Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 668 total complaints in the last 3 years.
- 230 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. 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.
Initial Complaint
Date:02/24/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Pennymac claims they have the correct tax information and yet again they do not and continue to refuse to verify the tax information. My mortgage increased by over 400 dollars a month in part because Pennymac refused to very their records
Business Response
Date: 02/24/2025
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
Date:02/21/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
This Company bought my home loan and when i Refinanced with them it was the hardest process ive ever been through with a lender. They are extremely hard to get a hold of and talk to about issues, refinance should have taken 1month it took 4months. Ok on to the real complaint, I was issued a property tax refund and since I refinanced at the end of the year the title company paid my taxes through my loan refinance. The County Tax assessor office had to send a check to the title company, they intern sent it to Penny Mac on Feb 12th with a signed FedEx tracking number. I have now been trying to chase down my Refund from PennyMac for 3 weeks. They say they do not have it and can not find it, even though i gave them the FedEx tracking number and the name of the person who signed for it. This is getting Ridiculous, I will never use or recommend Pennymac to anyone. The check amount is over $4,000 dollars and at this point it is Theft. They have it and are refusing to send me my money that is due to me. I am a 100% Disabled Veteran and am getting ready to go to the news or file a police report of theft.Business Response
Date: 02/21/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. H****'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. 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
Date:02/19/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
When I bought my home in March of 2023 I was told my payments would be $3,300 and change. Several months in I was contacted and said because I am not homestead and or agg exempt till end of 2024 my payment would go up to $3,851.85 to put enough in escrow to pay taxes. I did get my home exemptions done in 2023 to be effective for 2024 and on. The end of 2024 my escrow only had to pay $2,360.00. I got around to finding out why my payment hadn't dropped and called my county and they let me know I am fully homestead exempt and agg exemption. My estimate for end of this year payment is $2,458.38. I had to call 2/14/2024 and did push this problem and gave them the trim notice. They said yes the taxes are much lower than expected and I would only need to pay the original amount $3,337.70. That is a decrease of $514.15. Meaning I paid at least $514.15 MORE than I needed to for 14 months. Jan-Dec 2024 As well Jan- Feb 2025. That an overage of $7,198.10 I need that refunded in full.Business Response
Date: 02/19/2025
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.Customer Answer
Date: 02/19/2025
Complaint: 22962887
I am rejecting this response because: Taking that long to process this serious of a matter is not acceptable.
Regards,
****** R******
Business Response
Date: 02/20/2025
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on February 20, 2025. 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 mailed to you under a separate cover within 15 calendar days.Customer Answer
Date: 02/21/2025
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22962887, and find that this resolution is satisfactory to me.
Regards,
****** R******
Initial Complaint
Date:02/19/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
We suffered a flood due to Hurricane Helene in Florida on 9/27/22. We have submitted our insurance check for completion of the repairs. The mortgage company is committing civil theft by keeping our insurance check and NOT releasing any monies. Per the Fannie Mae guidelines Mortgage Loans Current or Less Than 31 Days Delinquent If a mortgage loan is current or less than 31 days delinquent at the time of the loss event, then the servicer is authorized to release an initial disbursement of insurance loss proceeds up to the greater of $40,000; 33% of the insurance loss proceeds; or Additionally, the mortgage company is violating Florida law stating that a homeowner can't do their own repairs which they can. This is a terrible situation the mortgage company is putting us through. They need to immediately release the $40,000 per Fannie Mae guidelinesBusiness Response
Date: 02/19/2025
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.Business Response
Date: 02/19/2025
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.Initial Complaint
Date:02/19/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I contacted Pennymac after the Eaton Canyon fires and told them that my family was impacted by the fire and I was told that I could be on deferment now they are making my account deferment didn't qualify for the deferment and now I am past due. i was completely honest and said my daughter's employer burned down my aunt died and I didn't know what would happen they said that I could be on deferment until the end of March and now the are renigging on that offer and i am 2 months past due because of itBusiness Response
Date: 02/19/2025
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*****' 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
informationCustomer Answer
Date: 02/19/2025
Complaint: 22959342
I am rejecting this response because: there was no data or resolution listed
Regards,
**** B*****
Business Response
Date: 02/19/2025
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on February 19, 2025. 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 mailed to you under a separate cover within 15 calendar days.Initial Complaint
Date:02/18/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
They are sending me a intent to foreclose when I am only behind for January and Feb payment is due.I do owe some late fees and nsf fees they said could be paid over the life of the loan.i have proof I am only one month behind.My problem you are suppose to be 120 days past due.They keep lying to meBusiness Response
Date: 02/18/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 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
Date:02/18/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Penny Mac authorized a Disaster Forbearance Plan with deferment of mortgage payments from Nov 1, 2024 through Jan 31, 2025. We were advised it would not affect our credit score; however, on or about Feb 5, 2025 they reported both of us (J*** and C****** ******) to a credit agency as delinquent on our mortgage. We made a payment Jan 28, 2025 for the Nov balance, and since then we have paid the remaining balance for the Dec, Jan and Feb installments. This has impacted our credit scores significantly. We are very dissatisfied how this was mismanaged by Penny Mac.Business Response
Date: 02/18/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. and Mrs. 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. and Mrs. 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 Answer
Date: 02/26/2025
This complaint has not been resolved. We reached out to PennyMac and they informed us that they cannot rescind the negative credit reporting to the credit agencies. They advised that we contact the credit agencies directly. We contacted Transunion and Experian Credit bureaus and submitted documentation to them. We are waiting for review of the complaint.
Sincerely,
C****** ******
Initial Complaint
Date:02/12/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Due to hurricane Helene pennymac offered a forbearance plan for up to 3 months with loan showing current and at end of forbearance there would be options to catch up loan. My options were pay in full arrears, pay arrears over 2 months or loan modification changes my interest rate from 3.5 % to 7.5% and add 10 years and payment going up $300 a month. I chose to pay in full 3 month forbearance plus payment due and paid in full. Now because I chose that option they reported me 90 days late on credit report. But my other loan also was in forbearance and I chose to add to end of loan and start making payments again and it’s reported current. I’m thinking because I didn’t allow them to modify and change interest rate they retaliated by reporting my account late and ruining my credit. If they would have said we will ruin your credit if you take a forbearance, I would have made repairs whenever I could and never missed a payment. They were misleading and very retaliatory. I attached showing their explanation which is B/S and also showing 4 payments made. *****Business Response
Date: 02/12/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. H******'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. 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.Customer Answer
Date: 02/20/2025
Complaint: 22933147
I am rejecting this response because:I’m awaiting response from company and this hasn’t been resolved yet, they claimed they sent me a letter. No letter received at this time.
Regards,
***** H******
Business Response
Date: 02/20/2025
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on February 20, 2025. 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 mailed to you under a separate cover within 15 calendar days.Customer Answer
Date: 02/21/2025
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22933147, and find that this resolution is satisfactory to me.
Regards,
***** H******
Initial Complaint
Date:02/10/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I entered into a Disaster Forbearance Plan with PennyMac Loan Services, LLC, which was approved and confirmed in writing. According to the written agreement, my loan was to be reported as "Current and on forbearance" during the forbearance period from October 1, 2024, to December 31, 2024. However, PennyMac incorrectly reported my account as 90 days late from December 2024 through February 2025, which has negatively impacted my credit score. I contacted PennyMac to request a correction, but they have not taken any action to fix their reporting error. This misreporting contradicts the terms of the forbearance agreement they provided me. I am requesting that PennyMac: Correct the inaccurate late payment reporting for December 2024 – February 2025. Update my credit report to reflect the correct status during the forbearance period. Provide written confirmation that my credit report has been updated accordingly. I have attached a copy of my forbearance approval letter as evidence that PennyMac agreed in writing to report my account as current during the forbearance period. Their failure to uphold their written agreement has caused unnecessary harm to my credit, and I am requesting immediate resolution. I would appreciate your assistance in facilitating a resolution with PennyMac to ensure my credit report accurately reflects my forbearance agreement.Business Response
Date: 02/11/2025
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 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 Answer
Date: 02/11/2025
Complaint: 22923795
I am rejecting this response because: they have not addressed the core issue of their inaccurate credit reporting, which has caused me significant financial harm.
PennyMac initially assured me in writing that my loan would be reported as current during my disaster forbearance and repayment plan. However, despite adhering to the agreed terms, my mortgage was incorrectly reported as 90 days late between December 5, 2024, and February 5, 2025. This inaccurate reporting has led to a 115-point decrease in my credit score, severely impacting my ability to obtain credit and causing financial distress.
The Fair Credit Reporting Act (FCRA) requires accurate reporting, yet PennyMacs actions contradict their own written assurances. They have failed to correct this error or provide a valid explanation for the misreporting. Their generic response does not resolve my complaint, and I request immediate action to remove the inaccurate delinquency from my credit report.I ask the BBB to escalate this complaint, as PennyMacs actions are unfair, deceptive, and causing ongoing harm.
Regards,
***** P***
Business Response
Date: 02/11/2025
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on February 11, 2025. 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 mailed to you under a separate cover within 15 calendar days.Customer Answer
Date: 02/11/2025
Complaint: 22923795
I am rejecting this response because:
While I appreciate their acknowledgment of the additional information I provided, I am disappointed that my concerns regarding the inaccurate credit reporting of my mortgage have not been properly addressed.
As I previously stated, I entered into a disaster forbearance and repayment plan with PennyMac under the understanding that my account would not be reported as late during the forbearance period. However, between December 5, 2024 and February 5, 2025, my mortgage was reported as 90 days late, which caused a 115-point drop in my credit score and has caused significant financial distress.
This situation constitutes a violation of the Fair Credit Reporting Act (FCRA), specifically Section 1681s-2, which mandates that all information reported to credit bureaus must be accurate and complete. Additionally, PennyMacs failure to fully disclose how my account would be reported under the forbearance and repayment plan violates the Fair Debt Collection Practices Act (FDCPA), which requires that borrowers be provided with transparent and fair communication regarding the terms of the plan and the potential consequences.
Therefore, I respectfully request that PennyMac immediately correct the inaccurate credit reporting with all credit bureaus and provide written confirmation of the correction. This issue remains unresolved and continues to negatively affect my financial situation.
Regards,
***** P***
Customer Answer
Date: 03/02/2025
PennyMac improperly reported my mortgage account to credit bureaus, violating the CARES Act, Fair Credit Reporting Act (FCRA), Metro 2 Compliance Guidelines, and Servicemembers Civil Relief Act (SCRA) by misreporting my forbearance and applying late payment marks unlawfully.
1. CARES Act Violation (15 U.S.C. § 9056(c))
I was approved for a disaster forbearance plan, which under federal law requires servicers to continue reporting the loan as current if it was current before forbearance.
PennyMac initially followed this but later retroactively reported late payments for the forbearance period (October“December 2024), violating the law.Their response ignores the fact that I was legally entitled to have my loan reported as current throughout forbearance.
2. FCRA Violation (15 U.S.C. § 1681s-2)
PennyMac is required to report only accurate and complete information to credit bureaus.
Despite being provided with evidence of their reporting error, including FEMA documentation and active-duty orders, PennyMac refused to reinvestigate as required by the FCRA.
Their continued reporting of incorrect late payments is misleading and damaging to my credit.
3. Metro 2 Compliance Violation
Industry credit reporting standards dictate that loans in a federally declared disaster forbearance should not be reported as past due.PennyMacs reporting conflicts with Metro 2 guidelines, causing unjustified harm to my creditworthiness.
4. SCRA Violation (50 U.S.C. §§ 3901-4043)
As an active-duty servicemember deployed overseas, I was entitled to SCRA protections against adverse credit actions related to service-connected financial hardships.
PennyMac failed to properly notify me of the consequences of their credit reporting actions while I had limited access to my online account.
Their disregard for my status as a servicemember directly contradicts federal law designed to protect those in active military service.Initial Complaint
Date:02/04/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have been having issues with automatic payments on my mortgage. I was paying an additional 382.15 a month for principal reduction on my loan. I wished to stop paying the additional principal in the loan, so I changed my payment preferences via the pennymac app in early November. The additional principal was taken out again on the December bill. I contacted pennymac. They reimbursed my additional principal and they took out the extra 382 again in January. Again, I changed my payment preferences and even went the extra steps to contact pennymac to ensure that this wouldn't happen again. Customer service this time seemed to be almost purposely obtuse as to what I was requesting. On at least 3 occasions I stated that I had changed my payment preferences on the app (I included screenshots that showed my upcoming payments were "successfully" changed) and I wanted to confirm that they were indeed changed. Apparently they were not, because the additional principal was taken out again for my February bill.Business Response
Date: 02/04/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 Mr. 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.
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. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.