ComplaintsforPENNYMAC

Mortgage Lenders

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Initial Complaint
01/05/2022
Complaint Type:
Billing Issues
Status:
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.
A so called audit analysis was conducted in Aug 2021, showing my escrow was going to be short. A further review by myself showed the Lender didn’t start the escrow when the loan was started and also didn’t use 2020 tax info they used 2019 to save some work for themselves. I sent 1420.00 in and they turned around and double paid my homeowners insurance which sent it right back to me. And finally paid the city taxes for 2021. They keep saying to lower my payment do all this stuff. I have homestead tax deductions, I lowered house insurance by half. It will never go back to 1275.44 as they used 2019 sale and tax info to make this loan. So this loan will continue to be screwed up since it wasn’t created with current and unto date info. They will continue to hound for more money every month as they didn’t do the job right the first time. The only way this loan will ever be correct and true would be another refinance and I am not paying for it since THEY messed it up, not me. I stated in on 11-24-2021 that I would be paying the County City and homeowners Insurance from this date forward. They keep giving excuses why I can’t, now 01-04-2022 they state it hasn’t been a loan for 2 years. So if I understand them they think I should keep paying extra for their failures and then have to pay the taxes and insurance when they don’t? I also stated on 12-12-2021 that I would only be paying the principal and interest of 984.80 now they want 1377.22 to keep covering their mistakes. This is the bottom-line..
Business response
01/05/2022
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'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****s 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
01/09/2022

I am rejecting this response because:
PennyMac hasn’t done anything to resolve this issue since August of 2021 when this first started. I have sent probably 20 emails to get this resolved and called at least 20 times since Aug 2021. Penny Mac hasn’t answered any of my calls. Their emails don’t acknowledge that they did the whole refinance on 2019 data and didn’t set up the escrow account properly when the loan was started. Who ever trained these technicians should be fired and the whole upper management needs retrained and demoted.

Regards,

**** B****s

Business response
01/10/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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
01/10/2022

I am rejecting this response because:

Regards,

**** B****s

PennyMac keeps adding days to their response time so the BBB complaint will be closed and nothing will be done about this.
Initial Complaint
01/04/2022
Complaint Type:
Billing Issues
Status:
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.
They double charged me for my mortgage payment. Also theres no way to contact them i have tried the app which had a message center and it says its down also the phone wait is always over an hour which makes it almost impossible to call They have severely messed up my bank account and left me with no way to speak with someone
Business response
01/04/2022
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 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. *** 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
01/04/2022

I am rejecting this response because:

Regards,

M**** ***
Initial Complaint
01/03/2022
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On November 16th of 2021 we ordered a payoff statement and informed PennyMac we were selling and closing on the 15th of December 2021. We were told to request an updated payoff statement one or two business days ahead of close. Which the title company did. We closed on the 15th of December and my title company initiated a wire transfer of the payoff for around $118k. Then on the 30th of December 2021 my title company called me stating PennyMac sent the wire transfer back stating it was not the actual payoff of 123K. Apparently the day we scheduled to close and ordered a payoff statement for was the same day they decided to advance an escrow and pay the city and county taxes. PennyMac never called me about the issues. I called them and had zero help from there customer service rep who refused to connect me to a supervisor. They claimed they contacted the title company but the information they had, neither me nor the title co, knew who it was. Instead of calling me, they just sent the money back delaying the deed release. Because of PennyMac they were charging me an additional percentage of fees totaling almost $300 for a period from 12/16/2021 to 1/6/2022 when i had already signed away the house. Because of their inability to call the loan owner to state the payoff was wrong and get clarity that the taxes had already in fact been paid for the year, they took it upon themselves to tack on the extra 5k of taxes and fees expecting me to eat that cost. The customer service rep i was on the phone with for 1.5 hours was rude and not helpful at all merely telling me it was my fault and ‘what did i expect them to do”… how about pick up the phone and call me about a issues with the payoff instead of sending 118k in money back and causing me to absorb more cost in a property i technically have zero interest in at that point. Receipts from where my title co paid and cleared the taxes are attached.
Business response
01/03/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. A********'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. A******** 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
01/04/2022

I have reviewed the response made by the business in reference to complaint ID 16418005, and find that this resolution is satisfactory to me.

Regards,

**** A********
Initial Complaint
12/31/2021
Complaint Type:
Service or Repair Issues
Status:
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.
The refinance of my mortgage in April caused my escrow account to be negative even when specifically asked if the closing costs covered the 2021 insurance and tax payments. Also, current escrow payments not satisfactory enough to play current year tax and insurance requirements.
Business response
01/03/2022
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
12/30/2021
Complaint Type:
Service or Repair Issues
Status:
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.
Home was to be refinanced when the closing agent came the numbers were different on the documents and did not match on the documents. They were asked to correct the numbers and to the numbers mentioned in written correspondence they did not respond. After that I reached back out a couple weeks later to get told loan was cancelled and best wishes. This is now costing me thousands of dollars and they don’t care because they are still the loan holder. J**** ****** was the person I corresponded with and old republic was the title company for closing. The closing agent has agreed that if contacted she will stated that this is all I asked was to correct numbers. She heard telephone conversation with J**** ****** manager.
Business response
12/30/2021
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*****' 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 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
01/10/2022

I am rejecting this response because:
There has been no resolution as to date. No loan has been produce to the previous terms as to date.

Regards,

****** M*****

Business response
01/10/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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
01/25/2022

I am rejecting this response because:
I’m trying to respond on your site but it isn’t letting me this has not been resolved and is currently still pending the load process I’ve asked for a closing date and have not gotten a response.

Regards,

****** M*****
Initial Complaint
12/30/2021
Complaint Type:
Service or Repair Issues
Status:
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.
My lender PennyMac did not pay all my property taxes. They state that they are responsible for making payments of $4864.32 twice annually but failed to pay $2059.75 which caused a penalty of $205.97 to be accrued. The lender told me they would pay the fine but instead withdrew the amount of fine from my escrow account. I want to be reimbursed for this amount of money as the lender said they would pay all fines.
Business response
12/30/2021
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. E*****' 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. E***** 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
01/05/2022

I am rejecting this response because: I called PennyMac BEFORE my taxes were due and was assured that ALL taxes would be paid and they were not. I was assured that ALL penalties for unpaid taxes were to be paid by PennyMac. After my taxes were not paid, I called again and was told the issue would be resolved and PennyMac would be paying ALL fines. PennyMac's application says that PennyMac is responsible for paying $4864.32 in taxes per the screenshots sent on the original complaint. The ONLY resolution that is acceptable in this case is for PennyMac to pay the fine that was incurred and reimburse me the money withdrawn from my escrow account that was used to pay the fine.

Regards,

****** E*****

Business response
01/05/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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
01/10/2022

I am rejecting this response because: Sending me a letter in the mail explaining why PennyMac will not pay the fine is not a solution. The ONLY solution is for PennyMac to pay my fine and acknowledge they are doing so in this forum FIRST before sending any letters. PennyMac must take responsibility for their error and pay up.
Additionally, since my first complaint, I have begun being harassed by PennyMac sales staff. I get calls constantly asking me to refinance my house and that they were informed that I was looking to buy a new property. I am in the process of doing NONE of those things and have asked to be removed from ALL marketing calls but still receive frequent calls.
I want the harassment to stop and PennyMac to pay the fine for the late property taxes like they told me they would TWICE on recorded phone calls.

Regards,

****** E*****
Initial Complaint
12/30/2021
Complaint Type:
Service or Repair Issues
Status:
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.
I have called PennyMac every month to have my name and address removed from the system. I would ask to be removed and then I would either be hung up on or be told that "I wasn't added before" but they will add me to the do not contact list. Unfortunately, after calling multiple times in one day after receiving 4 letters in one day, I have now started to receive at minimum one letter a day. I have even begun rejecting the letters but nother has stopped the harassment.
Business response
12/30/2021
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 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
12/30/2021

I am rejecting this automated response until I get a real response, which I will hope that the separate letter referenced within 15 days meets that standard.

Regards,

***** R*********

Business response
01/03/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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
01/03/2022

I am rejecting this response because:It is not a response. Its a "we will reach out" to you outside of the BBB. I rejected it last time I was given the same response. I reject all until I have been removed from PennyMac's contact systems.

Regards,

***** R*********
Initial Complaint
12/28/2021
Complaint Type:
Billing Issues
Status:
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.
The refinancing of the home was complete in August and the escrow amount was collected, now PennyMac will not release the escrow money to pay the required local taxes. This inaction on PennyMac leaves me libel for the taxes that I have already set aside with PennyMac. In other words I have already paid the money and they are just holding it.
Business response
12/28/2021
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 Mr. K********* 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
12/22/2021
Complaint Type:
Delivery Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I am trying to obtain the the 1098 tax form from PennyMac. They sent me an email to say it was available. Needless to say, the return address is to no-reply. I tried to login. They said they would send me a code to validate my identity. After waiting 30 minutes, the code finally was delivered. I entered it and it still would not allow me to login. I tried clearing my browser cache and repeated the process on a different browser and on a different computer. This was repeated numerous times. In between attempts, they locked my account for 15 minutes because I had tried to log in too many times. This is not digital security, it is a lack of consideration for their clients time and energy. A system which does not allow legitimate users to login to their accounts is incompetent and negligent. This company has a fiduciary responsibility to give me access to my tax forms. Of course, if the BBB cannot help me, I will have to contact another government agency to get redress. Irresponsible and unresponsive companies should not be allowed to operate in California.
Business response
12/22/2021
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. N****'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. N**** 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
12/25/2021
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 16387998, and find that this resolution is satisfactory to me. They sent me a hard copy of the form by USPS expedited mail. However, the fact that I had to spend over 2 hours, struggling with their login procedures and could not contact a human representative in customer support to assist when I had tried all options open to me without success says that this is a company which does not meet the standard of of a "better business." In fact, the opposite is true. They do not even meet the minimal standards of an honorable and trustworthy organization. Without the timely intervention of the BBB, I would have not been able to obtain this tax form.
Many thanks to the BBB for their kind and helpful intervention. It is unfortunate that the business itself does not provide a means of login access with adequate customer support and a modern, functioning digital interface.

Regards,

**** N****
Initial Complaint
12/21/2021
Complaint Type:
Billing Issues
Status:
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.
I recently refinanced with PennyMac. My first payment on the new mortgage was due in December. In October, I filled in their online form for automatic payments. It was the exact same bank account I have been using for the previous mortgage. On December 17, I received an email that my payment was due. Apparently the automatic payment did not go through. This reminder was sent after the grace period. Had it been sent during the grace period, I could have paid and not been charged a late fee. I assume Penny Mac also plans to ding my credit report. This is unfair, because I had no idea their system rejected my auto payments. In fact, I have set up automatic payments again with the exact same bank account. There is no reason it should have failed.
Business response
12/21/2021
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.
Customer response
12/21/2021

I am rejecting this response because: It is not an actual response. It's a canned response saying they will respond later.

Regards,

***** C*******

Business response
12/22/2021
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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.

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ComplaintsforPENNYMAC

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