New Penn Financial

  www.newpennfinancial.com
  www.newpennfinancial.com
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New Penn Financial Reviews

Updated September 18, 2014
Updated September 18, 2014
36 Reviews
3.4
36 Reviews
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Jerry Schiano
23 Ratings

Employee Reviews

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  1.  

    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 for 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
  2.  

    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 for 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
  3.  

    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 for 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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  5.  

    A good company for a career in the mortgage industry

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

    I worked at New Penn Financial full-time for more than 3 years

    Pros

    Direct lender with a great portfolio of products. Well capitalized and self-sufficient - same company owns lender, appraisal management, title, and servicer. Competitive commissions. Company paid marketing. Company paid training and licensing. Good training and professional development program. Good benefits - 401k match, health/dental, work/life balance, team competitions/events.

    Cons

    Cyclical industry - jobs/commissions are highly correlated to the market. Minimal price flexibility when selling and rates are slightly higher than industry average. Low base salary (just over min. wage) and commissions have a "standard deduction" so it's basically 100% commission. Managers earn more on their individual production than on their override so there is a conflict of interest. Behind the 8 ball with respect to technology. Operations can take precedence over sales when it comes to managing the pipeline - this is backwards and can be frustrating.

    Advice to ManagementAdvice

    Make the investment to upgrade software and systems technology but don't try to implement until systems/programs are complete and fully functional. Change middle management focus from "babysitting" to developing their sales teams by rewarding them more for team production vs. individual production.

    Recommends
    Neutral Outlook
    Approves of CEO
  6.  

    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
  7.  

    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
  8.  

    The worst company I have ever worked for.

    • 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

    There really is nothing, sorry.

    Cons

    The change the comp plan a few times a year, the change only benefits New Penn. They pay minimum wage, have a random $1500 (per loan officer, per month) deduction from your pay every month. They treat employees as telemarketers, not experienced lending professionals.

    They don't want loan officers closing more that 3 loans per month, they profit more by having many loan officers close a fewer deals, this allows them to collect $1500 per loan officer and keep the pay scale (bps per deal based on how many deals close) low. They control this by increasing rates, which they do often when the market and other lenders rates often don't increase. They will control you, your life, your pay and when rates go up and you don't have self generated deals your production will go down and you will be out of a job. Trust me, keep moving. .

    Advice to ManagementAdvice

    Quit cutting the pay of your top producers. Perhaps you can make less than 5 points per deal so your rates are competitive thus allowing your best sales people to actually make money.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    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
  10.  

    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

  11.  

    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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