PENNYMAC LOAN SERVICES, LLC

2019-06-19

Thune, NE

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Closed with monetary relief

Timely Response

2019-06-18

Ft Myers, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I am trying to get my mortgage loan statement rectified. I have been dealing with this for six months, The company stated that I was short on my payments when in fact I was one payment ahead of schedule. They adjusted my payment receipt schedule and I feel it still not accurate as of XX/XX/19. They told me my payments were up to date but I feel the adjustments they made on the loan activity statement are incorrect. I have spoken to several agents of their organization and just can't seem to get them to understand the issue.
Company Response: Closed with explanation

Timely Response

2019-06-18

Moorpark, CA

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with explanation

Timely Response

2019-06-18

Erie, CO

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-17

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with non-monetary relief

Timely Response

2019-06-15

Quartzsite, AZ

Trouble during payment process

Mortgage: FHA mortgage

Complaint: My concern is with Pennymac USA and the payment website. On XX/XX/XXXX, I logged onto the webportal to simply confirm the amount due. On XXXX, an unauthorized withdrawal of the payment amount was processed from my checking account by Pennymac USA. My intent was to make my payment on XXXX when my direct deposit came through ( still within my allowed payment period of through the XXXX ). I DID NOT initiate, process, request or confirm authorization of payment to be drawn feom my checking account. After explaining the concern to their contact center I was only refered to their online message center to submitt the occurrnce through there. So, I sent explination along with records reflecting the error and the insufficient funds assessed on my account for review. My bank covered my payment and knowing there would be available next day I requested Pennymac to reconcile via reimbursement of NSF fees equal to {$67.00}. After 3 days i recieved a very simple response " A One Time Draft was completed on XX/XX/2019, via the website in the amount of {$1200.00}. As a result we are unable to reimburse NSF 's fees as it was not a PennyMac error. " Right Pennymac! A one time draft was completed! That is the error! It WAS NOT AUTHORIZED!
Company Response: Closed with explanation

Timely Response

2019-06-14

Madison, GA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-14

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-13

Arnett, TX

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with explanation

Timely Response

2019-06-12

Las Vegas, NV

Applying for a mortgage or refinancing an existing mortgage

Mortgage: VA mortgage

Complaint: Dear CFPB, In XX/XX/XXXX I was solicited to refinance my home located in XXXX XXXX while I resided in Hawaii working for my employer. My home was being rented out. I was advised by the Pennymac loan officer to finance it as an investment property. I stated I had already considered refinancing because we wanted to purchase a home in Hawaii as our primary residence with a VA Loan. I was told if I followed through with the refinance I would be able to secure another mortgage as a primary residence with my husbands VA entitlement benefits. I verified this MORE than once. I explained how important it was that we were able to buy another home that I had a baby on the way. When we went to purchase another home we found out that was not true. We would have to refinance yet again our home as a conventional loan for an investment property. I can not explain how expensive the misleading information I received has been. Rent in Hawaii was {$5600.00} a month for our 2 bedroom apartment. When my youngest son was born and our family outgrew our apartment and we couldnt afford to refinance again to buy a third home we were faced with relocating. I am now trying to buy a home as our primary residence in XXXX XXXX and the amount that was added to our home makes the loan to value too high for a conventional refinance. I also reached out in the process of trying to refinance our current loan I had let the payment stretch to the max in hopes the refinance would be done and the loan would be paid. In setting up autopay through our bank. I confirmed with Pennymac and XXXX that they could transfer the payment within 1 day to avoid a 30 day late. As soon as I figured out our refinance would not go through in time. I called to arrange the payment and when it wasnt received I received no call. They had no problem calling me every day when it was late but after I called let them know I had made the payment I received no confirmation. The moment I found out it wasnt received I paid it directly. The inability to refinance my current loan and The 30 day late being reported from XX/XX/XXXX is keeping me from qualifying to refinance it on my own. Its outrageous that the deception from Pennymacs agent in XX/XX/XXXX is continuing to hurt my family. I previously reached out to management and was told they listened to recorded calls and didnt hear the agent provide inaccurate and intentionally misleading information. When I asked for a copy of the calls they refused to provide them in writing or by recording. The funds it cost to refinance and the additional interest should be reviewed. XXXX XXXX XXXX Property Address XXXX XXXX XXXX XXXX XXXX XXXX NV XXXX
Company Response: Closed with explanation

Timely Response

2019-06-11

Key Biscayne, FL

Written notification about debt

Debt collection: Mortgage debt

Didn't receive enough information to verify debt
Complaint: On XX/XX/2019, PennyMac Corp, was served with a copy to our qualified written request under RESPA. Pursuant to the Section 6 of the Real Estate Settlement Act, a servicer must acknowledge receipt to the request within 5 business days. As of today XX/XX/2019, PennyMac Corp has yet to acknowledge our request and therefore are in violation of RESPA. We are requesting the following questions under the Real Estate Settlement Procedures Act 1. Is XXXX XXXX an employee of PennyMac Corp? If yes, when did her employment started and ended? 2. Is XXXX XXXX a representative of XXXX XXXX? 3. Is XXXX XXXX authorize by XXXX XXXX to endorsed notes on behalf Penny Mac Corp? 4. Is XXXX employed by PennyMac Corp or XXXX? Does she have power of attorney or corporate resolution reflecting her capacity as an endorser for either PennyMac Or XXXX XXXX?
Company Response: Closed with explanation

Timely Response

2019-06-09

Council, NC

Trouble during payment process

Mortgage: FHA mortgage

Complaint: After the impact of hurricane Florence here, I was placed into forbearance in XX/XX/2018 to get back to normal. During the time of trying to research our situation, I was notified by the insurance company that was supposed to be providing wind and hail insurance, that coverage had been cancelled due to non payment from the escrow account of the mortgage company ( Pennymac ). No notifications had been presented to me and the mortgage company was completely unaware of the situation. This insurance is required for our geographic area. No force placed insurance was offered or placed on the property which lead to all damages that happened during the natural disaster had to be paid cash out of my pocket. While under forbearance I was interviewed around the 90 day mark and not made aware that credit reporting was about to start happening while my family and I still tried to get back to normal while saving to do repairs that were not covered by the negligence of the mortgage company. No attempt was made by Pennymac to help me recoup the costs of their mistake and was left out to dry trying to save for repairs from the storm and was left out to dry damaging my credit report. Also I have discovered that I was reported 30 days late for the month of XXXX when payment was received ( paying the load off ) on XX/XX/XXXX. Due to the property being under contract and the account needing to stay untouched I did not make a payment thinking the money would be presented to the company on time. My usual due date was the XXXX of every month.
Company Response: Closed with non-monetary relief

Timely Response

2019-06-07

Katy, TX

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2019-06-06

TX

Trouble during payment process

Mortgage: VA mortgage

Complaint: I closed a va mortgage loan on XX/XX/XXXX. 6 months later I get bombarded with IRRRL refi offers. I contacted PennyMac, the current mortgage loan holder, and inquired if they do this, They said they did. Long story short, I re-fied with them and closed on XX/XX/XXXX. During the back and forth of mortgage quotes, I was asked if I wanted a check for the escrow balance of {$3200.00} or if I wanted to just transfer to the new loan. I said transfer as I don't need money and that this is taxes. The rep who asked this was XXXX XXXX ( sp? ). Before the close I received the closing documents and a call from a fellow named XXXX XXXX. He explained he would be with me until the close going forward. I told him, on a recorded line, that the escrow amount is underfunded and I'd like the taxes to be correct from the onset of the loan ... something I couldn't seem to get corrected on the original loan. He told me he had to go off what the county provided them and to just make extra escrow payments to correct the amount. I didn't worry because the current escrow was to be transferred as previously discussed and that was what I was doing all along. I thought the escrow funds number was a placeholder until my regular funds transferred. During the closing, ( which was conducted by a notary, not a qualified mortgage person ... simply sign and run type ) I noticed Escrow Refund on the documents and the correct amount so I wasn't concerned. 2 weeks after closing, I notice the escrow still hasn't transferred. I called in and was told that they applied the escrow to the principle balance of the old loan instead of transferring it the new loan escrow. This was NEVER discussed or authorized and I am now severely underfunded on escrow for XXXX. When I confronted XXXX XXXX about this he said he told me it was going to be applied to the loan. I said, yes ... .the new loan, as always discussed! I was also told by the loan officer, XXXX XXXX, that the associate who originated the loan, XXXX XXXX was no longer employed. I called the manager XXXX XXXX, but had to leave a voice mail as there was no answer. His VM message also directed me to an another manager is XXXX 's absence, XXXX XXXX, of which I also left a message requesting a call back and explanation about this. I was panicked and very upset about the thought of being behind on my taxes. I'm never behind on anything and never had this situation before. To this day, I have received no call backs from either manager. XXXX XXXX did call me back and told me that the escrow department was going to investigate my account and had me email him my Tax letter from XXXX county so he could forward to the escrow department and he said that they would be finished investigating by XX/XX/XXXX. I called this morning, XX/XX/XXXX and had spoken with a XXXX and a XXXX in escrow. After 1 hour and 24 minutes on the phone and various holds, NOTHING had been done on regarding this over the last week. XXXX did say she is going to take control of this and forward up the chain of command. I was told though, that there is nothing they can do now regarding the old account and wrongly applied escrow. I forwarded, the tax letter directly to the escrow department this morning, per XXXX 's request, via the website message center, as they didn't receive anything from XXXX XXXX. She is correcting the taxes and the payment amount to reflect the increased taxes. But, they still haven't told me how they are going to rectify the bungling of the escrow or how they are going to fund the escrow correctly. I'm going to end up with a shortage in all likelihood, and have to make up the shortfall on top of my regular payment ... negating the whole purpose of the refinance in the first place ... to lower my payments. Never will I do business with such a dishonest company like PennyMac ever again and all Veterans should run away from them. You'll never get told the same thing twice and no follow through. They play dirty pool.
Company Response: Closed with monetary relief

Timely Response

2019-06-06

Rockville, MD

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2019-06-04

Glen Allen, VA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with monetary relief

Timely Response

2019-05-30

TX

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: In XX/XX/XXXXof this year I noticed that my loan was under the 78 % threshold to have the PMI removed from my loan. I spoke with PennyMac usa customer service and was informed that it was an automatic process and my account would be reviewed and as long as it was current the PMI would be removed at that time. On XX/XX/2019 after realizing that the removal had not occurred I contacted customer service again, this time informing them that my LTV was now at 67.60 %, significantly below the threshold. I was informed that I will need to get an appraisal to ensure that the home value has not diminished. I disagree that an appraisal should be required at this point. I have done many improvements and the value of my home has risen quite considerably. It seems that the language in the Homeowners Protection Act would protect me in this situation. In addition, when requesting specific information on PMI and the review date to remove it, the agent could not provide the info. The excuse was that all that information was on scanned copies of paperwork submitted in closing that were not labeled, and that it will take research to provide that information. I pointed the obvious conflict that if there was a scheduled review date then it should be recorded in the system. I would prefer the PMI be removed as soon as possible. Thank-you
Company Response: Closed with explanation

Timely Response

2019-05-29

Saint Paul, MN

Trouble during payment process

Mortgage: FHA mortgage

Complaint: PennyMac did my annual escrow analysis in XX/XX/2019. I could pay the shortage or my payment would increase. I chose to pay the shortage and made a {$600.00} payment on XX/XX/XXXX which brought my monthly payment to {$940.00} which I paid for XX/XX/XXXX. I then received notice that my payment had actually increased to {$990.00}. I called and spoke to an agent at PennyMac on approximately XX/XX/XXXX. He stated that my county taxes had been reduced and my new payment was {$910.00}. On XX/XX/XXXX, I received a notice that my payment of {$940.00} was short by {$45.00}. I called on XX/XX/XXXX and they agent stated that my payment had not been reduced and they would have to do another analysis in order to reduce my payments. I asked why I was told that my payment had gone down and she stated that she did not know why the other agent told me that. I gave her permission to reanalyze my escrow. This is how people get into financial trouble with their mortgage companies. I was given false information and PennyMac miscommunicated with me.
Company Response: Closed with explanation

Timely Response

2019-05-28

East Hazel Crest, IL

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-28

IL

Trouble during payment process

Mortgage: VA mortgage

Complaint: PennyMac has continued to hold my insurance settlement hostage for my kitchen remodel after submitting multiple contracts to PennyMac and being told on XX/XX/2019 that everything was being " processed '' and waiting for PennyMac to reach out to the contractors to collect any information so that my kitchen can be completed. Their POC XXXX XXXX has habitually and maliciously ignored and lied and has made it a point to stall payout while profiting off stolen interest on consumer insurance settlements as numerous other consumers have formally complained on numerous complaint websites.
Company Response: Closed with explanation

Timely Response

2019-05-23

Jacksonville, FL

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: My current servicer sent me an offer to refinance. They can not possibly fund anyones loan under the terms presented. This is a bate and switch false advertising.
Company Response: Closed with explanation

Timely Response

2019-05-22

Fred, VA

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: In the beginning of XX/XX/XXXX my Physician informed me that due to XXXX unresolved medical issues it would be best for me to have a XXXX XXXX ASAP. I was scheduled for XX/XX/XXXX. I had been XXXX ill for almost 2 years and the financial toll was increasing so my Husband and I decided to be proactive with our debts. We placed a call to Penny Mac Loan Services to discuss the possibility of a " short term '' reduction in our Mortgage payment. Our Mortgage was transferred to PennyMac in a repayment plan. At the time of the call our XX/XX/XXXX payment was paid. I called ans spoke to several representatives from Penny Mac about their process in this matter. Their instructions were to fill out a hardship application and NOT PAY XX/XX/XXXX MORTGAGE so that the current repayment plan would deactivate and then they could just redo a similar plan. Because we really did not have a bad experience with our previous lender, XXXX, we trusted the representatives advice. The reason that we spoke with 6-10 representatives is because the assigned point of contact for us, XXXX XXXX, never answered or returned our daily calls in the Month of XX/XX/XXXX. In XX/XX/XXXXour previous repayment plan that had us patient XXXX a month instead of XXXX to pay a few months that we were behind with another company. Pennymac returned with an offer of XXXX month for 3 months and then XXXX or more for the final month. I had to send in the same paperwork numerous times. I was on XXXX through my employer from XX/XX/XXXX-XX/XX/XXXX when we were given a XXXX monthly repayment plan. We desperately need help to save our home from foreclosure. We have until XX/XX/XXXX. We are currently appealing the denied Modification the we re submitted after being attempting the XXXX monthly payment. Sincerely, XXXX XXXX XXXX Pennymac loan number XXXX
Company Response: Closed with explanation

Timely Response

2019-05-21

Caldwell, NC

Trouble during payment process

Mortgage: VA mortgage

Company Response: Closed with explanation

Timely Response

2019-05-21

Philatelic Center, CA

Trouble during payment process

Mortgage: VA mortgage

Complaint: PennyMac did not pay my taxes out of my escrow account when they were due. I have received an letter from the tax collector stating my taxes are overdue.
Company Response: Closed with explanation

Timely Response

2019-05-20

KS

Trouble during payment process

Mortgage: VA mortgage

Complaint: On XX/XX/2019 I purchased a cashier 's check in the amount of {$1100.00} for my regular mortgage payment. After leaving my bank, I noticed that I had had it made payable to XXXX XXXX XXXX XXXX XXXX, rather than Penny Mac Home Loans. I marked through the " XXXX '' and wrote " Penny '' above it. The check was mailed. On or about XX/XX/2019 I received a letter from PennyMac Loan Services, LLC stating that the check had been returned to my financial institution as " unpaid '' and that I needed to submit a payment. After receiving this letter, I tried contacting PennyMac on a weekly basis to see what had happened with my check. On XX/XX/2019, I went into my bank and spoke with an officer with the bank. She explained that the check had NOT been returned to the bank as " unpaid '', instead PennyMac deposited the check into their account with XXXX XXXX XXXX She assisted me in contacting PennyMac, and on XX/XX/2019 provided a copy of the front and back of the paid check. She also contacted, with my permission, PennyMac to try and resolve this issue. Over the past two months, at least four attempts have been made by myself and my bank officer to try and get this resolved. Representatives at PennyMac will tell me that the situation has been " escalated '', but that I am due for what amounts to the XXXX payment. Last Thursday, XX/XX/XXXX, I received a phone call from a XXXX at PennyMac who stated that the payment had not been made, all investigations were complete, and that if I did not make another payment I would be turned over to a collection agency, late charges assessed, and reported on my credit. I have made more than adequate efforts to resolve this issue. PennyMac deposited the check into their account, and without it being returned by the paying bank, it was a properly payable check, and yet they refuse to resolve this issue that they ultimately created in XX/XX/2019 ; it is now XXXX.
Company Response: Closed with monetary relief

Timely Response