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 23
2018-03-14
Lewisville, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: We have a mortgage with Penny Mac mortgage and it had PMI. We started the process ( XX/XX/2017 ) to remove the PMI and they had to order an appraisal. When that process starts they tell you they can charge 400-1000 for an appraisal. Appraisal price very from conve., fha or VA, square footage, rural or anything extra they have to do. That's why they have to give you a price range. They charge me {$820.00} for a simple conventional loan in the city. Nothing extra which they should of only charge XXXX max. If you call anywhere or ask anyone that's the price range for a conventional loan, normal sqft in the city. I don't leave in the country or rural area. They are charging twice as much for reg conventional appraisal. If they don't let you get your own appraisal they should contract someone that is in your area so they don't charge {$400.00} extra that what I'm assuming happened but not sure why they are reaping me off. I try to ask question of how much is the appraisal charging me but since the mortgage co. Contract them they can't answer any questions. Penny Mac should have the consumers best interest to have appraisal companies that do not reap borrowers off and that are in the area. As a consumer they should have the best interest for us the consumer and not to fill there pockets. I have tried to work it out several times but they will not cooperate. Thanks
Company Response: Closed with monetary relief
2018-03-14
Bee Spring, KY
Trouble during payment process
Mortgage: VA mortgage
Company Response: Closed with explanation
2018-03-14
Cutler Bay, FL
Trouble during payment process
Mortgage: Other type of mortgage
Company Response: Closed with monetary relief
2018-03-13
Wonder Lake, IL
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I am filing this complaint because of misrepresentation and malicious deferral tactics from both of the lenders referenced above regarding the short sale of my property.
1. On or around XX/XX/XXXX my property was appraised at {$590000.00} by a professional appraiser. An offer was submitted to Penny Mac for {$590000.00} that was not refuted at that time either on property valuation or the calculations submitted on the preliminary HUD itself.
2. On or around XX/XX/XXXX XXXX requested a payoff letter from Penny Mac in order to issue its own payoff letter for the short sale. At that time, a payoff letter was requested from Penny Macs plaintiff law firm ( XXXX XXXX XXXX XXXX ), from the Penny Mac general customer service line, and from our single point of contact at Penny Mac, XXXX XXXX XXXX. The Plaintiff firm stated it would take at least a week to escalate this matter and claims to have sent 3-4 escalation requests through their XXXX portal to Penny Mac for a payoff letter.
3. On XX/XX/XXXX after seven months in the short sale review and negotiation process, I received a written short sale eligibility confirmation from the primary lienholder Penny Mac pending approval from the subordinate lienholder, XXXX XXXX. That confirmation letter did not mention insufficient time to review, a different fair market value of the property or requirement to increase net proceeds to Penny Mac. It only stated that XXXX approval of Penny Macs short sale deal had to be received no later than XX/XX/XXXX ( Attached ) 4. Again, XXXX insisted that in order to issue their payoff, they needed to see Penny Macs short sale payoff first. Penny Mac could not release this information to XXXX because, according to an online chat with XXXX in the loss mitigation department, Penny Mac needed a fee breakdown from its own lawyers ( see attached chat transcript of XX/XX/XXXX ). Penny Mac would escalate the request, which would take 3-5 business days.
5. On or around XX/XX/XXXX we received a payoff letter from Penny Mac, which was sent to XXXX, only after asking for it and escalating it over a dozen times. I am certain that without our intervention it likely would not have been sent at all. To date we have not received anything from XXXX.
6. As XX/XX/XXXX approached, and in the weeks that followed, my attorneys office contacted both Penny Mac and XXXX at least 40 times, each time the one lender deferring to the other in order to move the file forward ( see attached call log ).
7. Between XX/XX/XXXX XX/XX/XXXX XXXX stopped answering their phones because of the merger between XXXX XXXX and XXXX XXXX. When they did start answering their phones, we were informed, no escalation requests can be made because our new systems are not ready. They also stated that when it came to removing the lien from the bankruptcy process instead of receiving a short sale approval, guaranteeing XXXX no money from the proceeds of the sale, they stated you have to do what you have to do and understood that this could be at a loss to them. This has lasted to the present day. Please note : With all its self-aggrandizing PR regarding its Chief Customer Officer, Office of the Customer and customer centered culture, XXXX does not provide any direct customer service email address or have a consumer advocacy/escalation department!!
8. On or around XX/XX/XXXX XXXX XXXX assured she was working with the investor group directly despite XXXX failure to provide payoff information. She assured that the short sale was in the process of being approved and she would cancel the judicial sale as soon as the investors gave the go-ahead. We asked for an approval of 45 days from the XXXX to allow for approval of the short sale itself and XXXX stated that she would confirm with the investors that it would be okay.
9. On or around XX/XX/XXXX, I received notice that a judicial has been scheduled for XX/XX/XXXX due to insufficient time for review, lack of XXXX loan approval, home not priced at fair market value and insufficient proceeds for Penny Mac on the HUD. Our documentation shows that these reasons are invalid. Penny Mac is presumably relying on XXXX XXXX and other web valuation sites that are all currently under multiple lawsuits for the over-estimation of what a property is worth -- often overstating as much as five times the current value of the home itself. Nowhere during the process when it came to valuation were we told our HUD had to be modified to increase the net proceeds that Penny Mac would receive. This was the first time we received this information after continually confirming with them that the HUD was approved in relation to Penny Macs net.
It is our legal position that the actions of both lenders are in violation of RESPA regulations. Under RESPA lenders are obliged to provide both a payoff letter and reinstatement information within 5-7 days of the written request.
Company Response: Closed with explanation
2018-03-12
CT
Trouble during payment process
Mortgage: FHA mortgage
Complaint: For the months of XX/XX/XXXX and XX/XX/XXXX I attempted to pay my mortgage via phone. I went through all the steps necessary to pay by phone for the XX/XX/XXXX payment. I even got a confirmation number and an email telling me my payment was received. A few days later i went to check my account balance and I learned that the XX/XX/XXXX payment was rejected because PennyMac gave the wrong name of the account holder. My mother used to be on the mortgage but she passed away in XX/XX/XXXX. PennyMac used her name to get paid by my bank. I was forced to take a day off to fix the situation. Despite telling PennyMac on numerous occasions to take her name off the new mortgage they have not done so. Again the same thing happened when I went to pay the XX/XX/XXXX mortgage.
I was able to pay the mortgage until the recession of XX/XX/XXXX. I went through a NIGHTMARE to get PennyMac to modify my mortgage. The law firm they hired gave me XXXX. They also told CT bar to spread the word to attorneys not to take on my case because i was a dead beat debtor. i was stupid enough to seek assistance from a Congressman 's office. They offered no help and may have revealed my financial information to my neighbors who kindly told me I was bankrupt and they wanted to buy my property. I survived this XXXX and PennyMac is still engaging in all kinds of violations of the FDCA. Apparently, they are purposely using my mother 's name so they can find out if I have a cell phone so they can tell the police. Please see attached documents to understand police involvement.
Company Response: Closed with explanation
2018-03-09
Hempstead, NY
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2018-03-08
Phoenix, AZ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-08
Atl, GA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-07
Houston, TX
False statements or representation
Debt collection: Mortgage debt
Attempted to collect wrong amount
Complaint: power to sale is void 736.11a, new lawsuit filed 10 day automatic stay sale during this time filed on XX/XX/XXXX sold XX/XX/XXXX XXXX XXXX XXXX notice giving to him before sale and giving to company and attorney for pennymac also 4 year run after cout case XXXX
Company Response: Closed with explanation
2018-03-06
Las Vegas, NV
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-06
Rehoboth Bch, DE
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-06
Applying for a mortgage or refinancing an existing mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-06
E Falmouth, MA
Applying for a mortgage or refinancing an existing mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-06
Glendale, CO
Closing on a mortgage
Mortgage: Conventional home mortgage
Complaint: We sold our house and the title company has been trying to get the payoff for 2 weeks. On Friday they told us that every time we call them it delays the request for the payoff. We aren't going to close on our house today and now the buyer is ready to walk away.
Company Response: Closed with explanation
2018-03-05
Palmerton, PA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-03-05
LA
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: XXXX XXXX is reporting 180 days late on my XXXX credit report. This account has been paid off however they are reporting 180 days delinquent on mine report and that should be on my Ex husbands report not mine. I have a court signed judgement dated XX/XX/XXXX that states my Ex husband XXXX XXXX is responsible for all the debts of the martial home at XXXX XXXX XXXX XXXX, La. this Judgement was signed prior to the home going into late status XX/XX/XXXX. I have called Pennyman numerous times to ask them to remove this off my Credit. XXXX XXXX XXXX has sent numerous correspondence to them, and i have filed several disputes with the judgement attached and they are refusing to remove it. XXXX has removed this account and it is not showing on XXXX, it is only reporting on XXXX. However this is stopping me from purchasing another home for seven years. This account is pain in full and closed. I am asking for it to be removed off my credit. I was not responsible for the home when it went into late status.
Company Response: Closed with explanation
2018-03-03
Gary, IN
Applying for a mortgage or refinancing an existing mortgage
Mortgage: FHA mortgage
Complaint: XX/XX/2017 Pennymac sent answer regarding loan mod they approve me for fha hamp also said it was most beneficial to me I was not reviewed for partial claim or only claim or forbearance said for explanation why to see exhibit two which only stated this section doesn't apply no other explanation
Company Response: Closed with explanation
2018-03-02
Fort Stockton, TX
Trouble during payment process
Mortgage: FHA mortgage
Complaint: In XX/XX/XXXX, my city was hit with a major hail storm. I filed my claim with my insurance company. I had someone come out and assess the damages to my home and issue me a checks to repair the damages. Checks were issued to me and PennyMac for {$9400.00}, {$130.00}, {$110.00} and {$2600.00} ( this is per my insurance company as I do not have a copy of the checks since I sent them directly to the mortgage company. ) I sent these payments in the Mortgage Company in XXXX of XXXX. I realized about XXXX that I never received the signed checks back from my mortgage company. I called my Mortgage company to check on the status of these checks and was told that they signed them and mailed them back to me in XXXX ( lie # 1 ). I never received these checks. I called my Insurance XXXX and had new checks issued. This time they were for reissued to me and the mortgage company for the same amounts above except the check for {$130.00} which was issued only to my husband and myself. Again, these amounts are per my insurance company because I once again believed my mortgage company would not lie to me. I called to check these payments were received and was told at that time they received them but could not send them back to me because I had not originally signed the checks. ( lie # 2 ). I was also told that the first checks were in the file and that they had never been sent to me. I called my husband who called the Mortgage Company and found out we need to have a XXXX XXXX of XXXX signed and a XXXX before they will release the funds. ( lie # 3 ). I am finally up to have my roof repaired ( XX/XX/XXXX, yes the storm was that big ) and called to check on the information needed. It was at this time we found out that the claim had been overstated in their system, now I don't need the XXXX for XXXX XXXX of XXXX and that my insurance has been rejected by PennyMac. Insurance was rejected because they never received the letter form the XXXX about the reissued checks or the updated XXXX reports. ( lie # 4 ) Both the these items were sent with the checks that are not magically cashed and sitting in my restricted escrow account. The lady I spoke with yesterday was the only one who stopped to see what the problem was and try and correct the issue. Gold star to Customer Service Rep XXXX! The only bad thing is they promised to over night checks to me and her Manager promised to call me back in an hour. ( lie # 5 ). Yes they verified my phone number. I call today to check on the status of my checks and was told yesterday 's manager called and left a message for me ( lie # 6 ) and that the claims check could not be expedited and that I would need to wait between XXXX business days to get my fund released. I have tried to go up the chain of command to speak with the person in charge of the claims process and have not been able to get past the Hazard Claims report whatever head XXXX XXXX. ( Sorry, I've been transfer to so many people I can't remember everyone 's fluffed title. ) Today 's rep said she would work to try and expedite my claim today and will call me back to let me know one way or the other what is going to be done by the end of her shift today. After the number of lies I have already been told, I don't believe they will do what they say they will do. For the record, I have never been late for a mortgage payment and always paid what was due.
Company Response: Closed with explanation
2018-03-01
Stafford, VA
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2018-03-01
Newnan, GA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: i phoned the lender and tried to get them to postpone the foreclosure sale since i have just received an offer on the property and the buyer is very serious about purchasing the property. I have fallen on hard times and i was unable to pay my mortgage and when i went to my lender to see if they could assist me with the other alternatives, they were not really invested in assisting me. I feel as if they have been unreasonable and unavailable while i am going through this tough time. I need help and i am hoping that you are available to assist me. the lender continues to ask me about a retention option.
Company Response: Closed with explanation
2018-03-01
Plymouth, FL
Applying for a mortgage or refinancing an existing mortgage
Mortgage: Conventional home mortgage
Complaint: I am looking for two remedies due to the Statement of Denial, Termination, or Change by PennyMac Loan Services for an Unacceptable property causing me to re-start the mortgage process and close with with another company, XXXX.
1. A refund of {$1800.00} for the difference in Loan Origination Fees ( {$1100.00} ) and Lender Credits ( {$670.00} ) that I paid to XXXX versus PennyMac.
2. A revised mortgage commitment with a reduction of .25 % to the Interest Rate.
I began the mortgage conversation with Loan Officer XXXX ( XXXX ) XXXX from PennyMac on XX/XX/2017 culminating in a Loan Estimate of 3.875 % with {$270.00} in Origination Fees and {$970.00} in Lender Credits as of XX/XX/2017 ( see attachment 1 ).
On XX/XX/2017, my loan processor from PennyMac, XXXX XXXX notified me that there was a concern in PennyMac that my property was a condo-tel and that PennyMac may have a problem providing a mortgage. I then had conversations with her manager, XXXX XXXX, and then with XXXX who told me that the PennyMac Loan Committee would not hold a mortgage for my property. My real estate agent ( who used to work for the condo ) also spoke with XXXX XXXX to explain that they were incorrect in their assessment the XXXX XXXX XXXX XXXX was a condo-tel.
1. The onsite rental desk on property is a different company that rents some condos on property, but it is not required to rent your condo ( some people live there or use it as a second home ) nor do you have to use the onsite company XXXX XXXX as the rental company if you choose to rent your condo.
2. There are no short term ( nightly rentals ) available as the minimum rental is weekly.
3. There are no onsite maid services providing daily service nor a concierge desk onsite. Cleaning is done by the resident or with maid services that are paid by the owner or guest when they vacate the property with a maid that is found on the internet or phone book.
In spite of my input and the input of my real estate agent, I was given a verbal denial then and received a written denial dated XX/XX/2017 ( see attachment 2 ).
I then had to begin the entire mortgage process with another company, XXXX, who had a higher fees as well as a higher interest rate of 4.125 %. I closed on this mortgage on XX/XX/2017 ( see attachment 3 ).
I received a letter from PennyMac Loan Services dated XX/XX/2017 notifying me that my mortgage loan had been sold to PennyMac ( see attachment 4 ).
I find this absolutely ridiculous and unethical with the mortgage sale occurring prior to me making my first mortgage payment. It may also be a violation of the Florida Deceptive and Unfair Trade Practices Act. I have not contacted an attorney at this point, however, I will do so if we can not resolve this issue.
I am requesting a refund of {$1800.00} for the difference in the Loan Origination Fees and Lender Credits along with a revised mortgage commitment with a reduction of the Interest Rate to 3.875 % to honor the loan estimates provided to me by PennyMac on XX/XX/2017.
I have made my XXXX, XXXX, and XXXX mortgage payment to PennyMac as I want to maintain my credit rating. I look forward to a response from you and hope you can help me resolve this quickly.
Company Response: Closed with explanation
2018-03-01
Lewisville, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: In XX/XX/2018 I received a letter from Pennymac stating our monthly payments would go up due to a shortage in our escrow account. The letter stated to tear off the bottom of the letter and send a check for almost 2000.00 in order for the monthly payment to stay the same. I tore off the coupon, wrote a check and sent it in. Since then the money went into the account but not toward principle / interest and not toward escrow. I have called 3 times, spoke to supervisors, was promised call backs I never got. My money is not in my account, my payments did not go down and I feel like this company does not know what they are doing. I want my account to now be audited for miscalculated overcharged interest as well as for mistakes on their part. I want my escrow money deposited into my escrow account and my payment reduced. I am attaching a cashed check that shows it was written XX/XX/18 and deposited in early XX/XX/XXXX. It is now XX/XX/18 and my account needs to be corrected.
Company Response: Closed with explanation
2018-02-28
Jacksonville, FL
Applying for a mortgage or refinancing an existing mortgage
Mortgage: FHA mortgage
Complaint: Working with XXXX asked for an appraisal to remove PMI, they informed me that my PMI is locked in for 30 years?
Loan Number XXXX Next Payment Due Date XX/XX/XXXX Next Payment Amount {$1900.00} Property Address XXXX XXXX XXXX XXXX, FL XXXX Loan Type FHA RESIDENTIAL Original Principal Balance {$270000.00} Origination Date XX/XX/XXXX Original Term 360 months Current Principal Balance {$260000.00} Loan Maturity Date XX/XX/XXXX Remaining Term 326 months
Company Response: Closed with explanation
2018-02-27
AZ
Attempts to collect debt not owed
Debt collection: Mortgage debt
Debt was paid
Complaint: I spoke with PennyMac multiple times in XXXX, including once with a supervisor named " XXXX '' on XX/XX/XXXX who confirmed a mortgage payoff amount of {$110000.00}, that a demand statement in the amount of {$110000.00} would be valid through XX/XX/XXXX, and that a payoff demand statement would be faxed to XXXX XXXX XXXX the following day.
XXXX XXXX XXXX XXXX contacted me on XX/XX/XXXX to advise that PennyMac had chosen to not respond to the title company 's request for a payoff demand statement and had told the XXXX XXXX XXXX XXXX that there was no payoff demand request that had been found.
I called PennyMac with the XXXX XXXX XXXX employee on the line with me. The PennyMac employee that took that call stated that they found the payoff demand statement, valid through XX/XX/XXXX for the amount of {$110000.00}, and that it would be faxed to XXXX XXXX XXXX XXXX that day.
The following day, XXXX XXXX XXXX contacted me to advise that they still had NOT received the promised document. I called PennyMac once again and remained on the line until the payoff demand statement was faxed to XXXX XXXX XXXX XXXX.
The sale closed on XX/XX/XXXX. XXXX XXXX XXXX XXXX recorded the sale and disbursed the funds to PennyMac to pay off the mortgage.
The day after closing, XX/XX/XXXX I received a call from XXXX XXXX XXXX XXXX stating that PennyMac had sent a second payoff notice with the same XX/XX/XXXX expiration date demanding an additional {$240.00}, threatening to increase the amount if not paid by the end of business XX/XX/XXXX, and threatening to return the amount of {$110000.00} and foreclose and auction a property that they had already received full payment on.
I spent over an hour on the phone with PennyMac on XX/XX/XXXX trying to find out why there was a sudden difference in payoff amounts. I spoke with supervisor XXXX XXXX, who said she could not communicate with the payoff demand department and thus could not provide an explanation. She did not provide a phone number for the payoff department or provide any other information.
Company Response: Closed with explanation
2018-02-27
Manchester, NH
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Closed with explanation