PENNYMAC LOAN SERVICES, LLC.

2018-01-30

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2018-01-30

Northside, NC

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I closed my home in XX/XX/XXXX. On XX/XX/XXXX XXXX I received in the mail a delinquent property tax notice from XXXX County in the amount of {$1500.00} including {$31.00} in penalties. My daughter lives at the property. It was also stated on the notice that this amount must be paid by XX/XX/XXXX to avoid advertisement for lien on the property. I purchased the house with my daughter on XX/XX/XXXX and at that time an amount {$1600.00} for 13 months of payments at {$130.00} per month was accounted for and deducted from proceeds for payment of property taxes. Settlement statement Item : G line 3 under Other Costs. However, it appears the XXXX tax bill was never paid by Penny Mac from the escrow account ( in fact the money is still sitting there ) and has become delinquent. My daughter called the mortgage company on XX/XX/XXXX and was told that the escrow company would be contacted and requested to take care of issuing the funds to XXXX County. My daughter called again yesterday to make sure the check was in process and spoke to XXXX but was told that the check has NOT been disbursed one week later it is still pending. The representative today also told my daughter that she would alert Escrow to get the funds dispersed ... AGAIN. As I do not have a record of the two phone calls, after my daughters phone call, I sent a letter as written notice of error yesterday to Penny Mac. I also stated that if any damages are incurred due to this error, a formal complaint will be filed with Federal and State Agencies and CFPB. As {$31.00} of the due amount is a penalty, I refuse to pay that part. Penny Mac should do so. I just checked my mortgage account online and funds have still not been disbursed.
Company Response: Closed with explanation

Timely Response

2018-01-29

Finksburg, MD

Trouble during payment process

Mortgage: FHA mortgage

Complaint: After researching refinancing options, I realized that I have been paying mortgage insurance for two years when I do not believe I should've been. My boyfriend and I bought our home in XXXX of 2015 and we have made 25 total payments out of our escrow account to mortgage insurance for a total of {$4000.00}. When we purchased our home, we initially applied for a loan with the intent to put a very small down payment on it but were able to use money from a family trust to put down roughly 35 % of the cost and estimated value of the home. That being said, I realized while researching today that we should not have to be charged mortgage insurance once 20 % of the mortgage is paid off. Since we began our mortgage with more than 20 % of the cost paid in a down payment,. I don't believe we ever should've paid mortgage insurance and if that is the case, I would like to be refunded the {$4000.00} we paid. I also reached out to my mortgage company to see what they can do about it. Thank you for your help.
Company Response: Closed with explanation

Timely Response

2018-01-29

Fort Pierce, FL

Struggling to pay mortgage

Mortgage: FHA mortgage

Complaint: Re : COMPLAINT - PennyMac Loan-Failure to Disclose. Due to recent hurricane Irma, I applied for and was approved for a Disaster Forbearance Plan. PennyMac expressly stated that during the Disaster Forbearance plan period, late charges would be waived and credit reporting would be suppressed. .. BUT PennyMac DID report to the credit bureaus that I was 2 months late which caused my credit scores to plummet. ( XXXX dropped to XXXX! ) I had made my XX/XX/XXXX payment on time and I made a payment XX/XX/XXXX after which I repeatedly tried to call their number without success. I was earnestly trying to speak with a live person. I finally sent a message through their message center. On the notice PennyMac sent me on XX/XX/XXXX, it states that at the end of the forbearance plan, ( XX/XX/XXXX through XX/XX/XXXX ) I would be contacted " to reassess '' my current circumstances as well as be provided information on alternatives that may be available to me. This did NOT happen. Furthermore, it states that " at the end of the forbearance period, PennyMac will work with me to repay the amounts included in the forbearance agreement. This too, did NOT happen. Instead. I was bombarded with NOTICES OF DEFAULT AND INTENT TO ACCELERATE. In one week I made 3 payments of {$930.00} ; XX/XX/XXXX ; XX/XX/XXXX ; XX/XX/XXXX. PennyMac has completely reneged on the agreement to suppress reporting to the credit bureaus. Now I am concerned that my low credit scores will affect my car insurance rate, credit card rates, etc. PennyMac should be made to retract the erroneous information they sent to the three credit bureaus. I would appreciate any help you can provide regarding this matter. Thank you,
Company Response: Closed with explanation

Timely Response

2018-01-26

Wonder Lake, IL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: PennyMac mortgage company does not offer functionality for their customers to make their mortgage payment from two accounts. I've asked repeatedly why this can not be done and their only response is they don't accept partial payments. I've explained we are not making a partial payment, we are paying the full payment just out of two accounts since we share responsibility in the monthly payment. Their automated system/internet system are preset to not allow consumers the option to make the full payment from different account information. You are forced to make payments over the phone with a rep with a resulting fee. This seems like an unfair practice to just make an additional fee ; the options available should be the same at all touch points for the customer. In addition they will take excess for escrow and still advise that your payment is increasing to cover escrow cost. If a consumer pays the difference due to avoid an increase in payment ; why is the monthly payment still increased. When asked, they can't answer ; state that's just how it is.
Company Response: Closed with explanation

Timely Response

2018-01-26

Acworth, GA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-01-25

Ft Lauderdale, FL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: In XXXX of 2017 after the hurricane. XXXX XXXX told me i can stop paying the mortgage for 3 months because of the disaster then i can start paying again after the three months XXXX XXXX didnt tell me they wanted to modify the loan! I did n't ask them for a loan modification and they didnt ask me if I was interested in it they proceeded to do moduficstion without my consent and undrstanding of their process. I am scared and worried because of XXXX XXXX! I find them to be very misleading and dishonest. Now they are sending me a bill for over 1800 pet month!. I ghought they were going to add the three months to the back of the mortgage! They are very bad. I do not trust them. I wonder if others are having this problem as well. Please stop them from misleading homeowners
Company Response: Closed with explanation

Timely Response

2018-01-24

Melbourne, FL

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with monetary relief

Timely Response

2018-01-24

Fort Worth, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Property was purchased in XX/XX/XXXX for {$230000.00}. Assessment value of {$230000.00} at time of purchase. Loan was for a 30-year fixed at 95 %. Accelerated payments were made to the loan to achieve over 20 % accelerated equity in just over 1 year. The loan states it will remove the monthly PMI on XX/XX/XXXX unless the " the principal balance actually reaches 80 % of the original value of the property '' and four conditions are satisfied : I feel the bank and I agree that first 3 points are met, the four data point : " we receive, if requested and at your expense, evidence satisfactory to the holder of your loan that the value of the property has not declined below its original value, and certification that there are no subordinate liens on the property. '' I kept asking why is the bank requesting a BPO or assessment and they have not been able to respond to this question after multiple requests. The bank responded with it is required per the contract. However, it is not required, it is " if requested '' It has only been about a year. Why is it requested? The XXXX XXXX market is increasing as a whole and multiple documented sources provided. After 6 unsuccessful emails back and forth where the bank providing the exact same document I provided on my initial request to them. ( I kept asking " why '' is it being requested when it has only been a year ) I conceded and agreed to paying {$100.00} to {$300.00} ( the bank states its somewhere in that range ) for a BPO assessment. The result of the BPO stated the house decreased in value from $ XXXX to $ XXXX. The BPO failed to use the same floor plan that sold on the same street for $ XXXX and has a smaller yard, only 2 car garage instead of 3, and less upgrades inside. Also, there is a similar house that just sold two doors down for $ XXXX with a slightly larger lot but significant electrical issues. Please assist with removing the PMI. We need our loan balance needs to be below {$180000.00} and the current balance is at {$180000.00}.
Company Response: Closed with explanation

Timely Response

2018-01-23

De Soto, IA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: This is an ongoing issue. I have spoke with three different representatives on three different occasions to-date. My last call lasted for nearly 1 hour. On XX/XX/XXXX, I contacted my Pennymac to remove my escrow from my current mortgage. To the best of my recollection, they discussed a 21-day process time. Due to recent tax code changes, I informed them that I wanted to pay my property taxes before the end of the year and asked if they could expedite the process time. The representative I spoke with ( I believe XXXX ) visited with the Pennymac escrow department and I understood from the representative they were going to expedite it. I informed the representative that I would go ahead and pay my property taxes and insurance and did make payment within a 24 hour period. Several weeks later, I observed on my bank statement that the normal mortgage deduction from my bank had increased by {$61.00}. I contacted Pennymac and was informed that it was due to an increase in my escrow ( i.e. increase in property taxes and insurance ). I informed the rep that I understood that my escrow had been or was being removed based on my XX/XX/XXXX call. He informed me that I was not eligible because I had not been with Pennymac for a 24 month period and that this was a XXXX requirement. I asked for a follow-up and more specific information as I needed to end the call because I was at work. I never received a follow-up communication. I called back at a later date and spoke with someone from Pennymac customer service. I received the same information regarding 24 month XXXX requirement. I could not get any specific on the regulation and when I indicated that I did n't sign anything during closing that would prevent them form removing escrow, they informed me that by law it did n't have to be disclosed, but generally would at closing. I made a clear request that if they we going to deny me the ability to remove escrow, they needed to provide a written response and a reason for denial. I did inform them that during my research ( internet search ) while on hold, I had not found any requirement or reason they could not remove my escrow account. Furthermore, after having reviewed all signed documentation, I could not find anything that would limit me. I also have a good credit history and record of making on time payments. I visited directly with XXXX and was informed the only reasons for denial were : ( 1 ) defaulted on loan, ( 2 ) have a blemished history, or ( 3 ) limited cash reserve. None of these reasons would apply to me. I even reviewed my loan documentation and it specifically states the lender may waive certain obligations such as escrow. At this point, I feel as if Pennymac is using a requirement of XXXX that does n't exist or at least shifts there own accountability in not providing me information to a well-informed customer ( it 's not their requirement, it is a requirement outside of their organization ). At this point, I find there 's little I can do to find resolve directly with Pennymac. Of interest to me is the longer it goes on the more costs it has to me in terms of interest accrued. For instance, the past payment should have been applied to principle instead of sitting in an escrow that is no longer needed. Again, my request was on XX/XX/XXXX.
Company Response: Closed with non-monetary relief

Timely Response

2018-01-22

Plymouth, FL

Struggling to pay mortgage

Mortgage: FHA mortgage

Complaint: I was affected by the Hurricane in Florida in XX/XX/XXXX. I was placed in a forbearance by Penny Mac. I was told I was approved for a " streamline modification ''. I was given the payment and terms verbally by XXXX XXXX on multiple occasions, most recently on XX/XX/XXXX. I never received the paperwork and called back only to find out she gave misinformation. I am now being told I do n't qualify for a modification at all. I was told not to pay anything by XXXX and resume payments in XXXX, that was wrong information. I have spoken with multiple people to include XXXX XXXX XXXX, XXXX XXXX, XXXX, XXXX on and on. I continue to get conflicting information regarding my loan and at times no communication at all. These forbearances were mandated by the Federal Government and now I 'm being told I may have to Short Sale my house ... What is going on? This is my livelihood and it is being handled with incompetence.
Company Response: Closed with explanation

Timely Response

2018-01-20

Manchester, NH

Trouble during payment process

Mortgage: FHA mortgage

Complaint: Pennymac Loan services has been charging my loan account " home inspection fee '' since 2015. In XX/XX/XXXX, Pennymac hired XXXX to go to my property and change locks on my residence. As a result, I was unable to enter my residence. I have been living outside my residence since.
Company Response: Closed with explanation

Timely Response

2018-01-20

Jacksonville, FL

Struggling to pay mortgage

Mortgage: VA mortgage

Company Response: Closed with explanation

Timely Response

2018-01-20

Rehoboth Bch, DE

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-01-19

North Hills, NC

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2018-01-18

Washington, DC

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with explanation

Timely Response

2018-01-17

Murray, UT

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: On XX/XX/XXXX, I contacted PennyMac to have our house assessed to have our PMI removed. In XX/XX/XXXX, our house appraised at {$350000.00} Since that time we have added a new roof, a new water heater, a new furnace, we have put in a {$2000.00} fence in the back yard, and housing prices have risen in general. We asked PennyMac to do a BPO and were told that someone would drive by and look at the front of our house and the back of our house from the outside and that the person would also pull comparable for houses in the area. The first time the BPO happened, the amount came back at {$320000.00} Upon closer inspection, it appeared the person who did the BPO did not even take photographs of the correct house, but instead photographed our neighbors house. In addition, all of the houses that were pulled as comparables had far fewer square feet and almost all of them were much older houses than ours, one up to 18 years older. We pulled some of our own comparables from our area that more accurately compared to our house and sent them to PennyMac, which put the value closer to {$400000.00}. In addition, we notified them that the BPO had taken photographs of the wrong house. We received a letter from PennyMac indicating that they were not going to change the BPO amount. It is preposterous to assert that our house value has gone down from XXXX to XXXX in the current market. Furthermore, the BPOs own document puts the average sale price in the last 3 months for comparable houses at XXXX. We believe this is a systematic problem with PennyMac in an effort to unnecessarily collect PMI when it is not appropriate. Our house only needed to appraise at {$360000.00} to have PMI removed and it is unfathomable that it would n't come back at that amount. What PennyMac is doing borderlines on fraud. After further research it appears that this is being a problem nationwide where mortgage companies are forcing the use of their own selected individuals to do BPO and appraisals and they are routinely and conveniently coming back under the amount necessary to remove PMIs. I ask the CFBP to investigate this systemic and nationwide problem so that consumers are not at the mercy of these corporate companies who have an incentive to keep the PMI in place. Thanks.
Company Response: Closed with explanation

Timely Response

2018-01-17

Magnolia, TX

Trouble during payment process

Mortgage: VA mortgage

Complaint: PennyMac has a responsibility to pay consumers Property Taxes on a timely basis. After reviewing our Mortgage Interest Statement ( Form XXXX ) for XXXX I noted a large shortfall in Real Estate Taxes paid. After speaking with two senior supervisors at PennyMac I was told the taxes are paid by a third party tax service ( XXXX ) and two of the four taxing entities rejected the tax payment for XXXX. I 've been dealing with the same taxing entities for over 25 years and to the best of my knowledge my mortgage companies have NEVER had a tax payment rejected! PennyMac made absolutely NO effort to contact me and review the issues of rejected tax payments until I contacted them in XXXX of XXXX. PennyMac also told me they would not send me a corrected Form XXXX given tax disbursements were not made in XXXX. They stated the shortfall would be made up in XXXX. PennyMac 's failure to pay our property taxes may cause us to loose a significant tax deduction for XXXX. POOR customer service and FAILURE to pay taxes on a timely basis!!!
Company Response: Closed with explanation

Timely Response

2018-01-17

Finksburg, MD

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Problem with personal statement of dispute
Complaint: In XXXX XXXX I bought a house and made a mortgage agreement with XXXX XXXX XXXX Ever since I made a recurring payment instruction to my XXXX XXXX XXXX against the monthly mortgage amount. The payment was done smoothly every month with no problem. In XX/XX/XXXX The loan has been transferred from XXXX XXXX XXXX to XXXX XXXX. They advised us while we were on our vacation overseas. Our monthly payment continued to go to XXXX XXXX XXXX which they supposed to transfered back to PennyMac during the transition period. XXXX XXXX XXXX already did that but XXXX did not reconcile the account immediately and took some time to do so. When we got notified with the problem on our return, we made extra payment and sorted the problem. We have asked PennyMac to draw their complain about late payment from our side. We have proven to them that money has been transferred from our bank in regular base and it is not our problem. PennyMac agreed and supposed to fix their claim against late payment from our side. Apparently PennyMac did not withdraw the complain from their side. hence the credit report has been negatively affected without any legitimate cause.
Company Response: Closed with explanation

Timely Response

2018-01-17

Manchester, NH

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Complaint: The Current mortgage loan servicer, Pennymac Loan Services of XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, CA XXXX does not possess an indorsed promissory note from the original servicer of the loan, XXXX XXXX XXXX XXXX. In fact, XXXX XXXX XXXX XXXX noted that it has lost the possession of the original note as well.
Company Response: Closed with explanation

Timely Response

2018-01-17

Denham Spgs, LA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-01-16

Cooper City, FL

Struggling to pay mortgage

Mortgage: Other type of mortgage

Company Response: Closed with non-monetary relief

Timely Response

2018-01-15

CO

Problem with a credit reporting company's investigation into an existing problem

Mortgage: FHA mortgage

Complaint: -XXXX XXXX hired an attorney to handle family chapter XXXX bankruptcy -At that time we hired and instructed our attorney XXXX XXXX to reaffirm our loan with our mortgage. -XX/XX/XXXXBankruptcy Court in Colorado finalizes bankruptcy -We continued to receive monthly mortgage statements from PennyMac which we have been making. The statements indicated that the payments were going more to interest than principal. -In late XXXX purchased family truck and credit report pulled that our mortgage was a closed account. -XX/XX/XXXX Inquired to PennyMac to be connected with the right people to find out why it stated closed account and did not get an answer. -Attempted to make contact again a week later with no results. -Spoke with attorney, attorney sent additional paperwork to PennyMac regarding BK. PennyMac then said that they never received it. -PennyMac never sent me, as the customer, any paperwork stating that the loan was reaffirmed or that more money would go to the interest than principal. -As of the last date, issue was still unresolved and have not been able to speak with anybody regarding this. -As of current still making monthly mortgage payments.
Company Response: Closed with explanation

Timely Response

2018-01-14

Stewart, AL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-01-08

Grimsley, TN

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Hello I 'm concerned Father, To start out on XX/XX/XXXX our XXXX year old son was diagnosed with XXXX XXXX, my wife has been off work since that day to be by his side and take care of him and get him back and forth to his appointments while I have been taking care of his XXXX brothers, and try to continue to work in XX/XX/XXXX my work went down to four days which put that much more stress on us.Around XX/XX/XXXX my wife met with a social worker at XXXX XXXX 's hospital and she was able to help us with a couple of bills through a foundation they have for families with kids that have XXXX. She got the papers summited to the XXXX XXXX the following week. I was having the check from the XXXX XXXX sent to Penny Mac where my house is financed and I emailed them on XX/XX/XXXX and told them the situation and how I wanted the money to be applied to my mortgage payment.The check from XXXX XXXX 's hospital was for XXXX and I wanted all of XX/XX/XXXX payment made which was XXXX and the other XXXX applied to XX/XX/XXXX payment and I would send the other part of XX/XX/XXXX maybe by then work would be picked back up. Penny Mac emailed me back on XX/XX/XXXX telling me they would do as I requested, I emailed them again on XX/XX/XXXX and ask if they had received the check they emailed me back on XX/XX/XXXX and said they have n't received it emailed them again on XX/XX/XXXX and they returned my email on XX/XX/XXXX that they still have n't received the check I emailed them again on XX/XX/XXXX and still they are telling me there is no check on XX/XX/XXXX they emailed me and told me a payment was made but they held it out of my checking account there was still no check. I emailed social worker at XXXX XXXX 's hospital and she got in touch with the XXXX XXXX and they was showing that Penny Mac had cashed the check from XXXX XXXX 's hospital on XX/XX/XXXX but I 'm still told they have n't received it. I was trying to do the right thing and make sure my house payment got paid and we did n't get behind or lose our home but Penny Mac still withdrew my payment from my checking when I really did n't have enough in there for them to do that and still have enough to live on. I am still wanting to know where the XXXX check is and want it applied to XX/XX/XXXX payment and part of XX/XX/XXXX please help my family out with this. I will try to send the copies of the emails and check
Company Response: Closed with explanation

Timely Response