PENNYMAC LOAN SERVICES, LLC.
Consumer Complaints
There are over 2002 complaints on file for PENNYMAC LOAN SERVICES, LLC.. Dated between 2019-12-06 and 2012-02-23.
Complaints Page 11
2019-02-26
New Market, AL
Applying for a mortgage or refinancing an existing mortgage
Mortgage: VA mortgage
Company Response: Closed with explanation
2019-02-23
West Side, MA
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-02-22
Columbia, SC
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Closed with non-monetary relief
2019-02-22
Addisleigh Park, NY
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-02-21
Macclenny, FL
Struggling to pay mortgage
Mortgage: FHA mortgage
Complaint: I received a forbarence, was not communicated he process. I have also been dealing with medical issues, Now they are trying to charge me extra for not understanding!
Company Response: Closed with explanation
2019-02-21
San Diego, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: 1. The loan servicer is PennyMac Loan Services.
2. The Loan Number is XXXX.
3. XXXX states the investor is XXXX XXXX. I have confirmed with XXXX XXXX directly tha they are not the investor.
4. I also called XXXX XXXX and they confirmed they are not the investor.
5. The only other possibility is that the loan is in a pooled Trust.
6. I have sent PennyMac Loan Services 10 Qualified Written Requests by affidavit to acquire certified copies of the Promissory Note and the Deed plus information about a forensic audit to determine who the investor ( s ) is/are. For the past 3 years PennyMac Loan Services has refused to respond to any QWR.
7. PennyMac has also modified the loan over 50 times by accounting fraud and fraudulent insurance and is forcing me to pay for these modifications in violation of a 2015 Superior Court judgement when the court ordered them to stop and pay restitution. They have refused to follow the court order and are threatening foreclosure if I don't pay them.. even though I have made every single payment on time with extra principal they insist I own them more money even after the court judgment against them.
I am requesting assistance from the CFPB to please instruct PennyMac Loan Services to immediately respond to the Qualified Written Request and provide the requested information, including certified copies of the Promissory Note, the Deed and Title, and the investment Trust information for the forensic audit.
Company Response: Closed with explanation
2019-02-21
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with monetary relief
2019-02-20
Temperanceville, VA
Struggling to pay mortgage
Mortgage: FHA mortgage
Complaint: In XX/XX/XXXX, I began to have repeated financial setbacks. At that time my mortgage was serviced under XXXX XXXX. I was making payments but they were not always full payments. In XXXX, I sent two part payments {$500.00} and {$1000.00} to XXXX XXXX. Both were returned. In XXXX, XXXX sold my loan to PennyMac. Payments to PennyMac were to begin XX/XX/XXXX. I set up my online account but was never allowed to make online payments in XXXX.
Part of my financial struggle in the early part of XXXX was from overdraft bank fees. In XX/XX/XXXX, I started using XXXX ( XXXX ) XXXX as they do not have NSFs. This is an online back and has restrictions on what can be done. One of those restrictions is that there is not a bill pay option. This means I either have to process a payment through the vendor or will be sent from XXXX as a hard check. Since PennyMac would not allow me to make online payments, I had to use the hard check method.
On XX/XX/XXXX, I contacted PennyMac with a two fold purpose. 1 ) to have my mortgage payment corrected. XXXX was ALWAYS over charging me and it was a fight with them every year to stop over charging me. PennyMac did not calculate my true mortgage but instead is charging me the {$1900.00} that XXXX miscalculated. 2 ) I also asked to have the balance needed to bring my loan current sent to me on the foreclosure prevention paperwork necessary to submit it to my 401K company.
On XX/XX/XXXX, I did not receive the paperwork from PennyMac, but instead I received notification of the foreclosure process on my home. I immediately called PennyMac. I had the information faxed to me which was dated XX/XX/XXXX with three payment figures listed. One for 24, one for 72 hours and one for 14 days. I sent the paperwork to my 401K company who assured me that the payment amount due was the 1st one listed. So that is the amount that was processed.
Now for the banking issues. XXXX allows for a max of {$10000.00} in checks per month. And the most that can be sent at one time is {$5000.00}. They do not do bank wires and if I were to transfer the money to another account, that bank was going to hold it for XXXX to 5 business days. I sent 3 payments to PennyMac in XX/XX/XXXX, {$1000.00}, {$5000.00} and {$3400.00} which were my limits per the banks guidelines. I then sent two payments on XX/XX/XXXX as the limits reset for the month. Those were for {$2500.00} and {$4000.00}.
I also sent and a second request to have my payment re-evaluated. I received notification that my request was received but nothing further. Upon logging into my account today, I noticed that the {$4000.00} check had not been applied to my account however foreclosure fees and a late fee had been. When I contacted my bank, I was informed that the check had been returned. The only good thing that came out of logging into my account was that I could make a payment online. So today I made a payment for {$1900.00} for XXXX and I set up a payment for {$1900.00} plus {$130.00} of the {$330.00} late fee for XXXX to come out next week.
Company Response: Closed with explanation
2019-02-17
Bel Air, MD
Incorrect information on your report
Mortgage: Conventional home mortgage
Complaint: Pennymac loan services is reporting that I have an almost {$300000.00} mortgage loan. I do not, that is my ex-husband and new wife 's house now. My name is showing in loan ex said he called a few months ago when I noticed this error and said company would take care of it. It's still showing in my credit report how do I find out if he somehow kept my name on their house and how do I get this resolved?
Company Response: Closed with explanation
2019-02-17
Oxford, GA
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Difficulty submitting a dispute or getting information about a dispute over the phone
Complaint: I have reason to believe that Penny Mac and XXXX XXXX XXXX are committing fraud and have violated my rights with the Fair Credit Reporting Act as well as have violated my rights with the Home Affordable Act Modification Program. I have contacted both mortgage companies several times regarding an explanation with why my mortgage payments were not disbursed as agreed upon in my Home Modification agreement or why the terms have not been followed and I am either told to speak to the other mortgage company, my requests are disregarded or I am given incorrect information. I have filed several disputes with all three credit agencies regarding XXXX XXXX XXXX failing to report the trial payments of my Home Affordable Modification from XX/XX/XXXX to XX/XX/XXXX and XXXX XXXX XXXX has failed to correctly report that I ever made any trial payments or ever had a government loan modification agreement.XXXX XXXX XXXX has also failed to update my credit report to current as stated by section XXXX, XXXX and XXXX in the Home Modification Program Guidelines to report me as current once I successfully completed the trial payments and loan modification. Per the XXXX XXXX XXXX XXXX XXXX guidelines my mortgage with both mortgage companies are supposed to report to all credit bureaus current under government loan modification. In XXXX I signed a deferment agreement with XXXX XXXX XXXX to not have to make any payments while under hardship.XXXX XXXX XXXX has not noted any of this on my credit report. It simple looks like I irresponsibly went months without paying my mortgage and then it says account sold. Penny Mac has also failed to update my credit report with the correct information. Penny Mac states that they will continue to report my credit report with being 120 days simple because that is what XXXX XXXX XXXX has reported to them. But again once my loan began the permanent loan modification XXXX should have updated my credit report to current under government loan modification and they failed to follow the guidelines. Both mortgage companies are for the same mortgage loans and no late payments are to be reported any longer on my credit report under the Home Affordable Modification guidelines being that I have successfully completed my trial payments and was than officially in the permanent loan modification, but both mortgage companies have complied with the federal guidelines. Also the amount of my mortgage payment is incorrect. According to my signed agreement of my Home Affordable Loan Modification agreement with XXXX XXXX XXXX no late fees were to be assessed during the FHA trial period but according to my statements a large portion of my trial payments actually went towards late fees. Both mortgage companies have also violated the terms of my Home Affordable act modification by failing to lower my principle balance as signed and agreed upon in my Home Affordable Modification agreement.In addition to both mortgage companies have also violated the agreement by failing to forgive my principle under the section Principal Reduction Alternative option as stated on my Home Affordable Modification agreement. In addition, Penny Mac violated my agreement by raising my interest rate instead of lowering my interest rate as originally stated in my original agreement with XXXX XXXX XXXX. I was paying 4.250 % with XXXX XXXX XXXX and signed to have my interest rate reduced as per the terms of the Home Affordable Act Modification guidelines. Instead of lowering my interest rate below 4.250 % as I originally signed and agreed upon on my Penny Mac instead raised my interest rate to 4.375 %. Penny Mac has communicated in writing that I have successfully completed my trial payments in XX/XX/XXXX and that my loan was in the process of having a permanent loan modification when the loan was transferred. According to federal guidelines whenever a loan is sold in the middle of a permanent loan modification the new loan company has thirty days to complete the loan modification application. Penny Mac failed to follow those guidelines and did not complete the final application until XX/XX/XXXX according to the Penny Mac representative and Penny Mac did not make the permanent modification official until XXXX XXXX. My escrow balance with Penny Mac has also been miscalculated. Penny Mac states that the mortgage company justification for raising my mortgage now a second time in XXXX to {$910.00} a month is due to XXXX XXXX XXXX under charging me for my escrow account in XXXX. Penny Mac than states that my property tax was raised again in XXXX, however, when I contacted the XXXX tax commissioner I was advised that Penny Mac is committing fraudelent activity by changing my escrow yet again because my property tax actually decreased for XXXX. The purpose of the Home Affordable Modification was to lower my monthly payment so that my payments could be more affordable for me. Instead I am paying almost {$200.00} more a month than when I originally had the loan. I went from paying {$720.00} a month to XXXX a month. Only by calling in and asking for a accurate analysis of my escrow was my mortgage even lowered down to {$880.00} a month. Apparently I was told the system did the wrong projection for XXXX, but that I still have to pay more because I was uncharged in XXXX and XXXX.I am requesting to have the principal reduction and interest rate reduction that I originally signed and agreed to in my Home Affordable Modification agreement. I am also asking to have all the terms of my Home Affordable Modification followed including removal of the late fees during my trial period. I am also asking for both mortgage companies to follow the guidelines of the Home Affordable Modification Program and to report my mortgage as current removing the late fees .I am completed my trial payments successfully. I have not only paid for my mortgage on time every month, but continued paying my mortgage even after my trial payments and during the seven months that my loan waited to go into the permanent modification that I was supposed to have already began in XX/XX/XXXX according to my loan agreement. I worked to hard and have come to far to reported incorrectly and to be treated unfairly.
Company Response: Closed with explanation
2019-02-15
NC
Trouble during payment process
Mortgage: VA mortgage
Complaint: I have been trying since XXXX XXXX, 2019 to get the second disbursement of my NFIP flood claim funds. My contractor is out of money and we are trying to get back in our home which was destroyed by Hurricane Florence.
My loan number is XXXX and tracking number XXXX.
The company is PennyMac, XXXX XXXX XXXX, XXXX XXXX, Ca.
XXXX and XXXX www.pennymacusa.com
Company Response: Closed with explanation
2019-02-14
Lewisville, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I have been paying my mortgage every 2 weeks like I have for years and this company changed my automatic payments in XX/XX/XXXX. Their system is completely disorganized and I have not had any luck getting anyone to call me back. This is the second year I have had issues.
Company Response: Closed with explanation
2019-02-14
Wascott, WI
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-02-13
Katy, TX
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-02-13
SC
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I have a mortgage that is now owned by PennyMac. The original home was appraised for {$170000.00} and the current balance is {$140000.00} which is 79.5 % loan to value ratio. I called up the company to have my PMI removed and they declined with the reason that my LTV is not below 80 % yet and so PMI can not be removed. This is a false statement!
I also called them on XX/XX/2019 at XXXX pm and they did accept that the LTV ratio was below 80 % but they wouldn't remove PMI until the termination date of PMI. I asked if they would do, if my LTV was 78 % or lower and they declined that as well and said the only way to now remove it is to request a Brokers Price Opinion ( which I have to pay for and it may cost between $ 100- {$300.00} ) or an appraisal which would cost ( $ 400- {$1000.00} ).
The information I have read about everywhere says that once LTV is 78 % or lower, it should automatically be dropped, but Penny Mac refuses to do that.
Company Response: Closed with explanation
2019-02-13
Una, SC
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Closed with explanation
2019-02-13
Ridley Park, PA
Trouble during payment process
Mortgage: FHA mortgage
Complaint: PennyMac mortgage company sent me a transfer letter saying that I would have a new mortgage servicer and that they would no longer process my payments at did the XXXX of XX/XX/2019. So I sent a payment to my new servicer but PennyMac still went into my account and took another payment and says they have no report of it. Even though they talk to the bank to prove that they took the payment out they still say they have no record of the payment being taken out. My account number with the mortgage companies XXXX XXXX. I have forwarded copies well my bank transaction a copy of the money order I sent to XXXX the new service center
Company Response: Closed with monetary relief
2019-02-12
Charlotte, NC
Trouble during payment process
Mortgage: FHA mortgage
Complaint: My Loan was recently sold to PennyMac. I am noticing the payments I send to my account aren't being credited but instead held in escrow. Also since they purchased my loan I have racked up roughly 200 dollars in fees. Namely, property inspection fees for a total of {$180.00} since receiving my loan from XXXX XXXX. The fees are {$75.00} date XX/XX/XXXX/19 another {$75.00} fee on the same date XXXX/XXXX/19 for " property preservation ''. I also see fees of {$15.00} on XX/XX/XXXX/2019 for " property inspection fees '' and another fee on XX/XX/XXXX/19 for " property inspection fees ''. I have sent enough payments to bring my loan current but seems they are not crediting me but instead holding the money in escrow. I am not sure why. I have read a lot of complaints and also I have personally experienced horrible customer service.
Company Response: Closed with explanation
2019-02-12
Quartzsite, AZ
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: My financial Institution sends payment to Penny Mac every month and when their statement arrives at my house it is showing 2 months in default again.
Company Response: Closed with explanation
2019-02-08
Dallas, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-02-06
IL
Trouble during payment process
Mortgage: VA mortgage
Complaint: PennyMac loss draft department has routinely failed to make my insurance settlement FUNDS THAT I FOUGHT HARD TO GET A FAIR SETTLEMENT available to me to get my repairs done. When I call the loss draft department I speak with rude, loss draft department personnel with attitudes who drop calls and refuse to transfer me to management and instead place me on long hold times well over an hour in length without resolution. They are illegally holding MY MONEY for repairs.
Company Response: Closed with explanation
2019-02-06
Fort Stewart, GA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-02-06
Alexandria, VA
Trouble during payment process
Mortgage: VA mortgage
Company Response: Closed with explanation
2019-02-05
CA
Trouble during payment process
Mortgage: Other type of mortgage
Complaint: On XX/XX/XXXX I sustained a loss to my home due to water damage. Working with my home insurance agency and licensed contractors, I obtained an estimate to repair damages and received an initial check from the insurance agency in the amount of {$15.00}, XXXX in order to contract with a builder to begin repair work. The check was issued on XX/XX/XXXX an image of the check and the adjuster 's report is provided with this complaint.
I was informed that due to California law the claim check would be issued in my and my wife 's names, as we are the insured, and in PennyMac 's name, as they are my mortgage holder. I would need to contact PennyMac to receive instructions for their endorsement of the check so that I could access funds for repair.
XX/XX/XXXX I contacted PennyMac and was transferred to their insurance claim department. I requested instructions to receive their endorsement. I was asked for the amount of the check and responded {$15000.00}. I was placed on hold, after which I was told that I qualified for a simple endorse and return. I would send the check to them, unendorsed by myself and my wife, they would take 2 business days to endorse the check, and then send it back to me. I was told that I could expedite the process by sending the check overnight to a special address, and including a prepaid overnight return envelope with my request. I was also told the only documentation that I needed to include was the unendorsed check, and the adjuster 's report.
Saturday, XX/XX/XXXX - I sent the documentation PennyMac requested, with the unendorsed check to the address provided. I paid for overnight service through XXXX, and I paid for overnight return service to be included as well. The cost of this service was {$110.00}. Receipt and documentation is attached to this complaint.
Monday, XX/XX/XXXX - My check and documentation were delivered to XXXX at XXXX local time. A screenshot of delivery confirmation from XXXX is included with this complaint.
Friday, XX/XX/XXXX - I called XXXX to enquire as to the status of my check. While according to my first contact with them I should have had the check back to me by this point, the XXXX tracking number showed that the package had not been sent at all. I was told that since the amount of my check was over {$15000.00}, it did not in fact qualify for endorse and return, and at the moment it was being held by corporate offices until they made a decision as to whether they would make an exception, in which case they could endorse and return my check, or if they would not make an exception. When I enquired what would happen if an exception was not made, I was told that PennyMac would hold on to my money and disburse it in increments. I was not given any details as to what this meant. I was not advised of the process, or any additional documents that I needed to provide. I was only told that there would be a decision made within 8 business days. When I enquired as to why I was not told this information during my initial contact to receive instructions, the representative could not give me an answer, she only told me that this was policy. I asked to speak with someone who could answer my questions. I was placed on hold to speak with a " supervisor. '' After a 10-15 minute hold I was told by the original operator that a supervisor could not be reached at this time, and that she would 1 ) place a request to expedite the decision on my check ; 2 ) request that a supervisor call me back directly, by end of business that day ; and 3 ) transfer me to a supervisor 's voicemail to leave a message also requesting callback. I agreed and left a voicemail at an unidentified voicemail prompt citing my loan number, my name, phone number and request. I did not receive a phone call back by end of business that day.
Monday, XX/XX/XXXX - I called PennyMac 's insurance handling department on the morning of XX/XX/XXXX, aXXXX XXXX XXXX PST. The total duration of my call was 35 minutes. I first spoke with a representative who told me that my check had been deposited into a holding account and that I would need to provide significant additional documentation in order to access the funds. I first enquired as to how PennyMac could deposit/cash a check made out to my wife and myself that neither of us had endorsed. The representative was not able to answer the question, only saying that " We are able to cash that check. '' I must note at this point that I am disturbed that PennyMac can cash a check written to me, without my endorsement. Of course, the irony of this is that this process began because I, the consumer, could not cash the same check without their endorsement.
This representative could not answer my questions : 1 ) Why has the process changed since my initial phone call? ; 2 ) How can PennyMac cash a check without my endorsement? ; 3 ) Where is this money being held, and is PennyMac receiving a cash benefit from holding it? ; 4 ) What happened to the process where corporate was going to make a decision on my exception? When she was not able to answer my questions I asked to speak with someone who could. I was placed on hold and transferred.
The representative I spoke with at that point identified herself as an " escalation representative. '' I asked her the same questions. She was unable to provide any answers, let alone adequate answers to my questions. She only told me that PennyMac was able to deposit my check without my endorsement, and that I needed to provide additional documentation. I asked where I find out about this process, as it had still not been laid out to me. I was told that she could fax me the documentation, or send it through the mail. I said that this seems to me to be a ridiculous process. I asked how I could have possibly known about this process unless I had called? Was it PennyMac 's practice to not inform customers about how to access funds so that they could repair their houses? I was also told that " PennyMac would not allow me to make repairs on my own house. '' When I asked what the consequences would be if I did make my own repairs ( which, I am not doing ), what would happen to this money being held - would it just be absorbed by PennyMac? I was told that if I did not follow their process ( still not explained to me ), the funds would sit until a decision from corporate was made as to what to do with them.
I requested to speak to someone who could answer my questions. I was placed on hold to wait for a supervisor. After about 10 minutes on hold, the escalation representative returned to say that no supervisors were available, and that she would request that one call me back by the end of business on Monday, XX/XX/XXXX - that same day. I replied that I would prefer to simply wait on hold as long as it takes, as a supervisor was supposed to call me on Friday, and they did not. The representative informed me that she could not allow me to stay on hold since Mondays are busy days and they couldn't keep lines tied up with people on hold. I informed her that Mondays are busy days for me as well, and that it was inconvenient for PennyMac to be holding up a significant sum of money so that I could repair my home. She guaranteed me that a supervisor would call me back by end of business. I asked to speak to anyone in their corporate office who could give me a clue as to how this process was working. I was told no. Seeing I would get no further with this representative, I agreed and hung up.
I was not called back by end of business that day. I still have not been called back.
Also on Monday, XX/XX/XXXX - my insurance agent, seeking to provide me assistance, called PennyMac on my behalf and spoke to someone in the insurance claims department. They called me on the phone together to obtain permission for my agent to communicate about my account. I gave that permission. My agent was able to obtain no helpful information. In fact, the information provided to her was contradictory in that they said I would be receiving a check for funds ( they did not specify an amount ), by Thursday, XX/XX/XXXX. My agent was not clear why this was the case. I do not believe that I will receive a check this week.
I do not consider the correspondence with my agent to be the " callback '' I was guaranteed from the escalation representative.
One final item, from Monday, XX/XX/XXXX. Upon calling and hearing the automated response menu, I noted that there was an option to log into a particular website, insuranceclaimcheck.com, in order to work through the claim process. This was never once mentioned to me by any customer service representative that I spoke with. After my phone call I went to the website and created an account. This actually seems to be a whole website devoted to helping customers through this process - however, when I login I get a popup window that states that my account needs special attention and can not be serviced online, that I need to contact customer service. The phone number for insurance claims is given. So, I can not access this website, and I can not access adequate customer service from PennyMac 's phone system.
At this point - PennyMac is holding {$15000.00} of money allocated to me to complete repairs on my house. They are doing this, as I understand, to make sure that I actually complete repairs on my house. However, I can not begin repairs on my house without the money allocated by my home insurance to do so. Further, I can not access that money because I have not been given a process from PennyMac by which I might access that money. The longer the property goes unrepaired the more of a significant disruption this is to my family 's lives.
I will be calling PennyMac back this morning to see what sort of progress I can make at this point.
Company Response: Closed with explanation
2019-02-05
Myrtle Beach, SC
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation