New Penn Financial Reviews

Updated August 27, 2014
Updated August 27, 2014
31 Reviews

3.3
31 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Jerry Schiano
18 Ratings

Employee Reviews

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  1.  

    New Penn is THE PLACE to learn, excel and make a career in the finance business!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - National Sales Trainer
    Former Employee - National Sales Trainer

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

    Pros

    The people, the training, the growth and the culture of this company are all reasons to stay!

    Cons

    It is kind of a hike if you do not live in Pennsylvania. It is at the crossroads of two of the most famously congested highway arteries in the Philadelphia area.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Not too bad

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

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

    Pros

    Good Pay, Great staff, enjoyed happy hours, learned a lot from my peers.

    Cons

    Long Hours / HUGE LAYOFF Took place in Sept 2013

    Advice to ManagementAdvice

    Your job is only as secure as the market !

    Recommends
    Neutral Outlook
    Disapproves of CEO
  3.  

    Mortgage consultant in strongsville ohio

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

    I have been working at New Penn Financial full-time for more than a year

    Pros

    Great managers, very supportive and laid back. Great people. Processing and underwriting is fantastic, they really push to close your loans. Managers really care about their people. Systems are good as well as pricing and costs are low. A very good bank for customers. Great work-life balance, managers in cleveland are great.

    Cons

    They dont pay their bankers. And the leads are increasingly terrible. They already only pay min wage, which for a professional is already insulting enough, but they only pay 70-85bps on volume in a market with low average loan sizes, and the pay is the same whether youre in a market with $400k loans vs ohio with $130k loans, but then comes the worst part: they take, or rob, $1500 out of your commission and call it a "standard deduction"!!! So after paying min wage and 85bps, which is already insulting....they take $1500 away and no one has any explanation on what it is. When you ask about it they shrug their shoulders. If its for the leads, its a poor reason; the leads are garbage from lendingtree that have already been called by 10+ diff companies and most people dont even answer, and the leads are getting fewer and fewer. I love the people and would stay if they valued and paid solid bankers and maybe just had 10 high paid bankers who could easily handle the volume of the office, instead of 25 bankers who are all broke and fighting for the minimal business that the branch produces. But more people = more $1500 standard deductions. Its so sad because i love the managers and believe in the company, but who can live on min wage with what turns out to be 50bps on $150k loans?! Youre already losing great people because youre taking $18,000 a year away from someone that youre paying min wage and calling it a "standard deduction", which with this industry, its becoming standard to not pay your performers. Very sad.

    Advice to ManagementAdvice

    Fix above issue and value your bankers by not letting them live with the stress of being broke half the time, pay a higher draw so people can budget, pay a higher commision and dont take $1500 away from someone who no matter what can never compete with NC or GA or CA, and stop having depressing sales calls where we have to cheer for branches that have a huge advantage over ohio and the same standards, contests, and compensation, when their loan size is double ours. And stop spending money on lending tree, get a unique mail piece so customers call us, instead of harrassing people who were tricked into giving up their phone number and dont want a call in the first place. We need less bankers who are happy and compensated, instead of more broke bankers who dont want to quit but have to choose between working for a great bank like new penn....or paying their bills on time.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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  5.  

    The Boys Club puts the almighty dollar before employees

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

    I worked at New Penn Financial full-time for less than a year

    Pros

    I cannot think of anything. I'm sorry.

    Cons

    The you're lucky you have a job mentality is so powerful. They do not appreciate employee hard work and loyalty. I have unfortunately seen first hand that they will put money in front of integrity and doing the right thing.

    Advice to ManagementAdvice

    Keep doing what you're doing. You will have no employee engagement or loyalty.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6.  

    Good people, bad job

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New Penn Financial

    Pros

    Other LOs are amazing people

    Cons

    over worked and underpaid. mostly commission with no room for improvement

  7.  

    Most boring job ever

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

    I worked at New Penn Financial full-time for less than a year

    Pros

    Non really, rates are somewhat decent depending on the day

    Cons

    Limited leads dealing with clients with barely qualifying credit scores, not a team effort. you are basically a credit repairer trying to get someone qualified for a mortgage. Expected to call aged leads from a year ago and trying to find a needle in a haystack for a loan. they market to people to people who would never qualify for a loan in 2006 let alone now. Management does not care about the banker, very lazy, and do not do anything to help you get more business and close loan. Most people are content with closing 1 or 2 loans per month. Outdated systems. I could do the work people did in a week in one day. There was no training program, not that i needed one. Expect to receive 2 maybe three calls per day from people calling in but 90% were in a BK or forclosure

    Advice to ManagementAdvice

    Quality leads = quality loans, more leads = more closed loans.

  8.  

    Great! Loved this job, they were super flexible and fun to work for.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Loan Closer  in  Saint Louis Park, MN
    Current Employee - Loan Closer in Saint Louis Park, MN

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

    Pros

    The management was very good, great culture everyone was really easy to get a long with.

    Cons

    The company shut down, the market was not good.

    Recommends
    Negative Outlook
    Approves of CEO
  9.  

    They started off with the best of intentions

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

    I worked at New Penn Financial full-time

    Pros

    Good training program and lots or training support after.

    Cons

    As a whole, they are a disorganized mess. The right hand doesn't know or doesn't care what the left hand is doing.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10.  

    A refreshing experience in the new age of the mortgage industry.

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New Penn Financial

    Pros

    Employee focused with growth and development in mind.

    Cons

    Lack of strong brand recognition nation wide due to young age.

  11. 1 person found this helpful  

    Absolutely terrible

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New Penn Financial full-time

    Pros

    Honestly I can't think of one good thing about this company.

    Cons

    You would make more in a restaurant 7.25 an hour base. The promise that everyone there is closing large numbers of loans and everything is set up for sale side. In reality it's the opposite, everyone is closing max 3 loans due to a convoluted underwriting process. Training is terrible either you get it or you don't and you have a week to absorb all of the information. The computer software they are designing is garbage. It stops working constantly. Oh and the 1500$ automatic withdrawal from your commission every month doesn't help either. And you won't be moving up in the company...ever.

    Advice to ManagementAdvice

    Train your employees, or use a more common user friendly mortgage software. Get better managers who are willing to do their job and are polite.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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