PenFed Credit Union S Walton Walker Blvd, Dallas

PenFed Credit Union Reviews

• P

  Pete Boublis
  1

  My recent experience with PenFed mortgage financing was awful and I would not recommend them at all to anyone. I started my loan process back on August 9 and at that time, I was told that the typical time to close was 60 days so I fully expected that PenFed would be able to close this loan by the middle of October at the latest. Since August 9, I have submitted and resubmitted all of the requested supporting documents and attempted to stay in regular contact throughout the loan process with my loan processor, rarely receiving a return email or phone call. For every request from PenFed, I responded immediately after I was asked and followed up each time. Conversely, PenFed did little to bring this loan to a close and rarely communicated with me. Finally, I was sent an email on 10/29 from my loan processor that my loan is in final review, and I followed up with his manager on Friday 11/5 who told me my loan is expected to close on Nov 15. However, the PenFed loan portal never reflected this at all and as you can imagine, the loan far from being closed. I don't trust PenFed, but I was stuck with them because this process had gone on for so long and PenFed was aware of this. I finally started tweeting at PenFed in mid-November about my frustration when someone finally helped me from another group within the company (not the one that I was working for). By the time I received help, it was mid-November and I had switched jobs, moving to self-employed status (although more than 100 days had passed since opening my loan application). I was told by the new person that my loan officer and loan processing manager were going to have to get involved to bring the loan to a close due to the change. But of course, that never happened and after I followed up several times, the new person called me and told me that my loan could not be closed, 107 days after I had started the process.

  Response from the owner

  Hi Pete, thank you for discussing this issue with us by phone. We're sorry you had a poor experience. Your feedback has been shared with the home loans team so that we can focus on improvements.

• S

  Sabrina Boyd
  1

  I would give them a rating of zero if I could. I got a personal loan with them one month ago. Something happened during processing and they had an incorrectly phone number. I sent weeks trying to just update my phone number online and through phone calls. I'm on a family plan so my name isn't on the phone plan and every time I asked how to update the phone number I got a different story on how I could accomplish this. So I kept submitting documents that were deemed insufficient even though THEY TOLD ME TO SUBMIT THEM. Then they emailed me after a couple weeks and said to submit a phone bill even though my name and address is not on it, how is this the high standard to protect my identity and account that they claim to be protecting? I got a loan somewhere else for a higher interest rate just to get away from them because it was the most frustrating experience ever. And I just wanted to pay them what I owed, but I couldn't because they refused to update my phone number so I could get access to their online services. Do not give any money to them.

• E

  Erika Jackson
  1

  If I could give zero stars I would. I submitted a HELOC application online in late April. After receiving the initial approval it went into underwriting where i uploaded all the required information. I was told i would hear from someone if they needed additional information. I received no communication after that. I contacted Penfed by email and called several times to check in and left voicemail messages for Kyle Lowing, loan processor. Finally, yesterday I got a hold to someone in Home Loans Operations Care department and was told my application was canceled due to insignificant documentation. The online portal was my only point of contact and a request for additional information was not there and I NEVER received a phone call or an email requesting additional information. I asked if I can have something in writing regarding the loan application closure and he said it had been sent. I have received NOTHING! this has been the most frustrating experience! I KNOW they are lying about the letter and trying to contact me. I have no messages, no emails, nothing. I really hate that I have a credit inquiry because of this. I also asked to file a formal complaint and they told me I would be hearing from someone. Will the lies ever stop? Believe the bad reviews and avoid Penfed.

• J

  Jordan Ybarra
  1

  I refinance one of my vehicles to get a lower interest-rate and lowered payment. I got approved through PenFed which is one of the hardest places to get approved through I had a family emergency come up and I needed to get a personal loan for $2200 keep in mind my credit score is almost 800 and I make almost 200 here I had to fight them for almost 2 weeks to fix my phone number before I can reply for this while fighting with them to fix Ths one representative how do you spell to multiple times called me a fa* and then my husband should’ve killed me . After I told him my story of domestic abuse and he was so disrespectful and unprofessional when they finally fixed the phone number I got declined for the personal loan for the 2200 and I told I need a co-borrower. I truly believe that this man did something to my file that goes against the fair credit act and PenFed let it happen I had one man threaten to repossess my car if I took legal action against him when I make payments on my vehicle

• c

  christina thompson
  1

  I made a payment on 216/22 from what penfed email mezsages stated, my payment went th4ough, but I never saw any charges pending. I called back 2/18/22, the rep stated no transaction was made, but I recueved email that on 2/16/22, my payment went through. I made another payment in 2/18/22. Still the same thing! No payments being withdrawn, but i am receiving messages via penfed that the payments went through! I hope I am not being over charged! Worst company ever!!!

• v

  varghese kc
  1

  Sent me a credit denial letter. I never asked for any credit approval from this place. I tried to contact this firm, nobody to answer my calls and get it to answering machine asking my full social security number and full name and birth year. Is it scam or knowingly degrading my credit. I saw 21 points down on my credit score for no apparent reason.

• R

  Ruth Palma
  1

  Worst experience ever. Dealing with this credit union has been a complete hassle. Who has to call here I am a month later still waiting to receive it and even having to request a card when they have an account?is just beyond me . I am withdrawing my money as soon as I receive it and closing my account. The Dallas location security checks your DL before you can even drive on to the site like what ? Never in my life . Ghetto.

• M

  Michelle Cole
  1

  Refinanced my car with Penfed 6 months ago and they keep sending out letters for the title and they have admitted its been there mistake everytime as they selected a box that shouldn't be selected. You have to call and fight this montly and it's getting very old.

• T

  Tristian Bolongia
  1

  Alexandra Estrada Knowingly disclosed me before receiving updated information. She Never sent correct disclosure. Told me on the 11 i wasn’t approved when bank statement was sent on the 9th. Stated on the phone I gave wrong information only later to say she pulled it from application of previous loan application despite speaking to me on the phone. Originally told me PenFed does not offer Homeready until I asked for a supervisor. She stated “the guidelines” did not allow Homeready. Now I am told I meet guidlines for Homeready but not at PenFed. You’re not compliant with Fannie Mae and have changed the loan conditions. This is an automated underwriting system so it should be the same result every time. She consistently changed the terms and misrepresented the products that they offer. I was persistent presenting them with screenshots of their own webpage and the fact that it was updated in 2022 (since previously loan officer told me this was an old post and they no longer offered the product). I was pre- approved by the automated system for $107,000 home. I offered the seller $100,000, and it was accepted, and I gave my earnest money. Then with no change in info , about 10 days in she says the system says I don’t qualify because my debt to income ratio is too high. Then she goes on to say that I gave the wrong info for my income on the application, and what it actually should be. When I finish talking with her and check the original application—the only application-it has the figures that she said should be in there, so, it was always there. So, by what method is the automated system that approved me and my debt-to-income ratio now suddenly issuing a disapproval? Why was she even going through the system or application again 9-10 days in? I FEEL I was discriminated against and that she has thwarted me at every turn. First she says they don’t offer the product. That wasn’t accurate. Then the system pre approves me for $107,000. I make and have accepted by the seller an offer for $100,000. The day before I am to deliver my earnest money she says I need 6 months reserves. She didn’t know this based upon the pre approval for $107,000 but she knows it a week later based on a lower amount of $100,000 ? Say the money was going to be my down payment and closing payment. She lead me to believe I DID NOT need reserves. She actually said it wasn’t true when I said a previous loan officer mentioned something about reserves. Then after the offer is accepted, a week after we had completed applications, closing amounts and the day before I would be delivering Ernest money, she says I need 6 months reserves. She then asks where I will get the closing and down payment. My mother agreed to gift it. So, it was settled. Then after I pay ernest money and after I set the appointment for the inspector I am paying for, she starts with the stuff about the automated system that pre-approved me now says I have too much debt to income when no info was changed or added. She claimed I had said I made more on the application than what I do and stated what the correct amount should be, but when I later checked the original application, it has the exact amount she said it should be. Besides, I didn’t do the application, she did. No new or altered income, and an automated system changes its mind.

• D

  Dario Montoya
  1

  I would strongly advise you not to apply with this Credit Union. One of the worst options I have ever had to make was to do business with them. I have an auto loan with them now and I wanted to refinance since it says I was eligible to get a better rate applied approved and then they tell me that I can't move forward with refinancing because it's already a Penfed loan. Then why the hell give me the option. That just caused a hard inquiry. On top of that I was offered a credit card increase approved and they send me a 2nd credit card not an increase. Let me just say this bluntly this credit union is a piece of sh***t. Do not do business with a credit union that doesn't have their things together nor work well with you.

  Response from the owner

  Hi Dario, our website does state that existing PenFed auto loans are not eligible for refinance. We're sorry if there was confusion about this policy. Please visit https://www.penfed.org/auto/refinance for more information.