Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
08/08/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Mortgage went up $140/mo, but I couldn’t contact a PennyMac human being to help me after hours of horrible automated system babble. When I finally did, they claimed insurance was the cause, but my insurance company (USAA) stated clearly that that WASN’T the issue and that PennyMac was to blame. I’m on a fixed income and such a hike in mortgage affects me, but no one seems to care or be able to help… just regurgitating that rates went up & that’s the way it is. Oh, then insultingly telling me I’m a valued customer. ?? Utter nonsense and the lack of human assistance as opposed to the phone ‘front line’ telling me, “Sorry.” is a reason I tell people not to go with PennyMac. If I’m so damned valuable, somebody… some HUMAN… help me. Eff PM
Business response
08/08/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. G*****'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. G***** 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
08/07/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Mortgage unnecessarily increased (did not pay attention to tax rate .87); due to illegal activity which is being investigatedBusiness response
08/07/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. H*****' 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. H***** 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
08/05/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Pennymac preys on their customers at their most vulnerable and reports information incorrectly to the credit reporting agencies. I never had an issue with then until a loan modification where vague and incorrect information was communicated on their part. They refuse to correct anything. Would never do business with them again.Business response
08/05/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. M****y'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. M****y under separate cover within 15 calendar days.
PennyMac values and protects its customers’ confiden***l 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
08/05/2024
Complaint: 22089207
I am rejecting this response because:Reporting should be promptly corrected. Pennymac does not care about their obligation in accuracy and would address the issue if they did.
Regards,
*** M****y
Business response
08/06/2024
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 August 6, 2024, and provided a voicemail for a callback. We encourage you to make contact to further discuss, at your earliest convenience.Initial Complaint
08/05/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Have been in contact with Pennymac since April of this year trying to remove PMI from my mortgage due to an increase in the appraisal value of my home. The licensed appraiser I contracted with for a HELOC appraised the home at $310,000. Contacted Pennymac for removal of PMI, and Pennymac refused to use existing appraisal. Had to pay Pennymac to contract with their own appraiser, who significantly under-appraised the home by choosing the lowest comps in their appraisal. Contacted Pennymac multiple times through their messaging center, but there is no way to keep a record, and Pennymac does not accept email correspondence. Phone records of calls to Pennymac customer service on 5/16, 6/26, and 7/12.Business response
08/05/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. C*******'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. C******* 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
07/30/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am applying for a home equity loan through another company and was told the legal description on my mortgage was incorrect. I contacted Penny Mac back in May and here I am at the end of July and am still being told it could take time. I bet if I were getting a new loan through them the paperwork would have been done in a week. If mortgage rates were not so high I would leave them.Business response
07/30/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. H******' 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. H****** 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
07/29/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
The PennyMac website - per my own observation as well as remarks made by a representative over the phone - recently underwent some changes. While the older URL (www.pennymacusa.com) automatically redirects to the new site (www.pennymac.com), since the update, I have not been able to log into my account. Logging into my account online is how I always make my mortgage payments. My payment for July was late of a result of this. There is an automated phone payment option, but it only allows you to pay with a credit or debit card and incur an additional fee. I was finally able to get a human being on the phone today and they were able to put my payment through from my checking account like I would normally do, but they refused to waive the late fee even in light of the technical issue on their end. The troubleshooting steps I was instructed to follow (clear cache, attempt to change password, etc.) did not yield any results, and I am still unable to log into my account, and with next month's due date already approaching, I fear this could become an ongoing issue. I would like PennyMac to waive the late fee for July, and I would like them to correct the issues with their site, which I never experienced prior to the update. They alluded to the recent "outage" (I believe they were referring to CrowdStrike) as the potential culprit, but I believe it is still their responsibility to maintain a working website, and that it is wrong for me to incur late fees as a result of technical issues rooted solely on their end.Business response
07/29/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. M******'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. M****** 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
07/29/2024
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I am filing this complaint because I have tried resolving my escrow account and property tax issue with PennyMac since December 2023 and have not received a satisfactory answer from them to this day. On 12/01/2023, a tax payment was made to my county in the amount of $9,763.24. On 02/01/2024, an additional payment of $4,881.63 (correct amount) was made to my county for my property taxes, Total paid to my county for my 2023 property taxes was $14,644.87. On 02/28/2024, I was reimbursed $4,172.76. Additionally, on 03/30/2024, I was reimbursed $5,223.32. The reimbursement on 03/30 was made from PennyMac with the expectation for them to reimburse themselves once the county reimbursed me the money's due. Total reimbursed to my escrow account was $9,396.08, which leaves $367.16 still owed to me. I've made numerous phone calls and sent numerous emails trying to get resolution to this situation. I have also emailed numerous times asking for a supervisor to contact me so we can go over my escrow account and to this day a supervisor has not contacted me. I have received the runaround from them stating that I had a tax penalty of $341.69 because the tax payment wasn't remitted until 02/01/2024. I asked why I am being penalized for a late payment when they are responsible for paying my property taxes out of my escrow account. They apologized and said that the $341.69 would be absorbed by Penny Mac. I have also been asked for any documentation that states that I am still owed a refund, which I don't understand because all of the information I am getting is from their website on my account under the "loan activity" tab. I am asking for a supervisor to contact me and go over my escrow account with me and explain why I am NOT owed the$367.16, and if I am owed that money, I am requesting that it be reimbursed to my escrow account. Either the county is wrong in regard to how much was to be reimbursed, or PennyMac is inputting incorrect information into my loan activity.Business response
07/29/2024
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
07/29/2024
Complaint: 22058876
I am rejecting this response because:
The 15 days has been told to me since December. I believe I have been very patient with their 15 day requirement. All I am asking is for supervisor to call me and explain how my calculations are wrong and if I am correct, reimburse me for the monies due.
Regards,
*********** S*****
Business response
07/30/2024
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 July 30, 2024, and provided a voicemail for a callback. We encourage you to make contact to further discuss, at your earliest convenience.Customer response
08/01/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22058876. I have spoken to a business representative and am awaiting the detailed explanation response.
Regards,
*********** S*****
Initial Complaint
07/26/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I missed a payment and was told by pennymac about a forbearance program to help me get back in good standing. Instead of just owing 1 missed payment, I have 2 missed payment and all the payments made in the forbearance program is not reflected on my credit report . Resulting in me looking like I missed 120 days of payments, as a result my payment history has dropped alot and my score. I would not have agreed to the program if I new it would effect my credit as it has. I believe penny mac is unethical and their practices meed to be exposed and the company reviewed.Business response
07/26/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. K*****'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. K***** 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
07/24/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
On approximately May 2024 I received from Penny Mac notification that my mortgage had increased from $1400.00 to $1910.00, and since I was enrollled in autopay. this is the amount that was withdrawn from my account. I called Penny Mac, and was informed that since I purchased Hurricane Insurance, through my insurance courier Allstate, my insurance had increased significantly to the amount of $1910.00 monthly. Initially it went from $1400 monthly to $1610, now $1910.00. Allstate without my permission added hurricane insurance, and my mortgage went up. PennmMac is extremely difficult to reach. I feel that violated, I paid $1910 for June and July. I had to give Penny Mac $900.00 for escrow, if those . ALso Penny Mac is charging me an PMI of $38.00 which is fraud.Business response
07/24/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. L****'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. L**** 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
07/22/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am writing urgently to address errors on my credit report resulting from the disclosure of my personal information to credit bureaus, which has caused significant financial and emotional distress. Under 15 USC 1681 Section 602, I have the right to financial privacy and expect my information to be kept confidential. Furthermore, according to 15 USC 1681 Section 604(a)(2), a consumer reporting agency cannot share account details without my explicit consent, which I have not given. The discrepancies related to PENNYMAC have negatively affected my financial standing and require immediate correction. It is also crucial to adhere to 15 USC 1666(b), which prohibits creditors from marking credit card payments as late under certain conditions. For reference, my account details are: Account Number: SSE************* I request a thorough review of my account, prompt correction of the credit report errors, and strict compliance with federal laws regarding my information. Failure to promptly address these issues may lead to legal action. I appreciate your immediate attention to this matter. Sincerely, Ashley R****Business response
07/22/2024
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****' 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.
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. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
Customer Reviews are not used in the calculation of BBB Rating
Contact Information
Want a quote from this business?
Get a QuoteCustomer Complaints Summary
712 total complaints in the last 3 years.
284 complaints closed in the last 12 months.