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 4

2019-09-13

Bellaire, TX

Incorrect information on your report

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

Personal information incorrect
Complaint: I have provided the reports with all FTC violation on these accounts 4 months later they have done nothing to resolve the breach that XXXX has known and claimed that was their fault please correct my credit so I can go back to my daily life as a hard-working agent that is just providing food for my family
Company Response: Closed with explanation

Timely Response

2019-09-10

San Gabriel, CA

Trouble during payment process

Mortgage: Conventional home mortgage


Complaint: My home had a major water leak problem and my insurance company sent me a check for $XXXX as settlement but the check was made to both me and PennyMac my lien holder. Repair work was completed 6 weeks ago and PennyMac sent an adjuster to certify that all repairs were done and he did that on XX/XX/XXXX (my claim # is XXXX). Since then PennyMac has on four occasions told me by phone that MY MONEY was being sent to me, on the past 3 occasions I was told it was being sent the next day by XXXX since they had been advised that I was going to be out of the country for an extended time. I leave tomorrow and no check. I believe that they are operating unethically and have a practice of withholding clients money to profit from the float . They are cheating California residents in ways similar to the XXXX XXXX problem. I strongly request as a large VA Tax payer, business owner and voter that an investigation be started to see if this is a common practice by PennyMac. XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX CA XXXX. XXXX
Company Response: Closed with explanation

Timely Response

2019-09-10

De Forest, WI

Struggling to pay mortgage

Mortgage: FHA mortgage


Company Response: Closed with explanation

Timely Response

2019-09-10

Maynard, MA

Trouble during payment process

Mortgage: Conventional home mortgage


Company Response: Closed with monetary relief

Timely Response

2019-09-06

FL

Trouble during payment process

Mortgage: Conventional home mortgage


Complaint: Penny Mac had my mortgage, but sold it on to XXXX in XX/XX/XXXX. I spoke to XXXX XXXX in XX/XX/XXXX. She says that Penny Mack had taken > {$5000.00} for flood insurance in XX/XX/XXXX and for Lender Placed Insurance in XX/XX/XXXX-XX/XX/XXXX and XX/XX/XXXX. Both over {$9000.00} each. I have faxed over proof that I had flood insurance. I had insurance thorough my agent XXXX XXXX with XXXX XXXX and we had to switch insurance to XXXX XXXX as XXXX pulled out of insuring Florida. Penny Mack chose to not pay my insurance company and instead imposed their Lender Placed Insurance at triple what I should have been paying. I have given my Insurance company 's telephone number and proof that they had sent the request. They have not contacted them. I have faxed various letters, spoke to various people and had a few calls saying that they would sort it out. Then it becomes another person.
Company Response: Closed with explanation

Timely Response

2019-09-05

TX

Applying for a mortgage or refinancing an existing mortgage

Mortgage: VA mortgage


Complaint: In XX/XX/2019, PennyMac was contacted regarding the VA 's approval for my Veteran ex-husband to take over the loan for a previous joint loan we secured on our main home. This was a court ordered agreement that he would retauin the home and through the VA process, securing the loan in his own name. PennyMac was provided with all approval documents in XX/XX/2019 and has failed to process the loan in 6 months. They have been called multiple times over the six months and have refused to do anything to investigate or expedite the processing of this loan, removing my name and placing the loan in the name of my Veteran ex-dusand, who now holds the title to the property per a court order. My social security number XXXX The property is at XXXX XXXX XXXX XXXX XXXX, CO XXXX
Company Response: Closed with explanation

Timely Response

2019-09-05

Tucson, AZ

Improper use of your report

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

Reporting company used your report improperly
Complaint: Hi About 2 months ago ( XXXX ) I received an email from a company representative at PennyMac requesting additional information in regards to a loan that had already closed months ago. The email requested additional information regarding my tax. That email was sent insecurely and my private tax document ( XXXX ) was attached to that email without any kind of protection. There was no password or encryption on the tax document. My private data was exposed to an insecure web email ( XXXX ). The company has violated my privacy and has exposed me to years of possible identity theft and many other criminal activities. I have tried for over 2 months to get the company to accept responsibility and provide me with compensation and identity monitoring. The company has refused to acknowledge this incident has occurred and has no plans to remedy this situation.
Company Response: Closed with explanation

Timely Response

2019-09-05

Cheverly, MD

Trouble during payment process

Mortgage: FHA mortgage


Complaint: In XX/XX/XXXX, my mortgage was sold to PennyMac from XXXX XXXX XXXX. Prior to being sold, XXXX had us on biweekly payments that we paid close to {$1100.00} every 2 weeks. Because there is typically a 3rd payment week in a 5 week month, that payment was used by XXXX to put directly towards principal payments. We were unaware of that, however PennyMac worked with us to work with XXXX to have all of the payments credited properly to where we were not considered missing a payment for XX/XX/XXXX when our loan was transferred. However, while we were in that months long discussion and changes from XX/XX/XXXX until XX/XX/XXXX, we were making payments under the assumption that we would be caught up once the discussions and decisions were made. As of XX/XX/XXXX, once the account was recredited properly, we only owed {$530.00}. We made that payment on XX/XX/XXXX. We were under the impression that once we caught up, we would be able to sign up for automatic payments but for some reason, our account has a flag on it as that we are more than 30 days late however the account was credited incorrectly in the first place, therefore we are unable to sign up for autopay.
Company Response: Closed with explanation

Timely Response

2019-08-29

OH

Closing on a mortgage

Mortgage: FHA mortgage


Company Response: Closed with explanation

Timely Response

2019-08-29

Soquel, CA

Incorrect information on your report

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

Account information incorrect
Complaint: Hello, since my original mortgage from XXXX XXXX XXXX XXXX was sold to PennyMac, in XX/XX/2017, for some unexplained reason, the lender has stated at least in the past year, despite the fact that Ive always made my mortgage payment, that I was behind on my mortgage but did not clearly explain why. This has adversely affected my credit scores and more specifically, this past week, caused a refinance to be denied, reportedly because of these lates, which were reported to the credit bureaus. They never explained clearly to me why they were doing this and now it has affected my ability to refinance my loan, which I need to do in order to pay off all the debt Ive accumulated, in order to make my mortgage payment each month.
Company Response: Closed with explanation

Timely Response

2019-08-26

Finksburg, MD

Trouble during payment process

Mortgage: VA mortgage


Company Response: Closed with monetary relief

Timely Response

2019-08-26

South Florida, FL

Struggling to pay mortgage

Mortgage: Conventional home mortgage


Complaint: Pennymac the loan servicer was initially contacted on multiple occasions in regards to hardship on my mortgage as I will be permanently having a loss in come due to my employers commission structure. I spoke to the hardships team which couldn't help me until I fully defaulted on the loan they only option provided was short term forbearance. I was then transferred to the refinance team as an alternative and spoke to XXXX XXXX who provided a deceptive loan estimate with an estimated prop value of XXXX. All he was interested in was a sale and his commission not my hardship. He was asked multiple times how accurate that value was and how that would affect the loan and he assured me it wouldn't have so much an impact if the appraisal came back less.The appraisal came back less and jacked up the loan origination fees and cost of the rate by XXXX ( see pg 2 of support ). XXXX also falsely put a cash out refi on the loan estimate and the purpose of the loan was lower the payment and/or interest rate NOT to take cash out. He offered to give me XXXX cash out without me asking for it. I spoke to his manager XXXX XXXX XXXX on multiple occasions who advised me that the refi was not in my best interest and wanted me to bring XXXX in closing costs to the table which can not afford due to loss of income. I continued to get emails from XXXX XXXX about my refi that was still going through without my consent as nobody would speak to me about the loan as they were proceeding on their own terms. I would just get redirected to XXXX 's voicemail in hopes of a call back. Due to this pennymac has put multiple inquiries on my credit that I would like ALL of them removed, all my calls listened to, and would also like their deceptive sales practices looked into as they do not have the consumers interest at heart especially during times of hardship. LOAN ID XXXX
Company Response: Closed with monetary relief

Timely Response

2019-08-24

Bohemia, NY

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage


Complaint: XXXX, XXXX, XXXX PHONED- and was repeatedly told Penny Mac does not do loan assumptions since I live in New York XXXX I will need to get a new mortgage from someone in New York XXXX Penny Mac is not licensed for New York . ( See attached letters ) XXXX XXXX Further investigation, found proof through HUD research, If Penny Mac is NOT licensed, PENNY MAC is REQUIRED to hire and pay for a 3rd party mortgage company to facilitate loan transfer. XXXX XXXX Placed complaint with HUD regarding the stalling and insidious behavior Penny Mac is looping me through. XX/XX/XXXX Received a call days after HUD intervened from XXXX at Penny Mac Loan Services. XXXX stated ; loan can be assumed, they would locate and take care of third-party lender and would pay for any points. XXXX XXXX Was notified by XXXX a lender in New Jersey would be reaching out to me and would process paper work. XXXX XXXX Months went by finally heard from a broker and he didnt take a shred of information from me and said I have to call XXXX and ask him how he wants me to handle this, since Penny Mac is paying for the points this should move quickly XXXX XXXX XXXX Never heard from lender again and or XXXX XX/XX/XXXX - Demanded from XXXX his boss ' information and was then connected with XXXX XXXX, Vice PresidenXXXX of Loan Assumptions!! XXXX / XX/XX/XXXX, XXXX XXXX provided me with detailed options. Explained fully how to move forward and agreed this has been drawn out, and sent over loan assumption forms that XXXX XXXX and myself would need to sign and have notarized. XX/XX/XXXX, communicated to XXXX XXXX my attorney was still waiting for MrXXXX XXXX attorney ( my ex ) to have forms signed and sent back XX/XX/XXXX, reached out to XXXX XXXX and asked if the assumption forms, she sent had an expiration date? She responded via email, " NO. THE FORMS NEVER EXPIRE. '' " As soon as you get them send them to me '' Great! XXXX XXXX Received signed/notarized forms from my attorney, Mr. XXXX had signed. XX/XX/XXXX Email XXXX XXXX and was informed she is no longer in the loan assumption department and that she had ccd XXXX on the email, and I would need to work with him. XXXX XXXX - AGAIN, per XXXX request, sent to him via- email ; legal agreement between ex and myself, notarized letter from XXXX XXXX requesting removal and not having financial obligation since XXXX, PENNY MACS notarized forms from attorneys. An article from NY XXXX XXXX and NY XXXX regarding XXXX socialite going through same legal issue as her ex-husband. XXXX XXXX Mr. XXXX phoned a few days later and stated, the bank will not do the assumption since XXXX XXXX and myself were not married. Never heard from XXXX, never returned any of my calls thereafter. XX/XX/XXXX Emailed XXXX, requesting New VP name and email address XX/XX/XXXX, XXXX, XXXX EMAIL EXCHNGE WITH XXXX XXXX o REVIEWING MY ASSUMPTION o REQUEST SENT OF EMAIL BETWEEN XXXX XXXX AND MYSELF VERIFYING FORMS XXXX XXXX SENT ARE NOT STALE DATE/ D O N O T E X P I R E. o SENT SIGNED NOTARIZED FORMS FROM BOTH XXXX XXXX AND MYSELF XX/XX/XXXX, XXXX, XXXX, XXXX o FINAL XX/XX/XXXX PHONE DISCUSSION o Ms. XXXX stated the forms sent from XXXX XXXX ( XX/XX/XXXX ) for both Mr. XXXX and I to sign and notarize were no longer valid and can not be used. o If I wanted to have the loan in my name I would essentially have to apply for a new loan. I would need to provide to her Utility bills validating I live in the house, My bank statement validating I was paying for my mortgage, I stated to her my mortgage payments are paid through your website and clearly if I were using a bank account that was not in my name, per your website I would be committing security fraud!!!! I USE MY XXXX XXXX ACCOUNT THROUGH THE PENNY MAC WEBSITE PAYMENT PORTAL. And lastly which was headshaking, my homeowners insurance needed to be changed as my insurance says RENTERS INSURANCE I told her I would not change my insurance and that I pay a great deal of money to ensure the safety of my home and the people that BOARD in my home! Per HUD UNDERWRITTING DEPARTMENT, I HAVE THE RIGHT TO HAVE BOARDERS IN MY HOME, I HAVE RIGHTS! o I stated per my email with XXXX XXXX, my forms were valid and would not expire and I demand per my legal agreement with MrXXXX XXXX this must move forward. XXXX response again, the information is not valid XX/XX/XXXX XXXX EMAIL, a contradictive email stating to receive a SIMPLE ASSUMPTION I HAVE TO PROVIDE BANK STATEMENTS, UTILITIY BILLS, DEED TO MY HOME VALIDATING MR. XXXX IS NOT ON THE DEED TO MY HOUSE. I have included emails from all parties and all documents including ; legal agreement between XXXX XXXX and myself, utility bills, XXXX XXXX leger validating, I am paying my mortgage, Home Owners Insurance, Clippings from XXXX XXXX and XXXX XXXX, and HUD GUIDELINES. Deed to home, validating I am only on the house. Mr. XXXX notarized letter validating he has not lived in or has had any financial obligation since XXXX, letter from Mr. XXXX attorney demanding per legal agreement to remove Mr. XXXX from mortgage. Per HUD underwriting department, it is to be taken into consideration that I have paid the mortgage for the past 10 years without lateness. Penny Mac is creating a great deal of legal issues for myself and MR. XXXX. MR. XXXX owes me thousands of dollars and will not pay until penny mac removes him from the mortgage.
Company Response: Closed with non-monetary relief

Timely Response

2019-08-23

Glyndon, MD

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage


Company Response: Closed with explanation

Timely Response

2019-08-23

Quartzsite, AZ

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage


Company Response: Closed with explanation

Timely Response

2019-08-22

Watkins, CO

Trouble during payment process

Mortgage: VA mortgage


Complaint: I received numerous notices and calls from PennyMac to refinance our home which is currently financed through them. After I initiated a call to XXXX and spoke to XXXX XXXX who portrayed inaccurate information and extremely high loan costs to me while trying to portray how great of a deal this was. He almost had me convinced until I asked some questions and carefully reviewed the loan estimate documents and realized between the numbers he quoted me on the phone and included in e-mail were inaccurate and did not correlate to the loan estimate document. XXXX XXXX even portrayed or stated he was a vet which had me more convinced this was above board. Although Im not certain whether he was honest about his military service, based on my revealing and confirmed with my son and another mortgage entity that the loan costs were hugely inflated, the immoral behavior is simply inexcusable and as a consumer, I request action. I saved the emails and printed copies of the documentation he sent me. After I contacted my son who was in the mortgage business, I realized XXXX XXXX was overcharging us by anywhere between $ 8k and $ 10k in loan costs which I believe PennyMac and XXXX XXXX are returning those additional funds to the bank, lenders or loan officers pocket. I have notified XXXX XXXX to cancel our loan request but am concerned as to the security of my PII information and the unethical practices of PennyMac and its employees.
Company Response: Closed with explanation

Timely Response

2019-08-21

Bonney Lake, WA

Trouble during payment process

Mortgage: Conventional home mortgage


Company Response: Closed with explanation

Timely Response

2019-08-21

Kansas City, MO

Trouble during payment process

Mortgage: FHA mortgage


Company Response: Closed with explanation

Timely Response

2019-08-21

TX

Trouble during payment process

Mortgage: Conventional home mortgage


Complaint: I purchased a property on XXXX. My mortgage was sold in XXXX to PennyMac ; from XXXX XXXX ( original mortgage ). I have a spreadsheet of all my payments to both mortgage companies. I believe PennyMac added almost {$500.00} to my principal in the purchase of this mortgage. I have called PennyMac twice to sort this out and they claim all is accurate. I can enclose all my records.
Company Response: Closed with explanation

Timely Response

2019-08-20

Fort Pierce, FL

Trouble during payment process

Mortgage: FHA mortgage


Company Response: Closed with monetary relief

Timely Response

2019-08-20

Houston, TX

Trouble during payment process

Mortgage: FHA mortgage


Complaint: On XX/XX/2019 at XXXX XXXX, I received a voicemail message from my loan servicer, PennyMac to call them regarding a "problem" with my account. I called them back and spoke with someone named XXXX. She said that my account was approximately XXXX short. I don't remember the exact dollar amount. She then said the payment was not applied correctly and for me to hold on while she had the payment applied correctly. She then comes back on the line and says "did you get your escrow statement?" I said yes and I sent the extra escrow payment along with the regular payment (actually, I sent more than the regular payment). I told her that I had proof that both payments were received but she did not believe me. She said well the amounts don't match up and we haven't received any payments. She first said the payment was not applied correctly, but now she is saying that they did not receive "any payment". I explained to her that I had proof that both payments were received. She then said well you need to work that out with the Escrow Department. I took her tone to be very condescending and disrespectful. I was not surprised, because this is the case with just about every employee I've spoken to atg Pennymac. I 100% dread calling there for any reason because I know the call is not going to go well. It's as if they teach their employees how to frustrate their customers. At any rate, she had me on hold for over 10 minutes until I had to hang up. I go to work to work, not sit on hold while your employees disrespect me.
Company Response: Closed with monetary relief

Timely Response

2019-08-19

San Gabriel, CA

Written notification about debt

Debt collection: Mortgage debt

Notification didn't disclose it was an attempt to collect a debt
Complaint: Mortgage comp failed to disclose county tax bills and now have to paid for taxes and penalties. Mortgage comp will not disclose phone calls alleging that they did in fact advise me on that issue. I have no issue paying my county taxes but not the penalties. I have ask mortgage comp for phone calls alleging that in fact they informed me of the issue which they will not provide me with. This cause my mortgage to rise a lot which I can not afford not only that stress on myself as a sole provider of my family.
Company Response: Closed with explanation

Timely Response

2019-08-19

Vicksburg, MI

Attempts to collect debt not owed

Debt collection: Mortgage debt

Debt was result of identity theft
Company Response: Closed with explanation

Timely Response

2019-08-18

Magnolia, TX

Incorrect information on your report

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

Account status incorrect
Complaint: PennyMac Mortgage Service I have paid this loan off XX/XX/2019. As well XXXX XXXX same day. For some reason PennyMac is still lacking on reporting my Mortgage still open and not paid off or closed. Why? I have at least contacted them at least over 4x. Have no clue why they do not resound.
Company Response: Closed with explanation

Timely Response

2019-08-18

PA

Trouble during payment process

Mortgage: FHA mortgage


Complaint: XX/XX/XXXXpayments were $XXXX. Repeatedly return my payments saying checks are damaged-XX/XX/XXXX check for XXXX returned, XX/XX/XXXX charged late fee of $XXXX. New check XXXX returned "damaged." Amount due for XXXX I paid $XXXX for XX/XX/XXXX & XX/XX/XXXX. XX/XX/XXXXpaid taxes as PennyMac was late. Escrow was short $XX/XX/XXXXwhich I paid but payments went to $XXXX XX/XX/XXXX. XX/XX/XXXX check for XXXX returned "damaged." $XXXX late fee. They got my acct. # wrong when called in and didn't post so $XXXX fee. They said account was closed but XX/XX/XXXX I sent copies of statement showing it was open and active. XX/XX/XXXX check "damaged" letter arrived. XXXX XXXX has been an ignorant, inept communicator and needs education in customer service and business administration. I don't know who it is but they must have graduated at the bottom of their class! Via letter dated XX/XX/XXXX I was told they received another "damaged" payment. I'm sure escrow will be short again this year and why, even though I pay the deficit, do my payments go up so significantly? Out of all the businesses I pay by check why are they the one (1) whose checks are damaged? They are trying to force me into online or auto-pay banking. It's unethical and dirty business!
Company Response: Closed with explanation

Timely Response


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