Complaints

• Initial Complaint

  01/09/2025

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I purchased my home in October 2023 by assuming the current mortgage. I funded my escrow account And started a homeowners insurance policy with USAA. Around June 2024 I received an email from PennyMac stating that my homeowners insurance policy was changed. Because I had not changed it, I called and was notified that the homeowners insurance policy was renewed in the previous owner’s name and $1596 was taken out of my escrow account and sent to an insurance company I had never heard of issued in the previous owner’s name. I informed PennyMac that that was a mistake and should not have happened, PennyMac said that they would issue a refund. I was later informed that the refund was made in the previous owner’s name. Since then Penny Mac has not resolved the issue and I am told that I need to track down the previous owner and request that refund check from them. I have no idea who the previous owner is nor how to get in contact with them. And after being told that the check for the refund was issued in their name. I am not sure how to explain to them that the check they received written to them, is actually my money for my escrow account. PennyMac has still not resolved this issue after several months and they are still trying to track down the previous owner to get the refund back from them before fixing my account. Meanwhile, my mortgage payment has gone up by $300 and my escrow account is in the negative.

  

  Business response

  01/09/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. R***'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Mr. R*** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

  Customer response

  01/09/2025

  
  
  Complaint: 22790204
  
  I am rejecting this response because: I have 7 days to respond to this complaint and you have given me a 15 day window to receive your letter explaining why you accidentally withdrew money from my escrow account and are now asking ME to contact the previous homeowner to get a refund. This letter does not not fund my escrow account nor will it refund me $300 back for every month I’ve paid extra while you have “researched” this issue. 
  
  Regards,
  
  **** R***
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  

  Business response

  01/13/2025

  Thank you for the additional information.  Please be assured you will receive a formal response addressing each of your concerns.  Due to privacy reasons, we will refrain from posting any personal information to the BBB Site.  This response will be sent to you under a separate cover within 15 calendar days.
  
  Additionally, a Priority Complaint Specialist attempted to reach you by phone on January 13, 2024, but was unsuccessful. We encourage you to make contact to further discuss, at your earliest convenience, at (888) 381-4129, extension 22377, Monday through Friday, 8:00 AM to 5:00 PM PT.  

  Customer response

  01/14/2025

  
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22790204, and find that this resolution is satisfactory to me.
  After speaking with “Jackie” in the insurance department, I was informed I would receive the refund and she apologized for previous attempts from Penny Mac to have me find the previous owners to get a refund myself. I am regretful that I had to submit a formal complaint through the BBB just to have the right people attend to this matter or that it took the BBB reaching out for it to be elevated high enough for it to be resolved. But I am appreciative that I do have such a method in cases like this. 

  Regards,
  
  **** R***
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  
  

• Initial Complaint

  01/09/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Same issue as filed by several other clients of this bank. My Insurance (Progressive) notified me in early December 2024 that they have not received the payment from Pennymac. I notified this to Pennymac responded with same canned message "Hey don't worry..its covered under Escrow" Long story short...I generated serveral messages in their message center. Until today I still receive either a canned automated response that my insurance has expired and they will soon be buying an insurance of their own which will be expensive. I have done my best to email, message, call but it's literally impossible to get in touch with anyone. Their whole phone system is automated to give general information. To this date, I don't know what to do. No idea where they sent my escrow payment to. This is the worst customer service...it's not a bank, it's a joke.

  

  Business response

  01/09/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. S*****'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Mr. S***** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

  Customer response

  01/16/2025

  Sorry, I was going through a small surgery and recovering. This issue is not resolved yet.

• Initial Complaint

  01/09/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am not obligated for the debt asserted by PENNYMAC. I have no agreement with PENNYMAC, and they have not provided the original contract as requested.

  

  Business response

  01/09/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. R********'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Ms. R******** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

• Initial Complaint

  01/06/2025

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Im having a reaccurring issue yearly with Pennymac. I recieved a notice end of 2024 satting my homeowners inssurenace premium was not paid and my policy would be cancelled if they did not recieve payment. Pennymac stated they sent a payment check on 17 December 2024 with a group of other checks to the inssurance company. I called my insssurance company and they stated they have not recived a check nor notification of an incoming check. Called pennymac again whom then notified inssurance that they had sent a group of checks and mine was attatched. Insurance told me that they recieved the call but was told the check may have been lost in the mail. The beggining of 2023 i had the same issue arrise and was told I had to pay the premium until Pennymac could A. Find the check or B. Pennymac sent a new payment. Pennymac has not been helpful and there only response is that the check has been sent and that is all they could do. Inssurance company has been helpful as of 2024-2025 they allowed me to pay the late/ unpaid balance of last years premium and extend my inssurance until 13 January in hopes Pennymac sent the payment. I am very disapointed in the lack of customer service and the reaccuring issues with this company and waiting until the last minute to send my payment. The excuses are not much better " its the holidays it takes longer" " mayber the inssurance company just hasnt processed it" " we always send the checks in a larger group format so it takes them along time to get to yours" I pay my bills on time and in full I would like the same comming from my mortgage company.

  

  Business response

  01/07/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
  the opportunity to review and respond to Mr. W****'s concerns.

  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
  detailed letter of explanation will be sent to Mr. W**** under separate cover within 15 days.

  
  PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
  refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
  information.

  Customer response

  01/10/2025

   
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22775168, and find that this resolution is satisfactory to me. The business is now in contact with me and are helping me resolve the issue.
  
  Regards,
  
  ********* W****
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  01/06/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  The date of transaction was April 2,2020. I am requesting an amount of $1,530.00 that I paid PennyMac on July 8th, 2020, reimbursed. The business, PennyMac, did provide me information regarding, they were going to defer my Mortgage payment for April, May and June (due to COVID) and my deferment would end June 30th, 2020. I paid July's Mortgage payment to PennyMac and even though they received that payment, they failed to tell the Lean Holder that I paid that 4th month Mortgage payment (July) but still authorized the Lean Holder to collect 4 payments. I have since then sold my house at **** ******* ****, Waterford, MI and this is when it was brought to my attention about the discrepancy that appeared on paperwork from the Title Company. I had a three-month deferment on my Mortgage not 4 months. This determines that PennyMac kept my payment for July of $1530.00 and never told the Lean Holder of this transaction. The individuals I have been working with was Donna on 1/7/25 and she is in the Modification Dept. Then I called and spoke to Rebecca whose extension is 25975, and she transferred me to her Supervisor, Edgar who has an extension number 25515 who was VERY rude to me and told me that there was n***dy above him. He said there was n***dy above him. He said there was no corporate phone number, no Corp. email. He would only give me an address - PO Box ******* Los Angeles, CA. 90051.

  

  Business response

  01/07/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
  the opportunity to review and respond to Ms. B***'s concerns.

  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
  detailed letter of explanation will be sent to Ms. B*** under separate cover within 15 days.

  
  PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
  refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
  information.

• Initial Complaint

  01/06/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have contacted pennymac loan services LLC Multiple times about their incorrect filings to the credit agencies and they have been horrifically rude, disrespectful, and borderline racist. Claiming me being a black man and my inability to pay bills. I would just like them to remove the late payments as it was incorrectly filed. I have paid off the account in full because I sold the property and they refuse to correct the standings.

  

  Business response

  01/06/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. J******'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Mr. J****** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

  Customer response

  01/06/2025

  
  
  Complaint: 22767721
  
  I am rejecting this response because: I would just like this to be updated as paid on time as promised to the credit agencies as I do not need any further contact since this account has been paid in full.
  
  Regards,
  
  M******* ******* ***
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  

  Business response

  01/08/2025

  Thank you for the additional information.  Please be assured you will receive a formal response addressing each of your concerns.  Due to privacy reasons, we will refrain from posting any personal information to the BBB Site.  The response will be sent to you under a separate cover within 15 calendar days.

  Customer response

  01/08/2025

  
  
  Complaint: 22767721
  
  I am rejecting this response because:
  

  Due in part to the BBB requesting response within 7 days. I must reject your 15-day allotments. Please provide resolution within the next 7 days.

  
  Regards,
  
  ******** J******
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  
  

• Initial Complaint

  01/06/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In May 2023, I went on a short tour to Kunsan AB, South Korea for 12 months. While I was departing, PennyMac recalculated my escrow payments based on new tax information and they issued me a refund check via the mail. The refund check never arrived. PennyMac reviewed my escrow again in May 2024 and realized that the escrow check was mistakenly issued. Instead of putting a stop payment on the check and refunding my account, PennyMac issued a debt to my escrow account. PennyMac attempted to notify me by mail, but like the escrow check, I did not receive notification. In January, my mortgage payments double from $1325.06/month to $2,206.03/month. I attempted to call PennyMac from South Korea but they do not accept international calls nor did this website allow me to accept the chat feature from an international IP Address. I made several attempts to call and was blocked each other. I returned to Texas on 19 July 2024 and contacted PennyMac on 22 July 2024. They acknowledged the problem was the errant check, they said they would issue me a new check and that I could apply it to my account and my monthly rate would drop. I waited 2 weeks to 5 August 2024 to call PennyMac and check on the update. PennyMac then claimed that they actually deposited my check in September 2023 back into my account and their transaction log suddenly reflected that. HOWEVER - that doesn't explain why my payments jumped up by a factor of two. PennyMac reduced my payments to $1753.44 after recalculating my escrow balance. I requested PennyMac reverse the negative credit reporting for June and July 2024 caused my their mistakes but they've refused. I am active duty, with 20 years of service, and I currently cannot get a vehicle loan because of PennyMac. Their deceptive practice, backdating the deposit into my escrow, and refusing to reverse the negative reporting has caused me hardship. This should not be allowed. I have also filed a complained with the Texas AG, Ken Paxton.

  

  Business response

  01/06/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. P******'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Mr. P****** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

• Initial Complaint

  01/01/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  loan application D****** ********* SS#*********** I applied for one loan and now things are going off the rails. I now have over four loan applications and four credit inquiries for the same loan. I need this escalated and corrected on my credit report . D****** ********* ###-###-####

  

  Business response

  01/02/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. S********'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Mr. S******** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

• Initial Complaint

  12/31/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have been calling PennyMac for 2 weeks about the incorrect payment amount for my property taxes. I’m getting no updates or information. I’m placed on hold for over 30 minutes and never get a response. So, my property taxes will be paid late due to this company. While my monthly mortgage payment is made before the due date. Why have escrow if you’re missing or making incorrect payments on the customer?

  

  Business response

  12/31/2024

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. R********'s concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Ms. R******** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

• Initial Complaint

  12/30/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This business is not right. I payed my bill with them on time. There system gave me a late fee which effected my credit. Call to discuss issue . They had me provide proof of the payment thru there website. To prove the payment was paid on time like I always have. To investigate to say there system tight and I'm wrong.. It affects my credit for the next 7 years trying to be right with them and they wrong me. I had a issues with them before on my premium mortgage insurance . Just pay on time and they where to remove it to tell me it for the remaining contract. . My mortgage is to much as is and to pay a late fee and was on time. To be wrongly reported to my credit is insane.

  

  Business response

  12/30/2024

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. ****' concerns.
  
  PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  A detailed letter of explanation will be sent to Ms. **** under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩