Pennymac Loan Services
reviews and complaints

HOUSE IS BEING SUED BECAUSE OF PENNYMAC! Have used this mortgage company since we bought the home in 2022. Just got notification our home is going into a lawsuit and will be put up for auction because they have been paying the taxes we have paid to the wrong townhome for TWO YEARS! Have called a bunch of times and I just get told “there’s a long process.” Meanwhile we are on the verge of losing our home.

EVERYTHING about this refi process was terrible. They have NO customer focus. Communication is horrible. People obviously are trying to handle too much work to focus on any one customer. The MAC people need to be trained in their own processes and in the mortgage process in general. The electronic systems are difficult to use and the people do not even take the time to look at what is in them before contacting the customer. The electronic systems are not integrated regarding a refi within their own company. I was contacted by an untrained MAC person regarding my refi and they had NO idea I was in the process of a refi with their company. The ONLY good experience in the entire process was when Penny Mac handed it off to a professional such as the title company. In summary: I thought a refi with the company would be easier than starting with another company. I was wrong. They are NOT customer focused. They have too much work. Their people are untrained and unprofessional. Their processes and systems are terrible. I regretted the entire time I decided to refi with them. The ONLY reason I did not stop was I had already invested too much time and money to start over with another company. I would NEVER recommend them to anyone and I am still not sure I made a good decision. Time will tell. Still wishing I had gone to my credit union who had the same rates and better service.

P***. Where did you find this guy? He walked me through the smoothest, easiest refinance I’ve ever experienced. On the question Did my closing time go through as communicated? I wanted to answer No, because it went through earlier. Quicker than I was expecting including All the information I needed to set up my Bill Pay with my bank. I'm all setup. On the question: Would you recommend Penny Mac to other folks? I already have. When I told my family and friends about my experience with the M.A.C. team and how they made everything easy-peasy they were impressed. Beat the daylights out of my interest rate and my monthly payment. You may get another Fanelli customer, but I want a finder's fee? He must work with a very professional and dedicated crew. Everyone worked as a team with Phil taking point. Everyone was focused on answering and explaining all my questions, leading me through the swamp and instilling confidence in me and the reassurance that I was working with a skilled crew that was hell bent on providing outstanding customer service. Phill is the “Greatest of All Time.” Smart, polite, quick on the draw and always with the good info. Mohammed A would have been proud. The only thing I can find negative about Phil is he can’t tell a joke. Misses the punch line every time. It’s all in the timing P. Gotta work on that. Thanks to All of you with the M.A.C. team. Well done. I couldn’t have asked for a more pleasant experience. Have a Very Merry Christmas, I know I will. Sincerely, Frank Fanelli

I started a mortgage refinance process with PennyMac, the week of 9/8. Loan Officer C ***, provided me a Loan Estimate (LE). I had another lender also provide me an LE, and there offer was better than PennyMac's LE. Christa asked me to send it to her, so I did. She advised that PennyMac could beat this offer, and provided me additional closing cost credit money. Christa did send me a copy of the revised LE, that we agreed to go forward on. Their online document portal would not open for me it was on then off, often. All I could see when it was on, was the original LE, and not the new LE that Christa and I agreed to move forward on. The week of 9/20, I called to get technical help, to review the revised LE. They provided help, but when I was finally able to review the REVISED LE on their portal, that I had a PDF file on my computer, the LE that was on their secure website now has 2 additional points or an extra $3,862 in closing costs (NO DEAL), that was never agreed to nor communicated to me, and never on the revised PDF file that Christa had sent to me on 9/13. Buyer beware. If PennyMac tells you their giving you extra cash credit towards the closing costs to sweeten the deal, make sure you check Section A on your closing cost statement, where in essence, they never gave me a extra closing cost credit, they just added points and additional costs to the loan, and increased my Total costs from the revised LE of 4,127, to $7,989, or the $3,862 uncommunicated add on points, very sneaky and dishonest.

Pennymac, not to be confused with Freddie Mac, the Federal Home Loan Mortgage Corporation (FHLMC), operates a predatory-style marketing department that abuses the relationships with its customers by spamming them with dragnet style calls. I have been harrassed by them for over a year with constant physical mailers and phone calls with offers to refinance the loan I just refinanced. On one occasion Pennymac called me, on a recorded line, and I asked the rep if he was going to try and sell me on a refinance as they had many times before. He lied and said it was not for a refinance and that he just wanted to share some important account information with me. This led me to believe there was something wrong with my account or a payment. The initial caller from Pennymac then transferred me to a sales department who asked me for my loan # and then immediately tried to sell me a refinance. I asked the rep why I would want that and why the previous rep lied. She said she had no idea if Pennymac had called me or if I called her, she just tries to sell refinances. This means the first rep likely goes through existing customer lists and spams them with phone calls to then transfer them to the sales department, without regard for customer needs. I have asked them to stop with the constant phone calls and those have subsided but the mailers keep coming. Under my account management portal, there is no process to opt-out of advertisements and spam phone calls. This is abuse and I plan on refinancing with a different loan servicer simply to avoid being harassed by Pennymac.

Very unsatisfied with the loan process. Numerous IT issues with the online systems caused a several-day delay where I spent hours on the phone with a PennyMac IT specialist trying to overcome their computer glitches. I expected better from PennyMac after being a returning customer. Very disjointed communication from the team handling the loan application/processing. I often received conflicting information from the team. There was no consistency in who I spoke with in spite of having a specific person "in charge" of the application. I have not heard from Nayely since approximately Day 10 of the process. This is Week 6. I have not been contacted in 7 days since signing closing documents. I still have no answer on when the closing will officially occur and funds disbursement will occur (in spite of calling PennyMac to get answers yesterday). Even though there were promises to follow up with a phone call, I am still waiting for the team to provide answers on when closing will be finalized. I called once more today and dealt with a very condescending individual named Raven (once again it's always someone new and completely unfamiliar with my loan when I try to follow up) who could not tell me when the process would be completed with funds distribution (other than the same answer I got yesterday about it being done in 24 hours). I really did not need to deal with Raven's unprofessional attitude while begging for an accurate answer on things. My only positive experience has been with one of the operations managers, Jessica-- she sincerely tried to get issues resolved in the past. Unfortunately, my second time with PennyMac has started off to be a horrible experience.

I was not seeking a refinance but received a call from my current lender Pennymac and was told that I could shorten my loan period and pay less per month. I have been with them since 2012 (always on time) and did not have any reason to doubt them. I do now. The loan officer did not adequately prequalify I have refinanced with other companies who took pains to ensure that I was fairly qualified. Having experience with two previous refinances I was a bit concerned but was assured the underwriter would contact me with any questions. I was then set up with an appraiser which I paid up front for. The house was appraised immediately and well above the loan amount. A long silence ensued. Eventually I became concerned and after se. I asked about the appraisal cost was told that since the appraisal had been done so promptly they could not refund it. I protested to no avail. Roll forward 3 or 4 months and I get another call from Pennymac suggesting I refinance. At the end of that call (after being redirected to my original loan officer), I have concluded that Pennymac is shoddy because they do not prequalify, do not empower their loan officers, review notes before contacting long time customer, make misleading comments, and do not take responsibility for their actions. I would not use them to refinance or recommend anyone else use them. I suspect the underwriters are overworked and having tons of cases dropped on them because of the lack of prequalifying by the Loan Officers. This would be alright but they do not make things right when a good intentioned experienced person at their behest following their instructions finds themselves deeply regretting ever having talked to them.

Pennymac acquired my loan from Veterans United (Franklin Mortgage) without my approval, knowledge, and/or consent. Once I received the letter of takeover I went thru absolute hell trying to get on the bi-weekly payments as I had been with my previous mortgage company. I HAD to pay them a full mortgage payment ahead to get on bi-weekly and years later I still have no idea where the money went other than I was advised it was in suspense and then applied with complete confusion and deflection. This month I sent a principle payment of $1000 after months of squirreling and upon looking at my statement today, there was that "suspense " word again next to my $1000 so I called them as it had NOT been applied to my principle. (Side note I had looked into refinancing with them directly as I am at 4% but the cost to do such with them was over $11,000 so I figured I would just try to make extra principle payments when I could). On [protected] I called them and spoke with Michelle. She advised me that because I was on a bi-weekly plan I could not now nor ever pay ANY extra to my home loan. I asked her to confirm as I had nothing in any written document (checked my documents) and notes that advised me of such. She apologized but said there was nothing she could do. I immediately canceled my bi-weekly, requested $1000 refund, due dates etc., and she transferred me to refinancing even though she said it was going to be a survey. When refinancing answered I advised them I would not be refinancing and they hung up with no further conversation. Folks they are rated one of the lowest mortgage financing companies by JD Power and now I know why. They really do not care about their customers in any long term way other than making more money off of the loan itself. I understand they are a corporation but the fact that they stiffle the "American" dream for their shareholders/CEO profit shows that greed supersedes making a dream come true. I am stuck with their avarice. Don't become me.

This was the worst customer service we had ever received. I was called and asked to refinance though them for a better rate and lower payment. They called a couple of times asking me to refinance though them. After these phone calls, every call to them was horrible. They never called when they said they were going to, and when they did they called the wrong phone number multiple times after being told which number to call, every time we had talked to them. They would also call late at night, where they were on a different time zone they did not take that into consideration. We would be asleep when they would call. When we would call back, we were sent to a call center and never got ahold of the person we were supposed to. We were told multiple things would be emailed to us and they weren't until asked multiple times. We were lied to multiple times about every aspect of the process and loan. They would give us a dollar amount, but when the paperwork was received the amounts would be different every time. It took longer for us to refinance than it did for us to even purchase the home. This should have been easier and smoother than the initial sale and it wasn't. At closing, all our documents were incorrect, we called with the notary there and was promised that the paperwork would be corrected and emailed to us before the cancelation date. This was not done, and we were ignored until 4 days later, this was after the opportunity to cancel, and we were informed that nothing would change in our documents to the numbers we were promised. We were lied to though the entire process by literally everyone we spoke to. Now, we cannot cancel the refinance as the time frame has passed and we are now stuck with this refinance that has all the wrong amounts and calculations than what we were told. Although this is a decent deal, it is not at all what we were promised. They knew we were going to tell them we were no longer interested, so they lied and gave us new numbers that they never intended on actually doing for us. These people are liars. Stay away from this company.

I refinanced with this company. They were terrible. The refi was straightforward- using only 1 income on a W2, since we didn’t need any other income to qualify and no cash out. Very straightforward. A simple refi took over the 45 day frame they give you as a max to close, with weeks of no response from anyone. They’d eventually follow up requesting docs that ultimately were not relevant or needed- e.g. my husbands income (which wasn’t on the app), my rental income (which also wasn’t on the app) and then they were identifying we needed to sign a document agreeing to obtain flood insurance bc our house is in a flood zone; however, it is not and insurance will not give us this bc of that. Be sure to read what your signing and be an advocate for yourself bc they are not advocating for you! They were using the wrong info to determine this and only after several calls, which were prompted by me did we get it resolved after another week of hold ups. I scheduled closing 3 times. The first 2 times no one actually scheduled it though so I planned my schedule and waited only to find out PennyMac agents never schedule-2 times! Our closing documents were wrong and we were trying to work through details post disclosure bc we couldn’t get anyone to answer and give us answers about the info that was wrong during the closing since they use a independent notary for the closing (you have time to recant the closing for a certain period after signing, so at the point we were at we felt that was the best option vs needing to schedule another closing which was at least another 2 weeks out). Be sure to read everything, be prepared to make several phone calls and sit on hold ( I made upward of 100plus calls), be prepared to feel like you are doing them a favor by giving them business and if you are a female be prepared to occasionally get the persons who won’t speak to you unless you mention your husbands name (even if you are the only one on the application) which happened on more than one occasion! They even kept calling him for answers when we specifically gave them my number and asked them not to call my husband. I was told twice they completely deleted his number from the file and they were still calling him! I guess my income and voice didn’t count. Oh lastly, even when they say you don’t need an appraisal, be prepared for them to not tell you and have someone show up at your house unannounced to take pics of your house. We thought it was some creep on our property taking pics and chased him away since he couldn’t tell us why he was there and then found out from PennyMac that was someone they sent without giving us a heads up!

Pennymac has been terrible to deal with. I refinanced with them about 2 years ago, and put my mortgage payment on autopay. A couple weeks ago I got a call from their collections department telling me that I was behind several hundred dollars in my mortgage payment?! After significant difficulty navigating their customer service, I discovered that they had somehow been paying on TWO homeowners insurance policies out of my escrow account, and my payment was increased by about $400(!) To cover the escrow shortage! After handeling all the legwork myself, I was able to get a refund from the insurance, and needed to pay off my escrow shortage... However, I discovered that if there is any amount overdue on your payment then the customer support number AUTOMATICALLY TRANSFERS YOU TO COLLECTIONS. The only function that collections can perform is trying to take payment, threatening your credit, and trying to mislead you to trick you into providing information to use against you. COLLECTIONS REFUSES TO TRANSFER YOU ELSEWHERE. I had to call from a different phone number and refuse to identify myself until I was already talking to the escrow department, order to reach them. After paying off the escrow shortage using the insurance refund, and getting an off cycle escrow reevaluation, my account was current and I no longer needed to make a payment to cover the difference in my bill. 1. Why did pennymac pay out to two homeowners insurance policies? 2. Why wasn't I notified of the escrow shortage, or payment change? (Their answer: you can see it if you login to check your account, and chose paperless. That counts as notification!) 3. How is automatically transferring me to their collections department productive in any way? This caused hours of wasted time. 4. Every department starts the call by letting you know that they are a debt collector AND your mortgage servicer. THE COLLECTIONS DEPARTMENT DOES NOT OTHERWISE INDICATE THAT THEY ARE THE COLLECTIONS DEPARTMENT, RATHER THEY ACT LIKE THEY ARE HELPING YOU RESOLVE YOUR ISSUE, WHEN REALLY THEY ARE TRYING TO ASK QUESTIONS TO GET INFORMATION TO USE AGAINST YOU. My first call with the collections department lasted a very frustrating 30 minutes, until they finally admitted they can't help me resolve the escrow issue. They REFUSED to transfer me to escrow, but not before "Okay we just have to ask a few questions before we can transfer you" such as "Are you capable of paying this bill?" I finally started answering the questions as "Transfer me to escrow" "Transfer me to escrow" "Transfer me to escrow" at which point she said "I'm sorry Maam I can not transfer you to escrow" and I hung up. 5. The existance of a few hundred dollars "deliquency" less than a month old should not mean that pennymac can stop performing their responsibilities in servicing the loan. I'm now looking to refinance with a different mortgage company, and intend to vet them much more thoroughly. Pennymac has lost my trust. I am also trying to understand if their "Debt collection" practices are legal.

S*** was extremely condescending each time I spoke with her. She would not allow me to finish my sentences, repeatedly talking over me, and then not listening to questions I had, or responses I would give to her questions. She treated me as though I was unsavory, or even a criminal/dishonest, when she contacted me to tell me that my debt to income ratio had been flagged. When I asked her what the issue was, or what they needed to help resolve it, she had no further information whatsoever, and no way forward. It was my suggestion and choice to provide copies of every single lease agreement for my income properties, with a letter signed by me explaining their rental status, which eventually cleared the issue, but when we first learned of the issue, S had no idea what was causing the flag, or what to do about it. When I tried to explain to her that I have substantial rental income, she didnt listen to me, or let me finish my sentence, and dismissed me out of hand immediately, saying "oh, well they only look at a percentage of that, not the full amount". Yes, I know that. However, what I was trying to explain to her was that each property is renting for nearly $500 a month MORE than their mortgages, so even if they only take a percentage of the rental income into account (I think she said 70%), they are still MORE than covering each mortgage. Secondly, she was not communicative at all. The emails that were being sent to me directly contradicted her phone calls, and when I asked her about this, she could not give me any reasoning or logic, or explain why. My loan was put on a global pause for the debt to income ratio thing, and I asked her to follow up and get more information so I could try to clear it. I did not hear from her again. She did not follow up, she did not get back to me, she did not let me know the global pause had been removed, she left me waiting for nearly a week with no idea as to the status of my loan. I eventually called in and had to ask what the status was, and someone else on the team told me it had been cleared the day prior, and that she should have contacted me. She never contacted me. When it came time to schedule closing, I tried to use the email sent to me, and made it very clear in the automated system that I needed to close in the state I live in, NE. She called me a few minutes later, and tried to schedule it herself, and even though I made it explicitly clear I needed to close in NE, when it came time to close, the day of, she had scheduled it in Virginia. This led to me having to jump through MULTIPLE hoops, make many phone calls, and try to get it moved to Nebraska, which we were able to do, but instead of the 1300 it had been scheduled for, we had to do it at 2000, which through off my baby's whole sleep schedule and the next two days. Thanks, S (sarcasm). She talked over me and didnt listen, which is why this happened. Also, when she called to schedule the closing, she advised me NOT to pay my mortgage payment this month. I told her I was worried about the dates being too close, and thought I should pay it and wait for the refund (this is not my first loan or refinance, I'm not an idiot), and she told me, extremely condescendingly, "Honey, Ive done hundreds of these loans, I think I know better than you." Well, S, if we hadnt been able to squeeze a closing in, since YOU scheduled the wrong located by 1700+ miles, and we would have had to push it until after the holiday, I might have had a late mortgage payment on my credit report. I voiced my frustration to her multiple times, even asking if someone else could handle my loan, because each time she called she made me feel like I was an unworthy client, my loan would not go through, like I was a piece of crap or doing something wrong, and like I was inconveniencing her. When I asked for someone else, she told me that she handles all of the loans and she was my only option. I find that hard to believe. I would never have chosen to use PennyMac if I knew that S was going to treat me this way. And I will never proceed with a loan with them again if she is handling my file.

PENNYMAC was overall QUITE GOOD. I RATE THEM FIVE-STARS! I am very happy to have them as the lender who will now process my loan. I am novice, so PennyMac literally let me try out several rates before we closed the deal. I thank them for that! Here I will list every PennyMac employee who anonymously participated in the PennyMac effort to complete my refinance effort. *** S. was excellent, the very best. She was always calm and cool, clear and helpful. She was goal-oriented and positive. She likely answered the phone more often than anybody. I don't want to leave anybody out because so many PennyMac employees were tremendous in completing this process. *** H. first worked on 1.75% and then 2.125%. Unfortunately, when he suddenly moved back home he could no longer continue the 2.125% application and so either he or whoever replaced him had suddenly omitted 2.125 taxes, so estimated monthly payments appeared much lower than they should have been (And I didn't ask for this), which was a turn-around from the 1.75% Closing Disclosure taxes he had first included. However, my evaluation of him was top-notch. Maybe somebody else excluded taxes from the barrel head monthly cost. He was fast, efficient and I liked him a lot. No names, but the manager who replaced him provided some info (Much was not new) but never allowed me to make a couple of key observations that were crucial to me at the time. He didn't have to do that. He could have let me explain my concerns in much less time. The next manager, *** A., was very friendly, very kind, made me feel I was in good hands and SHE LISTENED TO ME. She said even she'd put me in the fast lane. Edna also LISTENED TO ME. She should be promoted. Shanika was helpful. Polina S. has been in frequent contact across the entire time. She was just great, cool, calm and always goal-oriented, never confrontational, always left me liking her a little bit more each time we spoke. Throughout, she provided me information. *** M. was just a friendly, good guy who provided solid, good information and felt like a brother right off the bat. Amy emailed me a Closing Disclosure, crucial information I had to have before signing anything. G sent me the latest Closing Disclosure to date. I jotted down triple-star for Jamie W. who really helped me with some crucial data over the phone. Laci obtained a key email and sent it to P. E recognized my email had been uploaded. E said "Loan approved" and provided some important tax information. Nov 30 Justin was one of the very best employees I've spoked to in various companies. He helped me patiently and painstakingly, and shared badly needed data with me. I was touched by the way he treated me as we made great efforts to understand the numbers. We went over many calculations. He sure made me feel that he really cared about the customer. He was clear and provided solid numbers. HE SHOULD BE PROMOTED! I still want to commend him and I will. Dec 1, 2021 *** M. answered and again was great guy who explained the prior lender payoff, taxes due at closing, and more. I always felt at home and confident. Polina informed me of the Notary date and what was needed. KEY SUMMARY: PennyMac became a wonderful opportunity for me to learn about how to better refinance a home. I bought my first house two years ago, a Viet Nam veteran, which means that it was a long time before I ever had this experience. PennyMac gave me a golden opportunity to learn a lot more about the refinance process. When I was shocked to learn that the 1.75% loan was significantly greater than the original loan when first bought, I talked to a real estate agent who suggested I go back and ask for a 2.125% finance or the 2.25% that I already had. I had no idea I could go back to ask for change before closing. I THEREFORE MUST THANK PENNYMAC FOR ALLOWING ME THE PRIVILEGE OF FINDING THE BEST REFINANCE BY ALLOWING ME THEIR VALUABLE TIME TO TRY OUT 1.75%, 2.125% AND 2.25% BEFORE FINDING THE BEST FIT FOR ME. WHO CAN BEAT THAT? I ALWAYS KNEW PENNYNAC HAD A GREAT REPUTATION. NOW I KNOW WHY. PENNYMAC HELPED ME LEARN BY VALUABLE EXPERIENCE WITH THEM.

This is the review of the last 4 months of a refinance that should have taken 30-45 days. The whiplash of this rollercoaster ride was terrible. I hope you take my honest and candid review into consideration of how your customers feel. I am happy that this review was requested. I have owned 2 homes (both financed) and this is my first refinance. This has been by far the worst experience I have ever encountered when dealing with a lender. I was contacted by PennyMac Loan Officer Kyle Vane (NMLS 2019216) and I hate to be punny but he was a true VANE IN THE [protected]@@ to work with. I truly hope after I write this review, PennyMac does an Audit of his client interactions. When we first spoke, I told VANE I wanted a cash out Refinance to pay off a lien’d solar home loan. I also advised I did not want to pay closing costs (Roll them into the loan). He understood my requirements and we moved forward. Hiccup #1. VANE did not properly originate my loan and did a cash out refi that did not pay the loan off directly. He did the quick option to have me be the payee of the funds and I would oversee paying the solar loan off separately. When the Title company conducted a LIEN search, my loan was flagged and then delayed to close until VANE updated the documents to the correct Format. Due to this being his delay, I would assume some sort of communication. He did not keep me updated and I waited two weeks for an update. I had to call repeatedly for him to call me back. Hiccup #2. A closing disclosure was released and it was $100 more for my MIP then I was comfortable with and I told him I did not want to move forward. VANE reached out to me and told me he could request a manager override to keep the MIP closer to what I wanted. We agreed, and I waited for a new CD. The new CD came and it showed an even higher MIP AND NOW they wanted 2500 out of pocket for closing costs. I told VANE I did not want to waste his or my time any more and I would not be moving forward. At this time we are now delayed a second time. VANE reached out again and told me that he could drop the MIP and he would get manager approval to pay the closing costs If there were any. I got a third CD and again there was $1500 closing cost fee. TOTAL SWITCH AND BAIT. Please read read read your CD because VANE will say one thing on the phone then another on the “updated” paperwork. Thankfully because I didn’t trust his word or integrity, I then requested any “promises/ what he could do” to be written out on an email. When there was closing costs at the end, I referred to the email from VANE and everything was covered finally. Hiccup #3 My loan was delayed 3 times and an extension was required due to the issues that kept arising. I believe this could have been closed a lot sooner if VANE called back promptly. It was sometimes days (3-5) before VANE would reach back out even though we were just delayed or if the CD was needing correcting. After such hassle, I went full Karen and requested to speak to VANES manager AARON. I Requested a total of 3 times for him to reach out. I have yet been contacted by AARON. I am shocked by the total lack of customer service/support during such a large transaction and after so many delays/issues. Hiccup #4 We finally got to closing day and shocker…. 8 pages were inaccurate with wrong numbers and would change the loan drastically. If I wasn’t vigilant with how terrible the experience was, I could have easily missed it. It is so scary to think this large of a company had so many LARGE mistakes that a lamest non-financial normal person was able to identify immediately but NO ONE PRIOR saw them. My word of advice to PennyMac, please look into Kyle VANEs cases I believe he does more bad then good. And is a thorn for your company. I have been a prompt paying customer for years and his antics are not what I expected. Thankfully other experiences outweighed his IDIOCRACY. For potential customers, please don’t work with VANE as he was a major VANE IN THE [protected]@@. Lastly, I want to leave my review on a positive note, the ONLY reason I continued to do service with PennyMac and didn’t jump ship to a different lender is because of VALERIE RIVERA. She was prompt, she was on top of things, and she got things done. She made sure she was efficient and should be highlighted as an exemplary employee. She single handedly saved the closing of this loan and I appreciate her working on it.

They took out the money for our flood and home owner in December. But they didn't send the payment to our insurance company until January 25, 2023. Because of this, our policy got canceled and we were without insurance from January 6th to the 30th. I called the insurance company today and they said the payment was in a suspense account because it got canceled. The agent mentioned that it was recorded as going into that account on January 25.

I asked PENNYMAC to take off the PMI private mortgage insurance from my loan since I met all the requirements and loan to value ratio for it to be removed. I made the request and paid $190 for the appraisal fee on June 16. They took my money but won't remove the PMI. I won't pay them anymore until they remove it like they promised.

Pennymac Loan Services, LLC made a mistake with my monthly mortgage payment on November 22. They labeled it as a "Principle Reduction" instead of a regular monthly payment. After that, they started bothering me and adding late fees to my account, claiming that my payments were overdue. It wasn't until I received the annual mortgage statement in February 2023 that I discovered their error. I immediately informed them in writing, but they refused to fix their mistake. While they stopped bothering me, they continued to charge me late fees. I want them to correct the error and also credit all the late fees they wrongly charged me back to my account. I have been extremely frustrated with this situation. Carolyn M

Pennymac Loan Services, LLC is refusing to remove my MIP insurance unless I pay $190. I've made significant changes to my property, and I shouldn't have to pay them for a third party to verify those modifications. If that's how they want to do business, then it's their problem, not mine! Additionally, the company has mishandled my Escrow account so badly that they're attempting to increase my home payment from $2,999.00 to $3,789.00. That's nearly an $800.00 monthly increase! It feels like a scam! I absolutely cannot and will not pay an extra $800.00 per month. We agreed on the current payment, and it will NOT go up. I refuse to be priced out of my home. If the government allows this to continue, I will take legal action against everyone involved.

This is the second time Pennymac has sent my home insurance payment late. I got a letter from my insurance company saying they canceled my insurance because I didn't pay. I talked to both Pennymac and the insurance company. The insurance company said they didn't get the payment and it takes 12-14 business days to process. The insurance company told mortgage companies about the processing time, so I don't understand why Pennymac waits until just 6 business days before my home insurance coverage ends to send the payment. Pennymac did call the insurance company to check the information, but it's still up to the underwriter to reinstate the policy. The mortgage companies I had before would send payments almost a month before they were due. Right now, my house has NO insurance for 4 days. This is not acceptable and puts a lot of stress on the homeowner.

Our house burnt down on June 19, 2022. We had insurance and the insurance company paid quickly. On January 1, 2023, my loan got transferred to Pennymac. I've been begging for the release of insurance funds to complete the rebuild, but they won't release the funds (not even enough to pay the electrician so we can live there during the rebuild). I've been begging and pleading with them every day for months. I've been paying out of pocket to keep the rebuild going. We lost everything except the clothes we were wearing and our 4 dogs in the fire. Now, my husband is dying from advanced heart failure and they still won't help us. In 1 week, my husband and I will be living in a car because of this company. They won't return calls or emails. I want compensation from this company and I will file a lawsuit against them. I just hate that they can ruin people's lives and I won't stop until they can't do it anymore.

I contacted PennyMac for help with my mortgage payment cuz my granddaughter was born at Boston Children's hospital with a heart defect and I needed help with my January payment. They started a modification application and told me if I could pay by the 31st to make a payment. I called on the 31st to make a payment and talked to a rep for 39 min and 57 seconds and they told me I should go through with the process and no negative credit reporting would happen during the process. I had the money to make a payment but the next payment was due the next day. This company didn't give me the right info and when I tried to contact them with my situation and asked for a correction to my credit report, their reps weren't nice or helpful at all. I think in a life situation they can show some understanding for their customers and show a little more concern. They were just saying if you didn't make your payment, you get credit reported. I said I did have the money but I need help cuz of the medical emergency. I originally asked for a month payment to be delayed cuz of the medical emergency which is documented and can be proven. I'm not happy with how I was treated or the level of care provided by this company. I want a good faith correction to my credit report cuz I'm a good customer and don't have any late payment documented on my credit profile for years.

In July 2022, we applied for a lien release on 2.7 acres of our 84-acre property. There's a creek on that land, so we don't use it. We just wanted to let our neighbor in the back even out the property line. We submitted the paperwork they asked for, but it's been two months and still no resolution. In September, we applied to refinance so we could buy another piece of property. We told PMac about the lien release situation, and they said it wouldn't be a problem and wouldn't delay the request. When the appraiser came, we told them about the lien release, but they didn't know anything about it. They ended up appraising the original 84 acres instead of just the remaining 81.3 acres. I didn't want to sign for the new loan until this was sorted out, but they assured us the lien release would still happen. But it didn't. In November, our new loan was approved and settled quickly. Then they told us we needed a new appraisal showing the property as two separate pieces, so we had to request that even though it cost extra. And now, here we are, 10 months later, and the lien request still isn't settled. They said there's a high volume of requests, so we just have to wait. We're really upset. It only took them two months to get us a new loan when they were going to get higher interest, but now we're stuck waiting for such a simple request. We've been loyal customers for over ten years, but it seems like that doesn't mean anything. I'll never deal with Penny Mac again, and I won't recommend them to anyone else. I don't know what else to do, so I'm starting here with this complaint.

This complaint is about my funds for my February 2023 mortgage payment. I talked to customer support through the message center, and that's where the problem started. PennyMac has a Suspense account on their website. It says that if you make a partial payment, it will go into the suspense account until you make a full payment. You can check your suspense balance on the Loan Activity page. But now, customer support is saying they can just return partial payments without telling me. I don't think that's right. What if they start returning my payments and I end up being late? Sometimes the VA is late with the money, so I rely on the grace period until the 16th of the month. I've always been within that grace period, except for one time. If PennyMac can return payments and not apply them correctly, they should say that on their website. And their customer support should know how to handle this issue. I don't think their response is right, and it could get them in trouble. The phone rep I talked to was nice and agreed with me about the suspense account. But the message center reps are saying something different.

For the past 10 years, we've been paying our monthly mortgage on time and more than the minimum amount due. We've never been late or delinquent, ever! On Monday, we received a letter from Pennymac saying we are 32 days past due, $3473.88 delinquent, and in bold letters, "YOU ARE IN DANGER OF LOSING YOUR HOME TO FORECLOSURE." To be that delinquent, I would have to be past due for 60 days, not 32. And two months of mortgage payments still doesn't add up to $3473.88. After spending an insane amount of time on the phone just to get through their automated system, then more time to argue with the representative who answered the phone, I finally got a manager on the phone who agreed I WAS NEVER EVER LATE NOR WAS I EVER DELINQUENT FOR ANY AMOUNT. And to make matters worse, they have been charging me a $70 late fee since May. Not only was this letter a total insult to us after paying on time, but it was completely illegitimate! The manager agreed to credit the late charges and make the necessary corrections to my account and to ignore the letter. The next day, I RECEIVED ANOTHER ALARMING LETTER! SAME WRONG INFORMATION CERTIFIED MAIL AND A CALL FROM THEIR PAYMENT ASSISTANCE DEPARTMENT. I messaged through messenger, with all the attached documentation proving my payments made and credits needed. They told me the issue is being expedited. I logged into my account to get specifics to discuss when I noticed that once the manager went into the account to "fix" the problem, he ADDED AN ADDITIONAL $1500 TO MY BALANCE! So now I am on day 3 of being harassed by PENNYMAC for BEING A GOOD PAYING CUSTOMER FOR OVER 10 YEARS and yet have to waste even more of my time to call them about the new problem they are causing that's costing me more money, illegitimately! I was told someone would call ME today, but instead, they called the secondary number, talked to my husband, and just said "it's taken care of" when it's not at all! They need to call ME since I'm the one they have been talking to for the past 3 days and have all the info!

Penny Mac Loan Services, LLC has taken away the option to pay your mortgage online for service members or civilians who have been approved for state or federal relief programs. They are forcing people to call in to make their payments over the phone. This started when the Covid-19 Mortgage Relief programs began, and if you were approved for any state assistance, Penny Mac is limiting your ability to make monthly payments online. I am really upset and frustrated with these mortgage servicing companies telling homeowners how, when, and where they should make their payments. I tried for 7 days to make my payment online, but I finally called them today, June 15th, 2023. At first, I thought there was something wrong with my electronics because the recordings said they were getting a lot of calls and there would be long wait times due to system upgrades. After I finished that call, I realized that this was the reason for the restriction. I have been in the military for 22 years (still on active duty) and I travel a lot for my job. I don't always have access to a cellphone to make calls, and the wait times are usually 30-90 minutes or even longer. I applied for a little assistance from the mortgage relief program, and the representative told me I was approved, which is why I can't make my monthly payments online anymore (even though I haven't missed any payments). The agent said that the Covid-19 Mortgage Relief program required this restriction. I disagreed with her and read the terms and conditions of the program, which didn't mention any such restriction. She continued to defend the restriction and told me that if I wanted my online access restored, I should cancel my request or approval from the Relief Assistance program. This feels like a direct retaliation against me and others who apply for these programs. It makes it difficult for me to make my monthly payment online, especially when I'm on military duty or have restricted travel. This is not an acceptable practice.

We was told in feb that we could make partial payments towards our monthly bill whenever we would like if we contacted a special number provided by their customer service team. After calling the number and making 2 partial payments one on the 11th and one on the 21st. We then found out that if a payment sits there for too long that it is moved to the principle payment. We was never told this would happen. We was then hit with a late fee in march because this amount was showing as “not paid” we called in and spoke with a rep late march who said they would be correcting the issue and waiving the late fee. It is now April and we was hit with another $50 late fee because this representative did not complete what they said they would be doing and that’s moving the money paid towards principle back to our monthly payment. We had to call back in for the month of April to do this again because of the still outstanding balance from our funds not being moved over and the new late fee for not paying march. We was on the phone today with a supervisor by the name of T ext. 34294. She overall was very rude and did not want to help us with waiving the late fee that we should not have owed from the get go. She told us that it was not waivable. I then explained the situation and asked if this meant we will have to pay the $50 late fee due to the mistake on their end. She said yes we are paying for their mistake. I found this super unprofessional and told her i would be contacting the ComplaintsBoard.com Regarding that comment. She then tried to switch it and say we are paying because we messed up. I asked for another supervisor and after I did this she managed to get the late fee waived. This “supervisor” did not begin to work with us until I mentioned posting this experience on the ComplaintsBoard.com website. That to me shows she knew she was in the wrong, and ultimately cannot be trusted if she won’t give this kind of support without a threat. Cannot recommend PENNYMAC after this terrible experience.

I have a mortgage loan with PennyMac. Taxes and homeowners insurance for the property the mortgage is on are in escrow, meaning PennyMac is responsible for making the payment on my behalf. However, PennyMac didn't make the payment on time to renew my Homeowners Insurance, which caused a gap in coverage. They also didn't inform me before the policy lapsed that they couldn't process the renewal payment and that I needed to obtain policy documentation. This was despite me reaching out to them on the day the policy was due to renew. Now, they're charging me a penalty of $465, which is 21% of my annual premium, for the one-month lapse in coverage that was caused by PennyMac. I tried to dispute the charge directly with them, but it didn't work. Here are the details of the situation:

1. PennyMac is responsible for the payment. My loan number is 8***8.
2. The previous coverage ended on 01/13/2023 at midnight.
3. According to my conversation with PennyMac on 02/22/2023, on 01/03/2023, a PennyMac representative couldn't get the information needed to process the renewal. They claimed they were missing contact information, even though that information is available on Google. After failing to obtain the necessary information, they didn't inform me that I needed to take any action for the policy to be renewed.
4. On 01/13/2023, I contacted PennyMac to discuss if the policy had already been paid out and if I could still switch insurance carriers. During the call, once again, they didn't inform me that I needed to take any action or provide further information to renew the policy. I also didn't give them any alternative policy information. The representative stated that "no policy information was on file."
5. According to PennyMac, on 01/17/2023, after my policy had already lapsed, they sent me a letter notifying me that the insurance had lapsed and I needed to provide a new policy. I don't have a copy of the letter and don't remember receiving it.
6. On 02/21/2023, when I logged into my account, I noticed that the homeowners insurance hadn't been paid and there was no policy in place for my loan/property. I contacted PennyMac once again by phone, and they confirmed that I didn't have coverage.
7. On 02/22/2023, the following morning, I obtained homeowners insurance from USAA, provided the necessary coverage information to PennyMac, and USAA also provided the needed information to PennyMac. I also reached out to PennyMac to confirm that no further information was required.
8. PennyMac sent me a letter dated 02/24/2022, notifying me that they would be charging me $465 as an "insurance charge" for the lapse in coverage due to their failure to provide coverage in a timely manner.