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BBB Accredited Business since

New Penn Financial, LLC

Phone: (847) 933-3017 5600 N River Rd STE 800, Rosemont, IL 60018

Click for BBB Rating on New Penn Financial, LLC

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New Penn Financial, LLC. is a mortgage banker which provides a variety of different loan options to both first-time homeowners and those seeking to refinance their mortgage. Located in Rosemont, IL, this company serves the northwest suburbs of Chicago, including O'Hare, Norridge, Park Ridge, Edison Park, Des Plaines, Niles, Morton Grove, Schiller Park, Franklin Park, Bensenville, Morton Grove, Mt Prospect, Glenview, Elk Grove Village, Skokie, Itasca, Wood Dale, Franklin Park, Dunning, Arlington Heights, Prospect Heights, Wheeling, Northbrook, Riverwoods, Deerfield, River Grove, Elmwood Park, Northlake, Stone Park, and River Forest. The company has been in business since 2008 and is a founding sponsor of the Philly Cycling Classic.

This company provides loans to individuals and companies who require capital for various reasons, including funding their home purchase, refinancing their home in order to pay off student debt or medical bills, or investing in real estate. The company provides special programs for foreign nationals, allowing them to buy a US home with fewer restrictions than the programs of other companies, such as no pre-payment penalties or disqualifications for being self-employed. Jumbo loans are also available for those who need to borrow up to $2 million. There are a variety of different loan programs available, as the company understands that not everyone is in the same situation and different loans are necessary for different needs.

Visit the website for New Penn Financial, LLC. to learn more about the services available from this company, read about their foreign national and jumbo loan programs, and browse their website to view their loan programs.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that New Penn Financial, LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

BBB Complaint Information

Find aggregate BBB complaint information for New Penn Financial, LLC. BBB serving Metro Washington DC & Eastern Pennsylvania has the full report as that BBB handles all complaints for New Penn Financial, LLC.

Additional Information

BBB file opened: October 23, 2012 Business started: 07/17/2008 Business started locally: 07/17/2008 Business incorporated 07/17/2008 in DE
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Illinois Department of Financial and Professional Regulation
100 W. Randolph, 9th Fl, Chicago IL 60601
Phone Number: (312) 814-4500

Type of Entity

Limited Liability Company (LLC)

Business Management
Mr. Michael Schafer, Mortgage Specialist BBB Metro Washington DC And Eastern Pennsylvania
Contact Information
Principal: Mr. Michael Schafer, Mortgage Specialist
Business Category

Mortgage Bankers Banking Services Loans Real Estate Credit (NAICS: 522292)


BBB Customer Review Rating plus BBB Rating Overview

BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.