New Penn Financial

www.newpennfinancial.com
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New Penn Financial Reviews

Updated January 26, 2015
Updated January 26, 2015
44 Reviews
3.3
44 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Jerry Schiano
31 Ratings

Employee Reviews

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  1.  

    Call center Loan Officer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Call Center Loan Officer in Concord, CA
    Former Employee - Call Center Loan Officer in Concord, CA

    I worked at New Penn Financial full-time (more than a year)

    Pros

    Nice place to work - good management

    Cons

    Marketing platform doesn't support purchase market

    Advice to ManagementAdvice

    Get rid of $1500 marketing fee and raise hourly

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  2.  

    great

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Purchase Clearin Analyst in Devon, PA
    Former Employee - Purchase Clearin Analyst in Devon, PA

    I worked at New Penn Financial

    Pros

    nice perks working here good

    Cons

    wish there was more incentive promotinos

    Advice to ManagementAdvice

    compensation is okay can be a little more incentives are good

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Nice Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New Penn Financial

    Pros

    good people, provides you with many leads

    Cons

    mostly all commission, not a lot of room for advancement unless you relocate

    Approves of CEO
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  5.  

    Great atmosphere, very friendly coworkers and a helpful manager

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Consultant in Alpharette, GA
    Current Employee - Mortgage Consultant in Alpharette, GA

    I have been working at New Penn Financial full-time (less than a year)

    Pros

    Stress free atmosphere
    They train you well
    You manager always has your back

    Cons

    Wish the office interior looked more inviting

    Advice to ManagementAdvice

    Please pay attention to front end staff. If we say our product needs to be more competitive in some area, believe us.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Intense, learned about mortgage financing and underwriting than by previous employers.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Mortgage Loan Officer
    Former Employee - Senior Mortgage Loan Officer

    I worked at New Penn Financial full-time (more than a year)

    Pros

    Marketing was superb. Phones didn't stop ringing so you are always busy. The process was tight, streamlined to get most from every loan officer and every loan. If you want to make money, it's not a bad place to be.

    Cons

    You are pretty much chained to a chair and on the phone with borrowers or emailing to get loans closed almost all the time. Not really a place for relationship people.

    Advice to ManagementAdvice

    Its a money making machine, and it works.

    Recommends
    Approves of CEO
  7.  

    Stay away from New Penn

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New Penn Financial

    Pros

    Nice building, yard, parking lot

    Cons

    micromanagement at all levels, benefits

    Advice to ManagementAdvice

    stop harassing employees managers, please

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Varied, depending on group

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Analyst in Plymouth Meeting, PA
    Former Employee - Analyst in Plymouth Meeting, PA

    I worked at New Penn Financial full-time (more than a year)

    Pros

    Very relaxed environment in some personnel groups, great management in those groups, very hands off approach as long as you get your work done. The owner is a great guy.

    Cons

    Other groups had awful management, blatantly lied to, changed lie to a different lie when confronted, didn't bother following up a second time, raises are rare no matter what your performance. Starting salaries are low as well.

    Advice to ManagementAdvice

    Invest more time/money in your employees. Job security would be a huge plus too. Everyone is either afraid their time is almost up or looking to leave, or both.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9.  

    A financial rewarding career with a stable, growing market leader.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Mortgage Consultant in Strongsville, OH
    Current Employee - Senior Mortgage Consultant in Strongsville, OH

    I have been working at New Penn Financial full-time (more than 3 years)

    Pros

    The major advantages of working at New Penn Financial are the array of product offerings (they are a direct seller/servicer for Fannie, Freddie & Ginnie plus have a portfolio of Jump Loans all serviced in house), underwriting turn times average about 24 hrs and they provide high quality internet leads for loan officer. The other characteristics I enjoy about this organization is that they have a great compensation plan, provide a great work life balance and continue to invest in their employees via training & system enhancements.

    Cons

    The cons associated to New Penn are similar to those I have seen at other lending companies, which stem traditionally from the ever changing lending environment but over the last two years I have seen some growing pains associated to new software/system deployment and more exposure to upper management would be nice.

    Advice to ManagementAdvice

    My main advance to management would be to strength the support & training that loan officer's receive from the branch and corporate trainers, and ensure they focus on organic growth of it's employees over bring in outside management with limited understanding of the New Penn process.

    Recommends
    Positive Outlook
    Approves of CEO
  10.  

    A solid and honest organization with an encouraging, flexible environment and productive culture

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Mortgage Consultant in Strongsville, OH
    Current Employee - Senior Mortgage Consultant in Strongsville, OH

    I have been working at New Penn Financial full-time (more than 3 years)

    Pros

    Innovative and competetive products, Strong financial backing, Services their own portfolio, Experienced & proven management, Schedule flexibility, Easy to produce, Quick turn times, Awesome lead-calling system, Caring & involved management

    I can't speak for all locations, but Strongsville has a really amazing group of people that all work closely together to get loans done. Everyone is willing to lend a hand to anyone to help close a loan, and it's the only place I've ever worked where I feel like a whole team is working together instead of people being self-serving. Managers are hands-on and really care about their employees' incomes and success. The atmosphere is incredible and inviting, and the office always hosts small events to help keep stress levels down and the job fun.

    Cons

    Origination systems are cumbersome, Time management between originating and processing can be difficult, Can be stressful (part of the job anywhere), Time off expires at the end of each year instead of accruing

    There's very little bad to be said about working here. This is a lower-paid compensation plan that I've had elsewhere, which made me reluctant to make the move to New Penn, but I've found that it's counteracted by being able to close more loans per month. You do have to be a little more involved in the processing side than other companies, but when you get a loan, you know it works instead of waiting for a processor to tell you that it won't get approved 3 weeks later.

    Advice to ManagementAdvice

    Continue to develop more niche products to give us an edge in the market, Invest more time and effort into marketing the purchase market and participating in down-payment assistance programs, develop local marketing initiatives. Construct a more efficient method for addressing guideline exceptions or unique situations

    Overall, this is a great place to be employed, but maintaining that extra edge against the competition would make it even more exceptional.

    Recommends
    Positive Outlook
    Approves of CEO
  11.  

    Good Place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous
    Current Employee - Anonymous

    I have been working at New Penn Financial full-time (more than 5 years)

    Pros

    Good Managers, good training FHA loans down to 580, VA 100% cash out programs and scores down to 565. NON-QM program, we service our own loans. New lead dialer system gets us on the phone with customers faster then ever and allows us more opportunities to sell.

    Cons

    I have been in this business for a long time there are pros and cons with every company but it’s what you make of your situation. New Penn gives you leads and tools to be successful.

    Advice to ManagementAdvice

    Keep adding products and continue training on products and systems

    Recommends
    Positive Outlook
    Approves of CEO

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