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 3
2019-10-17
Atlanta, GA
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: I was told by Penny Mac supervisor that they are not showing a late payment for my previous account. However, when I checked my credit report its showing my account was late
Company Response: Closed with explanation
2019-10-16
Houston, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-15
Bolling Afb, DC
Closing on a mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-10-13
Bethlehem, GA
Problem with a credit reporting company's investigation into an existing problem
Mortgage: FHA mortgage
Complaint: This particular account situation that is lately filing on my own credit document has a seriously unfavorable relation to my personal ability to obtain a present loan application. I highly recommend you generate verification that ( Account Name ) has been reported completely in accordance with the Fair Credit Reporting Act regulations, it's really a serious problem to mis-report. Moreconfirmation of the aforesaid item too. My proper request mustover, I was never 30 days/60 days/120 days late in any of my payments and I'm not greatly tuned in to the date opened so I prefer to ask your be investigated as soon as possible and confirmed to be correct. Thanks!
Company Response: Closed with explanation
2019-10-09
Sacramento, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with monetary relief
2019-10-09
MI
Attempts to collect debt not owed
Debt collection: Mortgage debt
Debt was result of identity theft
Complaint: Dear CFPB, ( cc : Office of Comptroller of the Currency, IRS, FBI, Senate and other authorities ) Please find my combined Qualified Written Request, Debt Validation and Complaint against PennyMac Loan Services , LLC ( PennyMac ) for their relentless false statements, failure to comply with the law ; failure to validate the debt ; and evasive and incomplete response to my lawful and direct questions.
In XX/XX/XXXX respond PennyMac and their employee XXXX insisted that PennyMac who first appeared in XX/XX/XXXX, is an Issuer of XXXX XXXX securities while my XX/XX/XXXXloan was purportedly pooled into XXXX pool where XXXX XXXX XXXX XXXX XXXX is a Trustee.
All my direct and specific questions regarding information such as Trusts name ; Trusts Closing Day ; proof of value paid by PennyMac for the purchase of my loan were declared as overly broad lacks specifics or proprietory which is blatant lie typical for a Ponzi scammer as defined by Securities and Exchange committee. XXXX XXXX XXXX. * Mr. XXXX previously identified PennyMac as a purchaser/owner/investor/servicer of my loan which is an impossible combination. Servicers are not owners of the loans. Investor/guarantor is XXXX XXXX who requires every Issuer to register XXXX XXXX on MERS as Investor and MUST enter the pool or loan package on the MERS system, as described in XXXX Maes MBS Guide, 5500.3 Chapter 9, Section E ( 3 ), page 7 ( attached ). It was not done by neither XXXX or PennyMac.
Moreover, PennyMac failed to provide explanation from whom they purchased my loan if XXXX is not the owner but merely Servicer who has NO rights to sell anything to third parties ; XXXX XXXX does not sell performing loans from its pooled securities to private funds ; here is no proof of value paid for my debt as a purchaser or owner ; here is no information who appointed PennyMac as a Servicer if XXXX has no authority to appoint anyone as a Servicer for XXXX XXXX XXXX XXXX.
My loan is a VA loan and heavily regulated by XXXX XXXX XXXX guide ; XXXX XXXX Trust Agreement ( aka Pooling and Servicing Agreement ) ; IRS Publication 26-860G ; IRS Pub 938 ; Uniform Commercial Code Article 9 203 ( attached ) ; and many other laws.
According to XXXX XXXX Guide, the Issuer for certain securities where XXXX is a Trustee - is XXXX. PennyMac was never mentioned in ANY XXXX XXXX public disclosures which are readily available online and accessible to anyone, contrary to XXXX and Mr. XXXX statements.
ALL XXXX XXXX Trusts are published online and file annual reports with XXXX XXXX and IRS.
None of it is proprietory or overly burdensome to respond, particularly Trust Name and its closing date. XXXX is a Trustee for only one Class of XXXX XXXX securities while XXXX XXXX has merely three different types of Securities and every change of Servicers is heavily regulated.
The securities must be issued and assigned to the Trust no later than 90 days from its closing day. The Closing Day for my loan was back in XX/XX/XXXX, no later that XX/XX/XXXX. Attached is a list of ALL XXXX XXXX pooled securities in XX/XX/XXXX none of them have XXXX pool. Moreover, XXXX XXXX does not even use AV or CD to codify their pool types. See attached.
Similarly, no one XXXX Trust published by IRS Pub. 936 in XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX have pooled security XXXX ''.
All that PennyMac was able to produce as a proof was a Letter of Transfer from XXXX who themselves can not provide any validation of my debt ; or explain who was Mr. XXXX XXXX who prepared a poorly forged Allonge to my Note and transferred it to XXXX on XX/XX/XXXX while XXXX deny its involvement until XX/XX/XXXX.
Moreover, according to Calibers response on XX/XX/XXXX, assignment is not required which is a fatal violation of all applicable laws and rules, particularly IRS rules which govern EVERY GNMA Trust.
Furthermore, in each letter PennyMac stated their billing address in California. ALL my Billing statements are coming from XXXX TX, from the SAME post office where XXXX collected my payments ( cashed by XXXX XXXX XXXX ( XXXX ) ).
My latest payment ( extorted under duress, in violation of all applicable law, particularly FDCPA which requires to cease collection while PennyMac ( fake conduit for XXXX ) accelerated it ) was also cashed directly by XXXX.
In XXXX XXXX sent me a billing statement from XXXX TX where they demanded over $ 3K payment. I responded that this amount is incorrect. In XX/XX/XXXX XXXX sent me another statement ( while PennyMac said its billing address is in XXXX and while PennyMac failed to validate my debt and provide mandatory disclosures to my QWRs ). This XX/XX/XXXX statement still listed a wrong amount PLUS illegally charged me late fees! Which is pure daylight robbery and extortion racket.
My contract with XXXX was a contract for DEBT. There was no contract for revenue for XXXX XXXX XXXX and for a fake party ( XXXX and PennyMac ) with a fake claim. Moreover, the contract has already been destroyed through securitization to create a windfall which already occurred when the XXXX, the Investment Bank sold the parts of my debt for 12 times the amount of the actual debt and avoided to pay taxes from profits since my loan, according to XXXX and all evidence was NOT assigned to any legitimate investor.
Company Response: Closed with explanation
2019-10-09
Las Vegas, NV
Trouble during payment process
Mortgage: VA mortgage
Company Response: Closed with explanation
2019-10-08
San Antonio, TX
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
Company Response: Closed with explanation
2019-10-08
Bedford, TX
Incorrect information on your report
Mortgage: FHA mortgage
Complaint: In XX/XX/2019 I was having some financial hardship due to recent divorce. I contacted the mortgage company, PennyMac, to make payment arrangements so that I could stay current on my loan without penalty. Arrangements were made for me to pay half of my XXXX payment, {$570.00}, onXX/XX/19which I adhered to. The second half of my XXXX payment, another {$570.00}, was scheduled for and paid on XX/XX/2019. During the conversation in which this arrangement was made, I was not told about this having a negative impact on my credit or being considered a late payment. I was under the impression that because those arrangements had been made, provided I adhered to them and continued to pay as I have been I would remain in good standing. However, my ex-husband ( who I am trying to remove from the mortgage as soon as all of this is corrected, as he has not lived in the home or been financially responsible for the mortgage in over 1 year ) informed me his credit has been impacted. Today, XX/XX/19 his credit report is showing that the status of the mortgage is currently 30-59 days past due. My personal credit report is showing that the mortgage is current as of XX/XX/19 but was 30 days past due for XX/XX/2019. Had I been informed this would impact both of our credit despite the payment arrangements, I would have applied for a loan elsewhere in order to remain in good standing with my mortgage company.
I called the mortgage company to explain the situation and the agent I spoke with filed a dispute for me. I called back today, XX/XX/19 and was told it " doesn't look like they are going to accept the dispute ''. I was told that maybe sending them a letter much like this complaint might help my case.
After the split payment arranged for XXXX, I have paid my mortgage every month on the set upon due dates in my PennyMac website login.
XX/XX/19 - paid {$1100.00} XX/XX/19 - paid {$1100.00} Today - XX/XX/19 - called to follow up on the dispute and made sure they were aware of my current pending payment for XX/XX/19 of {$1100.00}.
I am very upset the company never informed me what this would do to our credit scores and standings, and that they offered no apology or explanation and are not willing to go back to the credit agencies to remove this mark. I have excellent payment history and would have never resorted to making that payment arrangement had the agent at PennyMac told me what it would do to my credit.
Company Response: Closed with non-monetary relief
2019-10-07
MA
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: My family and I lost our house in hurricane Irma on XX/XX/XXXX. We immediately contacted our mortgage company - PennyMac to let them know what happened and we had a company begin repairs on our house. We entered into a disaster forbearance plan with PennyMac which allowed us to put our mortgage on hold for 1 full year. We were told at the end of the forbearance we would pick back up on our normal payments of {$1200.00}. We spoke with penny Mac several times over the course of the year and kept them informed of everything going on. The company we hired to fix our house took a large amount of money and after doing the initial demo they never returned to do the work. We had to hire a lawyer to help us and it took over a year to reach a settlement with our insurance company. After the forbearance period was up we contacted pennymac to tell them we were ready to start paying our mortgage again despite our house not being liveable we did not want to risk a foreclosure so we wanted to pay our mortgage however once we told them our house was not currently being fixed because the construction abandoned property and we now had a lawyer helping us resolve our situation they told us we no longer qualified for the forbearance and we now owed the full year of mortgage of {$15000.00}. They would not let us set up a repayment plan and when we told them we could not afford that in a lump sum and that we were told on several occasions they would work with us on a repayment plan they were now starting the foreclosure process on us. Over the course of the next several months we tried to sell our house but because the house was severely damaged we would have to sell it well under what we owed and we did not have any money at the time to pay off our mortgage so we had to wait until our settlement was finalized. We finally sold our house on XX/XX/XXXX and paid every cent we owed back to penny Mac including additional fees they added on which totaled around {$15000.00}.
After 2 years of being homeless we finally had the means to buy a house again. This is when we quickly learned from a mortgage broker that our credit score was so bad we could not get a loan. Penny Mac had reported us late on our mortgage for 7 months after they refused to work with us on a repayment plan on our destroyed unlivable house. We have filed several complaints with them and tried to fight the late marks they put on our account but they refuse to work with us. We never would have entered into a forbearance plan if we knew they were no longer going to honor the terms and it would lead us down the road of destroying our credit. We have asked for upper management to look into this for us but they refuse to get back to us. The supervisors we worked with to resolve this issue to no avail was XXXX XXXX and her boss XXXX. We are asking for penny Mac to please remove the late marks on our credit. We paid on our mortgage on time every month and has excellent credit up until the hurricane destroyed our lives.
Company Response: Closed with explanation
2019-10-07
Bremen, GA
Trouble during payment process
Mortgage: FHA mortgage
Complaint: I bought my property in XX/XX/XXXX and financed it with XXXX XXXX. I refinanced in XX/XX/XXXX with PennyMac based on their solicitations. PennyMac apparently has made a huge miscalculation on the escrow portion of my loan. They listed their projection on my property tax as {$1700.00} where the taxes for my property have been {$4400.00} in the past 3 years. I realized this mistake when they send me an escrow evaluation in XXXX along with a statement suddenly asking {$800.00} extra payment on my monthly mortgage. My payment increased from XXXX to {$3000.00}. I have emailed them multiple times online on the customer service line also emailed the loan officer who dealt with my loan. They have been slacking and delaying replies. Lastly, I was able to talk to a supervisor last Wednesday on XX/XX/XXXX and he admitted there was a mistake in initial calculation of the loan but could not figure out how to solve it said he needs to contact other departments handling the loan and will get back to me the next day on XX/XX/XXXX never did. Today I left them a message said I will be proceeding with filing the complaint with CFPB asI had told them before in our communication which they do not seem to care much.
My tax records for XXXX online at my county : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Meanwhile, I have paid my increased monthly payment as {$3000.00}. I believe they assume that after a while I would let it go as onmy initial call the customer servic representative told me that taxes have been going up high everywhere and that is why people now started to prefer selling home and moving to apartments which did not make any sense as my taxes remained the same for the past 3 years per my county records.
Company Response: Closed with explanation
2019-10-03
WA
Trouble during payment process
Mortgage: VA mortgage
Complaint: PennyMac, LLC claims to have interest in the property held in my name. I am a veteran and the property was purchased through a VA loan program. I am also XXXX XXXX from a tribe that holds it's sovereignty separate from the United States. PennyMac tried foreclosing on this house in XXXX and was unsuccessful through the state courts. This case BELONGS to the federal district due to my native status. XX/XX/XXXX PennyMac claims to have purchased the house for {$220000.00} and transferred the title to " XXXX XXXX XXXX , c/o PennyMac Loan Services . '' After the forensic audit was done on the mortgage and instruments it was found that the loan that PennyMac claims to have issued is VOID. There is no promissory note and since everything was filed through MERS there is no valid chain of custody for anything documenting the loan. This mortgage was sold into a MBS fund illegally after the closing date of the fund, which again makes the mortgage void - essentially turning the mortgage into a stock and can not be reverted back into a mortgage. By the auditor 's calculation, PennyMac and several other " loan servicers '' have been paid multiple times via this mortgage and continue to make money thought the stock into which it was sold. Since no company, especially a SERVICER such as PennyMac, can not prove ownership nor lending of any funds at all the mortgage is on at least four points VOID. All of these arguments would need to be satisfied by a Federal CourXXXX in which my tribe is named as a a defendant and loan proven to be issued by PennyMac Loan Services , LLC . None of this can be shown true in a Federal Court. I have overwhelming evidence to support everything I've stated and demand that PennyMac follow the FEDERAL LAW that applies to my house and this situation. Everything PennyMac has done, including harassment, violating/ignoring law, and abusing court process is illegal and the foreclosure that they have brought falls under all of these categories. PennyMac has received many letters from me demanding proper documentation on the loan, cease and desist demands, has been notified in writing of all the laws that protect me and my property and is fully aware of my veteran and native status.
Company Response: Closed with explanation
2019-10-01
NV
Trouble during payment process
Mortgage: VA mortgage
Complaint: My new mortgage was sold to PennyMAC this year.
I attempted to make the first payment with the PennyMAC online payment website, XX/XX/2019.
It was not functioning. It went to an error page. Calling the " customer service '' line was futile. The recording said there were 143 people in line ahead of me. I could use the automated phone payment service though - but at a {$15.00} service fee! Calling any one of their " customer service '' lines resulted in no contact in order to resolve my issue [ I could not have payed over the phone with an automated service anyway, since my house payment came from two different banking institutions. ] I finally took time off work to go to the post office to get money orders to pay my house payment. I have not received a payment conformation or any contact from PennyMAC.
Today, XX/XX/2019, I tried to pay my house payment online at the PennyMAC payment site. I have my military and XXXX pay going to one account now [ with the XXXX XXXX XXXX XXXX through XXXX ] and tried to register it at the payment site. The site said that XXXX 's routing number was not valid. It is the same routing number XXXX offers to all clients, customers and other banking institutions. That is how my government direct deposits get to XXXX Bank. This is the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I do believe their routing number is legitimate.
I tried calling PennyMAC 's " customer service '' numbers. Several of them. This time there were 400 people in line in front of me and one automated answerer said that I would have to wait 40 minutes to get an agent. BUT, I could use the automated phone payment service for the {$15.00} " convenience '' fee. This is called EXTORTION.
I looked PennyMAC up on the XXXX website. There is nothing but complaints about this operation resembling mine or worse, like hidden fees, service charges for late payments and sending harassing foreclosure notices to individuals, like me, who were unable to make their house payments due to PennyMAC 's incompetence - or perhaps by PennyMAC 's design.
Company Response: Closed with explanation
2019-09-26
Clarkesville, GA
Trouble during payment process
Mortgage: FHA mortgage
Complaint: My payment for my mortgage has went up by {$300.00}. Due to escrow analysis. I'm struggling now and don't know if I can pay the extra. I dont understand why I need to pay XXXX in full or pay XXXX more for new payment. My taxes have only went up by XXXX. So why would it be this much more?
Company Response: Closed with explanation
2019-09-25
Panama City, FL
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-09-24
Soquel, CA
Closing on a mortgage
Mortgage: Conventional home mortgage
Complaint: I was in the middle of refinancing Pennymac home loan at XXXX XXXX XXXX XXXX NV XXXX with another Bank and I signed closing papers with notary on XX/XX/XXXX.
To my dismay I received correspondence from new bank on XX/XX/XXXX stating that they require additional {$560.00} to close loan since Pennymac rep didnt provide correct payoff info to new bank and the reason being Pennymac had to pay extra insurance payment. I do believe that this insurance payment is not necessary since Pennymac already paid {$960.00} to XXXX insurance on XX/XX/XXXX and also paid another {$250.00} on XX/XX/XXXX to another insurance company from escrow account. Some how I was asked to wire additional {$560.00} to close loan due to fact Pennymac rep didnt do due diligence when they fax wrong payoff info to new bank which could possible resulted in late fees and also pay extra mortgage to pennymac as well as new bank at the same time since XX/XX/XXXX. I kindly request Pennymac refund additional {$560.00} payment that I had to pay to new bank due to wrong payoff info provided by Pennymac rep which resulted in me spending extra money / time and mental break down since I was told my loan was closed on XX/XX/XXXX.
Company Response: Closed with explanation
2019-09-24
Glendale, CO
Trouble during payment process
Mortgage: VA mortgage
Complaint: We have had a VA Loan through PennyMac since XXXX. In XX/XX/XXXX, I received notice that our monthly payment increased from {$1300.00} to {$2300.00} due to an increase in property taxes and homeowners insurance. I called and they suggested submitting for a Mortgage Assistance program that would reduce the payment and bring the loan up to date. I submitted the application on line including the documents requested in late XXXX and was told to continue to pay the {$1300.00} until the Mortgage Assistance is approved or denied. I then called my insurance and changed the homeowner 's insurance which brought the payment down to a little over {$1800.00}. However, I did not hear anything about the Mortgage assistance, and then received a demand for payment for {$2200.00} as I was behind in payments. I called PennyMac about the situation. and was told the mortgage assistance had been denied and we needed to bring the account current as we were behind since XX/XX/XXXX. The denial was based on incomplete documents as they requested a XXXX and never received it. I had submitted in on line thru their web site. I was never notified of the denial. I brought the account current and was told the Mortgage assistance was not needed as the account is current. Further review of the latest bill indicated the amount in Escrow was over {$7000.00} and the monthly amount put in escrow is {$620.00} out of the payment. I called on this situation as the taxes and insurance totals around {$4000.00} per year. I was told that they had paid the taxes and insurance and they were being paid back for last year and this year. They gave me no further information.
I am wondering why there is so much being taken out of each payment and being put in Escrow as they should have been taking the taxes and insurance out since the Loan was initiated. I have never received a delinquent notice from the County or the insurance company. I understand PennyMac can only take about XXXX to XXXX of what they paid out last year for Escrow purposes. This is obviously much more than that and more than what is owed. That is the purpose of this complaint, that they may be illegally be taking money from me.
Company Response: Closed with explanation
2019-09-23
Washington, DC
Trouble during payment process
Mortgage: FHA mortgage
Complaint: PennyMac is taking too long to send me the balance of my escrow account. I paid off my loan on XX/XX/2019, and they still not have issued a check to me. The customer service representatives have not been helpful. I paid off other loans I had with a servicer called XXXX XXXX XXXX, and they sent my escrow refund five business days after payoff.
Company Response: Closed with explanation
2019-09-23
Buford, GA
Closing on a mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-09-22
GA
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: I have reached out to PennyMac to let them know they were reporting incorrect payment for XX/XX/XXXX. They stated that they would update the credit bureaus to reflect no late payment for XX/XX/XXXX. I decided to check my reports due to an alert indicating PennyMac being reinvestigated, only to find out that PennyMac has made the dispute worst by continuously report incorrect information to both XXXX and XXXX. I contacted both agencies and this is what they said to me : " XXXX stated that they received an electronic notification back from PennyMac indicating a 30-day late payment for XX/XX/XXXX is correct. XXXX stated that they received an electronic notification from PennyMac indicating a 60-day late payment for XX/XX/XXXX is correct but they did not provide any actual or physical supporting documentation to support their claim but stating account has been 30 to 60 day late and verified payment for XXXX is correct. '' PennyMac has sent me documents to show that I was never late in XX/XX/XXXX, yet they are still reporting to the above credit bureaus that I am. I have sent those same documents to both credit bureaus to correct the XX/XX/XXXX payment to reflect Ok- paid as agreed. They will not change it because they said it's the creditor ( PennyMac ) responsibility to make the change. Per the Fair Credit Report Act, the creditor & credit bureau must report accurate and verifiable information. In this case, they both are clearly in violation of the FCRA Law and they have caused major damaged to my credit rating and score since XX/XX/XXXX to current.
Facts : Home was sold on XX/XX/XXXX and PennyMac received full payoff as of XX/XX/XXXX. So, how can I be 30 or 60 days late for XX/XX/XXXX when they received full payment on the loan with the documents attached. By the way, 30 days late does not start until XX/XX/XXXX, and loan was paid off on XXXX than 30 or 60 days late? The fact of the matter is, they are reporting incorrect lates against me for XX/XX/XXXX with XXXX and XXXX. If this is not corrected in a timely matter, I will be seeking legal counsel for damages.
Enclosures : XXXX Credit Report for PennyMac XXXX Credit Report for PennyMac PennyMac XX/XX/XXXX History to prove I was never late in XX/XX/XXXX Closing Disclosure dated XX/XX/XXXX from the sale of the home Escrow Refund Check dated XX/XX/XXXX P.S. How can I be 30 to 60 days late for XX/XX/XXXX when the loan closed on XX/XX/XXXX and the Cancellation Of Deed To Secure Debt dated XX/XX/XXXX does not constitute a late payment when PennyMac received all funds on XX/XX/XXXX.
Company Response: Closed with non-monetary relief
2019-09-21
Southern Pnes, NC
Trouble during payment process
Mortgage: VA mortgage
Complaint: In XX/XX/2019 I made a mortgage payment to XXXX XXXX Loans. I did not realize that XXXX XXXX Loans was the new servicer. XXXX XXXX Loans did not forward my payment to XXXX XXXX Loans until XX/XX/2019. By that time my loan was sold to XXXX. XXXX began servicing the loan on XX/XX/2019. I have reached out to all three companies repeatedly for several months ( via phone and email ) and provided proof of payment but no one has been able to get my payment recorded properly. I am XXXX XXXX military ( XXXX XXXX ) and currently on temporary duty assignment away from home. I should not have to continue to reach out to these companies with no resolution. I would like my credit report fixed and any late fees/interest credited to my loan. I believe all three companies are in violation of RESPA and FCRA.
Company Response: Closed with explanation
2019-09-20
MA
Closing on a mortgage
Mortgage: Conventional home mortgage
Complaint: I had a FHA loan for the past 2 years. In XX/XX/2019 I began the process of a refinance to get rid of my PMI. On XX/XX/2019 my loan was approved and I was set to close. On 4 different occasions in XXXX the closing had to be rescheduled from the XXXX XXXX. First attempt in XXXX, the XXXX XXXX didnt have the proper closing documents from the mortgage company and couldnt close. The 2nd time, the XXXX XXXX was a no show. The 3rd time the lawyer from the XXXX XXXX came out, we began the signing of closing and half way thru the packet there were words and paragraphs missing from the closing documents so the closing was nulled. The 4th time XXXX XXXX we finally signed closing documents. I was advised no mortgage payment was due on XX/XX/2019 since I just closed and the next payment was due XX/XX/2019. Since I had autopay on my mortgage they debited my account, I called to reverse the funds. I was refunded XX/XX/XXXX. On XX/XX/XXXX I was called by Pennymac Mortgage advising that we had to close again because the closing date didnt match with the documents signing date. I was supposed to get a refund of {$1700.00} ( cash in hand ). Never got this refund, never heard from Pennymac for about 3 weeks. I called almost everyday to get this situated. None of the representatives on the phone knew how to handle this situation. They knew someone dropped the ball on their end. On XX/XX/XXXX XXXX I paid my monthly payment, since the new loan was still on hold and not funded. While I waited for Pennymac to contact me, I reached out to other Loan Mortgage companies who ran my mothers credit who is my co-signer. They advised me her credit score was XXXX and that she only had 3 late medical bills that are affecting her score. They advised me if she paid these balances, the closing costs would be half what I was paying. When I signed closing documents on XX/XX/XXXX, the closing costs were about {$10000.00}, about XXXX was from paying for points to obtain a 4.125 % rate. If Pennymac told me to fix my moms credit and then reapply to save myself XXXX, I would of done this instead of going through with the loan. At this time I emailed Pennymac and advised them to cancel this new loan. The loan officer called me back and tried to knock down the price of closing, told me he was able to get to loan down to {$420000.00}. Which saved me about {$3000.00}. My initial loan amount was XXXX, after 2 years of paying my mortgage I was able to bring down the balance to XXXX. After refinancing, the mortgage went back up to XXXX. I didnt want to proceed with this, as I was not looking for a case refinance. I just needed to get rid of the PMI. Doesnt make sense to refinance and the loan amount goes back up to XXXX just to save XXXX/monthly ( PMI ). The loan officer was able to get some lender credits and advised me the new mortgage loan amount would be XXXX. Now we are in XXXX, and they advised that I still needed to sign some documents in order for the new loan to get funded and processed. I still have no made XXXX mortgage payment. Finally I get a call from the VP of customer relation by the name of XXXX XXXX, who advised he was going to get this resolved. Keep in mind XX/XX/XXXX my loan was approved, 4 different times the ball was dropped on closing, and even after signing the documents, they told me I needed to close again, never heard back from the loan officer for 3 weeks, called into Pennymac everyday, was told this was escalated and I was going to get a call back. Never did. The processing agent, XXXX XXXX who was working with me throughout this process, never kept me posted on what was going on, he ignored my emails and phone calls. Once this went to the VP, XXXX XXXX, he advised me they can not compensate me for waiting 60+ days, since the loan was signed and closed, so they couldnt take anything off the loan amount, but even after signing I was able to call Pennymac and talked to XXXX XXXX who was the original representative I talked to, and he was the one who credited me XXXX. The end result was the VP advised me I did not need to re-sign, Im still waiting for the loan to get funded, I have no made a payment to my mortgage for XXXX, and Im waiting to be compensated as I waited 60+ days to close.
** Also now on my credit it shows 2 open loans, with a total balance of XXXX, on both my mothers and my credit reports. ** My escrow balance paid off my homeowners insurance for XXXX but I was charged {$2000.00} in my closing costs for homeowners insurance, I was supposed to get a refund for this, also havent gotten this.
Even after this loan as closed, I never got to skip the following months payment, I closed in XXXX, I paid XXXX payment so far, have not made XXXX payment yet, was due XX/XX/XXXX, but the portal states the loan has not been funded yet.
Company Response: Closed with monetary relief
2019-09-19
Leming, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with non-monetary relief
2019-09-17
Warrenton, VA
Trouble during payment process
Mortgage: VA mortgage
Complaint: On XX/XX/XXXX, our insurance provider issued a check for repairs to our home following flood damage. This check requires a simple stamp from PennyMac before it can be deposited into our account. We mailed this check, along with supporting documents and faxed copies, to PennyMac in XXXX. PennyMac confirmed receipt on XX/XX/XXXX and claimed to have mailed the stamped check back to us. However, 10 days later, no mail from PennyMac has arrived. We fear that PennyMac lost the check and made an untrue claim about mailing the stamped check back to us.
Company Response: Closed with explanation
2019-09-16
Clementon, NJ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation