, they're treating you like a human - humans make mistakes, and responsible humans fix their mistakes, and responsible companies know this about humans because they're humans too.. that's NOT the Shellpoint experience. Late with Shellpoint? Fees. Threats. Letters. Phone calls. Big fees with important-sounding names. For being late, even though you called them, even though you promised to pay by the end of the month and then DID pay - still fees, threats. Because they WANT you to be delinquent, this is the position they MUST achieve in order to profit - Shellpoint WANTS to be YOUR debt collector. 

Don't take my word for it - and please, ignore the positive CreditKarma rating. Do me a favor and take a few moments to google "Shellpoint complaints" and see for yourself. You don't even need to read any articles - just scanning the results will reveal the truth. Two new class-action lawsuits this year alone (2017)!! The Federal Trade Commission's business "Hall of Shame" winner or runner-up for the past decade!! And complaint after complaint after complaint after complaint..

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Aug 05, 2017
very easy and professional
Anonymous Borrower

a joy to work with!! Always responded when contacted

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Apr 28, 2017
Best customer service
Anonymous Borrower

New Penn was fast to get my loan done and communicated with me at every step of the way.

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