New Penn Financial Mortgage Broker Columbia Maryland

As I stated in my conclusion, New Penn Financial has no intentions of being accountable for their mistakes and fraudulent lending practices. At no time did I ask to have my hotel fees included in my escrow account. Again, Mr. Maggio is twisting the truth. Mr. Maggio introduced me to the idea of having six months of mortgage payments escrowed in order to avoid paying mortgage and hotel fees. Prior to being introduced to this idea by Mr. Maggio, I had knowledge of this option. As a consumer I knew very little about the 203K Rehabilitation program, so I trusted Mr. Maggio to guide me through the process.

I reported New Penn Financial to the BBB because they lied about the mortgage payments being escrowed into my loan.

When I addressed Mr. Maggio about the rip off complaints surrounding Mr. Smargissi, he responded:

-------- Original Message --------
Subject: RE: [FWD: RE: Sam's Information]
From: "Paris Lindesay" <plindesay@shinerroofing.com>
Date: Mon, May 09, 2011 8:27 am
To: <mark@mycmsnow.com>

Another complaint

http://www.ripoffreport.com/builders-contractors/sam-smargissi-vetera/sam-smargissi-veterans-home-faq42.htm

From: mark@mycmsnow.com [mailto:mark@mycmsnow.com] 
Sent: Monday, May 09, 2011 11:04 AM
To: Paris Lindesay
Subject: [FWD: RE: Sam's Information]

-------- Original Message --------
Subject: RE: Sam's Information
From: "Maggio, Michael" <mmaggio@NPFLLC1.com>

Date: Mon, May 09, 2011 7:24 am
To: "mark@mycmsnow.com" <mark@mycmsnow.com>
Cc: "Soderberg, Kimberly" <ksoderberg@NPFLLC1.com>

Mark,

 There is always two sides to every story.  I have used Sam many times and have no complaints.  FHA has no problem with him either as far as I know.

Michael S. Maggio

Mortgage Specialist - Restoration Division

NMLS# 348994

 ph |  800-453-6455 x 2168

ph |  240.843.4118 (direct)

fax | 484.594.2168

 mmaggio@newpennfinancial.com

http://www.newpennfinancial.com

New Penn on Facebook

New Penn on Twitter

New Penn on Linkedin

6250 Old Dobbin Lane, Suite 110

Columbia, MD 21045

At no time did Mr. Maggio advise me that I could select another 203K inspector as proven by the email above.

Also, Mr. Maggio stated that “I was always free to choose any licensed contractor that I wanted. If Mr. Lindesay failed to obtain estimates from other contractors, that was his choice.” Let the record be known that I provided NPF with three (3) estimates as recommended. Here is an example:

From: Soderberg, Kimberly [mailto:ksoderberg@NPFLLC1.com] 
Sent: Wednesday, May 18, 2011 10:48 AM
To: Lindesay, Mark A.; Franklin Bessette
Cc: Maggio, Michael
Subject: 5715 Hawthorne Road La Plata Maryland

Here is the homeowner contractor agreement for you both to sign. Once the plans and specs are final, I will also need a copy with both your signatures and dated.  Frank, the list of items still missing for contractor approval, I will forward that list also.

The underwriter is also questioning the following:

Per the home inspector, further inspection is recommended on septic system due to large trees and roots in proximity to septic tank.  Thank, Kim

but ,again, Mr. Maggio's fails to acknowledge his liability and the liability of New Penn Financial.

On Tuesday June 28^th, 2011 at 1:25pm Mr. Maggio stated in an email subject: Transmittal Summary “Keep the faith it will be all good. You are in very good hands with Sam's guys” also reflects his support of Mr. Smarggissi and Ronald Hobby as they collectively conspire to defraud me and my family.

NOTE:   The following response reflects the viewpoint of Michael Maggio and not that of his employer, New Penn Financial, LLC (“New Penn”).  New Penn will be filing its own response to the complaint.

I had the pleasure meeting of Mr. Mark Lindesay and his family in March of 2011 after he contacted New Penn Financial to inquire about an FHA 203(k) rehabilitation loan in connection with the purchase of his new home. (The Section 203(k) program is the Federal Housing Administration’s program for the rehabilitation and repair of single family properties.)

I am truly saddened to learn of Mr. Lindesay’s struggles and I had no idea that he had any issues with the role that I played in the loan process.  I thought that we had a pretty good working relationship getting his loan ready for settlement. You can imagine my surprise when I discovered that Mr. Lindesay complained about me on this website.  I just recently found out about this or I would have responded much earlier.

Starting with the first allegation, Mr. Lindesay says that I lied to him regarding his escrow account and mortgage payments. We did discuss the fact that the FHA 203(k) loan program allows a borrower to roll up to six months of mortgage payments into the loan amount so the borrower does not have to pay the mortgage for the first six months (the construction period). At the time of closing, Mr. Lindesay and his family were living in a hotel.  He wanted to add both his mortgage payment and monthly hotel bill to the loan amount. I informed him that FHA would never allow the hotel expenses be put in the loan amount.  I also told him that his debt-to-income ratio at the time was too high to add six months of mortgage payments to the loan amount.

Mr. Lindesay was unhappy with this answer and complained to the Better Business Bureau (BBB). The BBB determined that New Penn and I treated Mr. Lindesay fairly. Mr. Lindesay did not want to accept the fact that this wasn’t my decision or New Penn’s decision. The underwriting guidelines published by FHA simply would not allow for the inclusion of his mortgage payments or hotel expenses into the loan amount.

Mr. Lindesay says that New Penn “appointed” Sam Smargissi as HUD consultant. This is untrue.

I told Mr. Lindesay that he was free to choose any HUD consultant that he liked. I advised him that a list of HUD consultants could be found on HUD’s website. Mr. Lindesay asked if I knew anyone and I mentioned Mr. Smargissi. I had worked with Mr. Smargissi on several other occasions and I never had one borrower complain to me about him.

No one at New Penn, including myself, ever forced Mr. Lindesay to accept Mr. Smargissi as his 203(k) HUD consultant. Moreover, Mr. Lindesay never notified me about any so-called “scam reports” concerning Mr. Smargissi.

Similarly, it is misleading for Mr. Lindesay to say that Mr. Hobby (the contractor) was “appointed” by Mr. Smargissi.  It is my understanding that Mr. Smargissi recommended Mr. Hobby. Mr. Lindesay was always free to choose any licensed contractor that he wanted. If Mr. Lindesay failed to obtain estimates from other contractors, that was his choice. 

I will state again that I am deeply upset to learn of what Mr. Lindesay has gone through with his house. However, I can say unequivocally that I worked diligently and in good faith to provide him with the appropriate loan for the home that he wanted to purchase.  I wish the outcome would have been different for Mr. Lindesay.