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 10
2019-03-22
Flagstaff, AZ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with non-monetary relief
2019-03-21
Bayonne, NJ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-03-21
Lewisville, TX
Trouble during payment process
Mortgage: FHA mortgage
Complaint: PennyMac owns my mortgage. Loan origination XXXX of {$150000.00}. Had home appraisal on XXXX as I considered a refi since escrow overages was {$4.00}, XXXX and a solution was to add overage amount to principal balance of my mortgage. PennyMac attempted to coerece me into refi with cash-back and $ XXXX credit card debt rolled into refi amount even after I stated that I didn't like the idea, but the loan guy convinced me that it was common and a good thing for me to do. After consulting my mortgage expert who helped me when I purchased the home in XX/XX/2012, she advised of the many details of the loan proposal that were negative in their effect on me, and I decided to not refi but instead decided to pay {$4300.00} out of my pocket. When I spoke with PennyMac to cancel refi and to get my monthly payment recalculated with a new lower homeowner 's insurance policy along with my request that they waive/remove the MI charges, they refused stating that the MI will remain until I either wait 2 years or my principal balance is reduced by $ XXXX. I explained that I have paid 78 months of payments, no late payments, and I have over 50 % equity in the home -- they still refused to drop the MI. This seems unfair to me.
Company Response: Closed with explanation
2019-03-20
NJ
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: every year penny mac mortgage review XXXX my loan for taxes paid to local community for real estate. they then send a threating letter that if real estate taxes are not paid they will require escoret acct and charge us extra in the payment for the taxes. this occurs every year approx XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX. our loan is conv 15 year loan which we took to quickley reduce the balance and pay the taxes ourselves. we pay quarterly or monthly depending on our income and expenses and allways catch up to date.
last year and this year i have called them wrote them to explain that. they refuse to allow us to pay the taxes monthly or quarterly, and threaten escoret and foreclosure if not done.When we signed the loan, the purpose was know to both parties that taxes would be paid out side the loan, they never stipulated timing of when they needed to be paid.
Penny mac XXXX XXXX XXXX XXXX XXXX ca XXXX XXXX
Company Response: Closed with explanation
2019-03-20
Oro Valley, AZ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-03-20
Dallas, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: PennyMac has been the loan servicer on my mortgage since XX/XX/XXXX. I set my account to receive automated email notices of my monthly statement and receipt of my monthly payment as I am enrolled in autopay. I did this for convenience and given the very bad customer reviews online for PennyMac, I wanted as little contact as possible with this company and wanted avoid any problems since they struck me as an untrustworthy and sleazy outfit. I had been receiving the monthly notices to my inbox without any issues until around XX/XX/XXXX. On or about XX/XX/XXXX, I received a barrage of solicitation telephone calls on my mobile and work numbers from PennyMac trying to get me to refinance my mortgage. I requested to be removed from the call list both to the callers and to customer service to no avail. I filed a complaint with the CFPB in XX/XX/XXXX to stop the telephone solicitations. I received a letter from XXXX XXXX of PennyMac dated XX/XX/XXXX stating that " stops have been placed on your loan to prevent any further solicitation calls ''. Thereafter, I no longer received the automated email notices of my monthly statement and receipt of monthly payment. After many calls to customer service and resets to my account settings, I now receive only email notices of my monthly statement. I called Ms. XXXX on XX/XX/XXXX and left a voicemail to discuss. She never returned my call. In her letter of XX/XX/XXXX, she suggested that I check my spam folder. I check it daily and there was no email notice of receipt of my monthly payment. Her suggestion that I contact XXXX to resolve the issue is ridiculous. Further, her suggestion that I go online and log into my account each month to confirm payment has been received is a waste of my time. I plan on keeping the mortgage for at least another 12 years, which would equate to 24 hours of my life for something that would take a second to see in my inbox. In my opinion, PennyMac caused the issue back in XX/XX/XXXX and they need to fix it. Since I am enrolled in autopay, I need confirmation that my payment has been received. If there were some issue, I would have a late payment on my credit report and be subject to a late payment penalty. Even though this is America and land of the free, I am not permitted to choose my loan servicer. The only way I would be able to resolve the issue is to pay off the mortgage to rid myself of PennyMac.
Company Response: Closed with monetary relief
2019-03-19
OR
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: My husband and I purchased a home in Oregon. My husband continued to work in California and I moved into the home. Our home owners insurance is separate from the mortgage. We thought the insurance was on auto pay through our Insurance Broker as has been our custom. Because we were overwhelmed planning our wedding, relocating and working in different states much of the time, we both thought the other person was watching the insurance payments. The insurance payments lapsed for 10 months before we became aware. Though we forwarded our mail we did not receive the three notices from our insurance company despite documentation by the insurance holder that they were sent. The final notice by the lender to get insurance and avoid forced insurance went to my the property where my husband works rather than the address of the home where I reside. My husband and I never saw any other noticed by the lender prior to the final notice. We are the only ones who check our mail. We obtained home insurance right away once we discovered the problem. Now the lender wants to charge us for purchasing home insurance ( that they have not yet purchased ) for the lapsed time at nearly 2 times greater than the initial cost if we can't show coverage during the lapsed time. I understand having to pay a lender back for purchased insurance during the lapse or even for the cost of lapsed time for a more reasonable rate.
1.Can they demand to purchase lapsed insurance that was not purchased during the lapse and after the date we had already purchased a new policy?
2. And if so, can they charge a rate that is more than two times the annual rate of lapsed coverage?
3. I have not been able to find a company who will provide backdated home insurance, so how can they find such a policy?
Your response to these questions is greatly appreciated.
XXXX XXXX
Company Response: Closed with explanation
2019-03-19
N Brunswick, NJ
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-03-16
NC
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Hurricane Florence victim..My insurance check was issued in XXXX to XXXX XXXX, who sold my mortgage to Penny Mac in XX/XX/XXXX..now Penny Mac will not give me my money to fix my home, which is over 60 % repaired with my own savings..Penny Mac has come up with several different excuses not to give me my money, first couldn't find check, then I need a licenced contractor to do my work, which is not required under 30,000 in NC. Then they told me I needed and inspection, which was lost and had to come back and do again. They came again which took another two weeks said my home was 60 % done.. So clearly i'm not going to take the money and run, but it seems they are making tons off of event 's money..so I've decided regrettably not to pay them anymore mortgage payments which I informed them of this, which I have never missed..they should be fined or imprisoned..
Company Response: Closed with explanation
2019-03-14
Westfield Ctr, OH
Trouble during payment process
Mortgage: FHA mortgage
Complaint: We did not receive, nor is there record of, escrow analysis for years XXXX, XXXX or XXXX and now our mortgage has gone up approximately {$700.00} per month despite being in a fixed rate product. Our property taxes and insurance rose marginally and PMI is on a steady decline. Yet, we have a negative escrow balance of nearly XXXX and PennyMac wants us to pay approximatey {$4600.00} to true up the escrow account or continue to make our increased monthly total. It shouldnt come as a shock that when someones budget on a fixed rate mortgage starting at around $ XXXX is completely and unreasonably stretched nearly 7 years later when the mortgage is $ XXXX. Since we did not receive, nor did PennyMac perform, escrow analysis for 3 consecutive years we feel this is an unreasonable encumberance to our family and feel they shoulder a great deal of liability in this severe an oversight.
Company Response: Closed with explanation
2019-03-14
Fort Worth, TX
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-03-13
Discovery Bay, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: MY WIFE WHO IS XXXX HAD HER XXXX BENEFITS STOP XX/XX/XXXX AND HAD TO RE-CERTIFY FOR BENEFITS WHICH TOOK ALMOST 1 YEAR AND CAUSED US TO DEFAULT ON OUR HOME LOAN. WE HAVE A SALE DATE OF XX/XX/XXXX PennyMac Loan Servicing has illegally foreclosed on our home pending sale date is XX/XX/XXXX. We applied for a modification XX/XX/XXXX, we were told that all documents were received and we would hear from them. Then we received letters from PennyMac showing an auction date of XX/XX/XXXX. We were horrified and saddened at the same as we were seeking help to save our home of almost 13 years. We were also under the impression that foreclosure proceeding should be suspended during the modification process. We contacted a Real Estate to list the property for sale. Comps in our area were showing sales for similar properties at $ 700,000k+ but we listed at {$680000.00} aggressively to sell ASAP and obtain a small equity to relocate. We contacted PennyMac for a payoff and was told {$610000.00}. This amount was fabricated to ensure we could not get any equity from the sale since 6 % would go to selling process.
PennyMac denied that offer and 2 additional offers. PennyMac had offered a short sale option and deed in lieu in XX/XX/XXXX. In XXXX, we dropped the price to $ XXXX, got an offer for {$640000.00} which PennyMac denied because they said the home was evaluated at {$650000.00} ... .We found this out XX/XX/XXXX last Friday and that was our last hope ... SALE DATE XX/XX/XXXX. WE CURRENTLY HAVE A VALID OFFER BUT PENNYMAC STILL WILL NOT CANCEL THE SALE ... WE NEED TIME TO SELL THE HOME. PENNYMAC USED ILLEGAL AND FRAUDULENT PRACTICES TO SELL OUR HOME. PLEASE HELP US.
Company Response: Closed with explanation
2019-03-12
Juniper Hills, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I would like a full investigation as to why PennyMac denied me for a loan modification Loan # XXXX. I fell on hard times last year XXXX and fell behind several months on my payment, I contacted PennyMac for solutions but I was told that i did not qualify because of my financial situation, I was directed to call them back if my financial situation improved so I could be evaluated for a solution. XX/XX/XXXX I got a new job and started making enough to cover all my needs, I started a modification process with PennyMac as of XX/XX/XXXX and was NEVER given a single point of contact, I've been bounced around from one representative after another with no progress. Last assigned representative is this XXXX XXXX lady who has been anything BUT helpful XXXX XXXX Ext XXXX, I've had to submit the same documents endless times and I was also told by her and other representatives that the foreclosure process would STOP until the modification process was over which did not happen. I found out that I have my foreclosure sale date on XX/XX/XXXX AND I WAS STILL SUBMITTING DOCUMENTS TO THIS XXXX LADY LAST WEEK!!!! I WAS ALSO CONTACTED BY AN APPRAISER FROM PENNYMAC WANTING TO DO A FULL APPRAISAL ON THE PROPERTY ON FRIDAY XX/XX/XXXX. It is my believe that PennyMac had no intention of letting me keep my home that's why they were processing the modification and foreclosure at the same time and even ordered the appraisal.
Company Response: Closed with explanation
2019-03-12
Washington, DC
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Their investigation did not fix an error on your report
Complaint: I purchased my home in XXXX of XXXX. A big deal, as I am the first person in my family, and the first in three generations to ever own a home. Since the very beginning, I have always paid my mort/gage on time until around XXXX of XXXX. Around XX/XX/XXXX I was authenticating a wire transfer to pay my mortgage, and as I was doing so, the XXXX XXXX XXXX service rep mentioned to me that I should take advantage of their bill pay system. I was intrigued because, as the representative assured me, it was a seamless process, free and once I set it up I wouldnt have to worry about it because they would mail my mortgage company a check by the specified date once a month. I asked the rep what all I needed to begin the process. While she was on the phone with me, she assisted me in setting up my bill pay account to start in XXXX of XXXX, this way I knew I had all of the info required for successful payment. I even called Penny Mac on the other line to confirm I had all the correct info to for the check payments.
Come XXXX, feeling a little anxious I kept my eyes on my account to be sure my mortgage payment was withdrawn. Once the date it was supposed to be there passed, I called XXXX XXXX to figure out why it hadnt been processed. The rep informed me that the check had been mailed and they were not sure what was going on. They instructed me to call Penny Mac to see if they received anything. I called Penny Mac, and they informed me that they never received the check. At this point, I am annoyed. I put Penny Mac and XXXX XXXX on three-way for the two to figure out what was going on. I even requested XXXX XXXX to Fax Penny Mac the confirmation that the check had been mailed.
Unbeknownst to me, We learned that the Penny Mac representative whom I requested info from during the setup phase had given us, Myself and XXXX XXXX, the wrong address. The rep gave us the wiring mailing address, and I am not sure why they would do that as she knew I had previously been wiring my mortgage payments and wanted to start mailing checks. I asked the Penny Mac rep if I would be at fault for their mistake and their response provided me with no real confidence in resolving the issue. I was frustrated because, now, I am considered late on my mortgage payment. However, once we were able to get the correct info, I also learned that, from the XXXX XXXX Rep, even if the check would have arrived Penny Mac wouldnt have been able to process it because the way the check was printed it put the name of the recipient in the wrong place. I am not sure what this means, but it just added fuel the fire. At this time, the Penny Mac and XXXX XXXX reps were able to clear things up. I ended up paying my mortgage via wire, which was waived by XXXX XXXX, for this month because I was already late so I had to pay it asap. Round 2, now that we had the correct information I tried bill pay again for XXXX mortgage payment. After having a rough experience, the first time I kept an even closer eye on the payment. It was late XXXX when I realized Penny Mac hadn't processed the payment. I called XXXX XXXX to investigate the issue, and they informed me that the check had been mailed. I then called Penny Mac to check and see if they ever received the payment. Sadly, they reported to me that they did not. I called XXXX XXXX back to see what was going on and they werent sure. They also mentioned that might be due to the holiday schedule and that carriers may be backed up. At this point, I felt defenseless. I even got a letter from XXXX XXXX warning me of them potentially defaulting on my loan. As I mentioned, I am the first in three generations ever to own a home, so you can imagine what it would do to me for me to lose my house. I wasnt sure what to do and what rights I had because everyone from Penny Mac to XXXX XXXX all made me feel as if this was all my fault. I even reached out to a buddy of mine, XXXX XXXX, who use to work for CFPB for advice. At this point, I just wanted it to all be over. I called XXXX XXXX to cancel the check, and that I would pay via wire, again, they waived the wire fee. Eventually, I was able to get all caught up. Penny Mac later informed me via phone that if your payments were late the payments you submitted did not apply to that month but to the month it was late so I didnt realize that all the amounts I was sending via wire applied to the previous month. The first week of XXXX I paid everything I owed including the late fees. Once everything was in the clear, I felt a huge sigh of relief, and from then on, I paid my mortgage via wire and told XXXX XXXX to remove my info from their bill pay.
Two months later, I reached out to my lender to get pre-approved for another home loan. I did not realize that I now have three months of late mortgage payments on my credit. I didnt understand how that experience assassinated my credit history. I called Penny Mac to confirm that I had three months of late fees. Luckily, They mentioned that I only have two ( XXXX and XXXX ) I need to reconcile with the credit bureau the third one. However, I informed my lender of the situation, and by the grace of XXXX, he informed me of my rights and how the CFPB can assist me in fixing this issue. He suggested I first call XXXX XXXX and see what they had to say. I called them and informed them of the situation, and their response is what drove me to write this complaint. They told me that their bill pay system is run by XXXX XXXX which is a third-party vendor and that I should call them. I felt as if I had been shuffled and I rather not chase folks around to resolve this issue. Now I am stuck, throughout the whole process I felt abused and taken advantage of. I even considered bringing in legal counsel, but I cant afford that and feel as if I have no real rights.
Status Update XX/XX/XXXX : Before submitting this complaint, I reached out to Penny Mac to, hopefully, reconcile this issue. After discussing the situation with their representative, they played back the call I had with the original rep who gave me the wrong information and agreed with me that the information was incorrect. However, the credit reportings are correct because the payment I made was for the previous month and not the current month. I was never informed that I was behind schedule and if I were, I would have paid all that was owed.
Company Response: Closed with non-monetary relief
2019-03-11
Brentwood, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-03-08
Sebring, FL
Closing on a mortgage
Mortgage: FHA mortgage
Complaint: One year after purchasing my home Pennymac called me and said they could lower my interest and get my payment down. I told the man multiple times that I'd be interested but ONLY if I would not lose my escrow balance. My county tax was expected to drastically increase due to it being a new home and the first year was just the land. I was told not to worry and that the ( over ) {$3000.00} I had in escrow would still be in escrow on the new loan. Come to find out that they lied and because they rushed me to sign everything and I trusted their LICENSED mortgage guy, I am now forced to come up with $ XXXX. I have a XXXX daughter and I just got a " promotion '' at work so I am now a salaried employee and lost about XXXX in overtime annually. I do not have XXXX XXXX dollars and they refuse to help me!
Based on the original loan 's balance and the refinanced amount, I would not have reasonably known that they were taking my XXXX in escrow as they now claim. They stole that from me and I have included their statements and what they advised regarding the closing costs as well.
Company Response: Closed with explanation
2019-03-06
Douglasville, GA
Trouble during payment process
Mortgage: Other type of mortgage
Company Response: Closed with explanation
2019-03-06
Eden, PA
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-03-05
Itasca, IL
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: On XX/XX/2018 I made my mortgage payment ( I enclose a copy of the picture taken to the screen of the computer that shows the payment was made ).
PennyMac did not accepted the payment and the money was not taken from the paying istitution.
I called to investigate what was the problem. The lender told me that my bank had denied the payment, WRONG! ( I enclose copy of the bank statement that shows we had enogh funds ).
I called my lender to request them to remove the report of delayed payment. They have not done it, and this is affecting my financial and personal matters.
Company Response: Closed with non-monetary relief
2019-03-05
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-03-05
Skipperville, AL
Trouble during payment process
Mortgage: VA mortgage
Complaint: XXXX XXXX XXXX is my mortgage lender. I'm owed over 900 dollars in Escrow Refund and supposed a check was sent XXXX XX/XX/ 2019. ( It is now XXXX XX/XX/ 2019 ). I was instructed to wait 14 business days to receive a " Paper Check ''. Even though I electronically debit my mortgage bill every month. Even after I complained I got a message to wait 14 business days after waiting 14 business day.
I've sent multiple follow up messages and get ignored. Also I tried to call the message said " call back later we're busy ''.
This is very shady because they collect taxes from my county. I have a homestead exemption with the county and feel like they are committing fraud and not servicing my loan properly. I have no recourse when they raise my escrow payments, like they did last year and now they have to refund me because I have been overpaying.
Instead of getting some robot voice, or trained sea animal to respond to my messages I will hold them accountable and submit this complaint.
Company Response: Closed with explanation
2019-03-05
Grant, AL
Trouble during payment process
Mortgage: VA mortgage
Company Response: Closed with explanation
2019-03-04
Val Verde, TX
Trouble during payment process
Mortgage: FHA mortgage
Complaint: My ( XXXX XXXX XXXX XXXX ) escrow account was short for this year because we had built a new home and taxes were based off the lot appraisal only. I ( XXXX XXXX XXXX ) contacted Penny Mac Loan Services on XX/XX/XXXX. Because our escrow was short we were making a payment of {$1700.00} to make up the shortfall. I decided to make one lump sum payment of {$2800.00} to pay off the escrow shortfall with a confirmation number supplied by Penny Mac Loan services of XXXX. It was drafted from my bank on XX/XX/XXXX.
I very specifically asked if our new payment of {$1300.00} ( normal payment less escrow shortage ) would start on XX/XX/XXXX. The Penny mac representative assured me my new payment of {$1300.00} would be effective that date.
On XX/XX/XXXX I logged into my Pennymac account and noticed it still showed {$1700.00} due on XX/XX/XXXX. I again called Penny Mac customer service. They again assured me only the correct amount of {$1300.00} would be billed to my account on XX/XX/XXXX.
On XX/XX/XXXX my autopay payment had not been subtracted as normal. I called to verify that no changes had been made that effected autopay. They stated that the payment would be debited on XX/XX/XXXX because the first was the Friday. And stated for now THE THIRD TIME that my payment would be {$1300.00} as I had paid off the escrow shortage completely.
On XX/XX/XXXX. After three different representatives stating my payment would be {$1300.00} because of paying off the escrow shortage in total Penny Mac billed me {$1700.00}. They stated they " messed up ''.
Company Response: Closed with explanation
2019-03-04
San Antonio, TX
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account information incorrect
Complaint: This account has been paid off In full but somehow during this process I guess the pay off was short due to getting the wrong info. This account also was never fully 30 days late.
Company Response: Closed with explanation
2019-03-01
Myrtle Beach, SC
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation