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BEST PRACTICES
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PennWest is committed to the following BEST
PRACTICES
CLEAR AND TIMELY DISCLOSURE OF LOAN TERMS AND
CONDITIONS
PennWest does not tolerate misrepresentation of the
terms and conditions of a loan and strives to ensure
that our customers are fully informed about the
transactions they are considering. To achieve this goal,
our disclosure package is pre-approved by our compliance
department and pre-configured to avoid processing
errors, and centrally generated to ensure the package is
sent to applicants within three business days from when
their loan application is received. A member of senior
management conducts a quality assurance review with the
applicant, reviewing the information submitted on
application and loan terms applied for. Customers are
encouraged to review the disclosure package and ask
questions about the contents. To assist the customer, a
toll free number and individual contact person’s name is
provided on the cover of the disclosure package.
DETERMINING WHETHER THE CUSTOMER HAS THE ABILITY
TO REPAY OUR LOAN
Although the value and condition of the real property
always play into a mortgage lender’s loan decision, we
do not lend based on the “equity” in the property alone.
PennWest relies on automated underwriting system(s) to
ensure consistent evaluation of each customer’s ability
to repay based on factors such as income, credit score,
mortgage payment history, debt ratio and previous
bankruptcy and foreclosure. Beyond the automated
underwriting system’s recommendation PennWest will use
contracted underwriting services selected by our
investors or underwriting by our investors to review and
evaluated a customer’s loan file.
PROHIBITED PRACTICES
We do not:
- Charge a prepayment penalty on any loan programs.
- Disparage, discredit or other wise encourage Potential
Borrowers to disregard the good faith estimate or the
disclosure package.
- Improperly influence or even attempt to improperly
influence the development, reporting or outcome of an
appraisal.
- Encourage potential borrowers to misstate income
sources or income levels or to inflate or fabricate the
amount of assets or submit false or misleading
information on a loan application.
- Make false, misleading or deceptive representations
regarding loan terms.
- Sell single-premium credit insurance.
REASONABLE POINTS AND FEES
PennWest does not originate loans defined as “high cost”
under the Home Ownership and Equity Protection Act of
1994 (HOEPA) or state predatory lending laws. Certain
borrowers may qualify for zero lender fees, otherwise we
charge a standard processing fee and we pass through
third-party fees with no mark-up.
RISK-BASED PRICING
Our system-driven, risk-based price model determines a
consistent, benchmark price offer based on the overall
risk profile of a loan transaction. The benchmark price
generated from the price model cannot be increased by
sales staff. Customers can choose a lower interest rate
by paying discount points or pay fewer discount points
in exchange for a higher interest rate. Standard pricing
helps ensure equal treatment regardless of customers’
sophistication and literacy.
MARKETING
We market to people who are likely to want a mortgage
loan from us and have the ability to repay such a loan.
Our marketing efforts support equal lending
opportunities to all who qualify and do not target
consumers based on race, color, national origin,
religion, marital status, familial status, sexual
preference, gender, age or handicap. We do not sell
customer information to third parties for marketing
purposes.
REFINANCING OF EXISTING CUSTOMERS—FLIPPING IS
PROHIBITED
When a customer contacts us to refinance, requests a
payoff statement or places an application through
another lender, we work with the customer to retain our
relationship. PennWest, however, does not solicit
existing customers within the first 24 months of their
loan.
PROPERTY VALUATION
We seek to ensure accurate property valuations through
the use of licensed appraisers and cutting-edge
technology. Appraisals must be full appraisals, with an
interior inspection performed in accordance the Uniform
Standards of Professional Appraisal Practice. To ensure
compliance with these requirements, we maintain lists of
approved appraiser’s, perform an automated review of a
random sample of appraisals prior to funding, and audit
a sample of appraisals on a monthly basis for quality
assurance.
NEW CUSTOMERS RECEIVE A WELCOME CALL BEFORE
THEIR FIRST PAYMENT IS DUE
We make welcome calls to new customers before their
first payment is due. During these calls, we answer any
questions.
TRAINING IS THE FOUNDATION TO QUALITY CUSTOMER
SERVICE
Loan officers receive specialized training because of
the high customer-contact nature of their jobs. Training
includes the basics of the mortgage industry, an
introduction to our Lending culture, customer service
standards, regulatory compliance and systems training.
RESOLVING CUSTOMER CONCERNS IS A TOP PRIORITY
Loan officers, processors, team leaders and managers are
available to respond to customer inquiries and are
empowered to address customer concerns. Their goal is to
resolve customer concerns during the first call. If
additional research is necessary, the employee will work
with the customer until the issue is resolved in support
of our senior management’s commitment to high ethics and
fair lending practices. We reward employees who are
commended by our customers for providing superior
service or consistently performing above expectations.
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| PennWest
Home Equity Services Corp |
Privacy
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Terms of Use |
Licenses and Notices
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Do not Call Policy
| Best
Practices |
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 PennWest
Home Equity Services Corp. is licensed by the
Pennsylvania Department of Banking and is an Equal
Housing Lender. We provide home loans as a residential
mortgage lender in 11 states through out the United
States. We strive to provide our customers with
exceptional service experiences and an easy mortgage
process along with low mortgage rates.
**Refinancing, taking out a home equity loan or debt
consolidation may increase the total number of monthly
payments and the total amount paid when compared to your
current situation possibly resulting in higher overall
costs. By refinancing your existing loan, the total
finance charges may be higher over the life of the loan.
* Zero Lender Fees program applies to owner occupied
residential 1st mortgages secured by a lien against your
property. Minimum loan amount is $125,000.00. Offer is
subject to underwriting approval. Not all applicants
will be approved. Full documentation & property
insurance required. Terms, conditions and restrictions
apply. Some up front fees apply that are credited back
at funding.
*Third party fees apply. Borrower is responsible for new
loan interest costs, outstanding property liens, taxes,
insurance, appraisal, association fees, title insurance,
private mortgage insurance, certifications, settlement
fees, and any elected loan discount points.
Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply.
Copyright © PennWest Home Equity Services Corp 2008. All
rights reserved.
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