ComplaintsforPENNYMAC

Mortgage Lenders

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Initial Complaint
07/03/2024
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Apparently the mortgage company missed the adjustment in taxes so they are back collecting and then want one month extra. So in one year it should go down, it just didn’t. It’s really hurting us and our neighbors. Some of our neighbors have had to borrow money just to afford the taxes. Our original payment was $1,985.56 and now it is $2,861.19. Over the next year, PennyMac expects to pay $7,930.53 from our escrow account. Our new monthly escrow payment is $660.87. Escrow Item Description Annual Amount Monthly Amount County Tax: $5,084.21 Hazard Ins: $1,054.00 Mortgage Insurance: $1,792.32 Total Payments from Escrow: $7,930.53 ÷ 12 = $660.87 It is not our fault that our mortgage wasn't paying the escrow as agreed upon in our mortgage agreement. But now we and our neighbors have to pay almost twice the original mortgage agreement. We need this resolved as soon as possible.
Business response
07/03/2024
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****'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. 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 response
07/05/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21936825, and find that this resolution is satisfactory to me.

Regards,

****** H****
Initial Complaint
07/03/2024
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I had a storm on May 12, 2022. WIth the damage to the homes in the surrounding counties and COVID issues, materials and jobs were delayed/back logged. I have been in contact with Pennymac to let them know status. I requested in writting the amount of money they have, but they refused. They have sent me letters they are starting foreclosure process (I have not missed one payment). I have sumbitted required paperwork (they said iI did not have a claim started but then foud it, said they had no paperwork, the they found them and then said I never called but I have dates and times of many calls to them) and had to call 3 times to get an inspector (2 months). Now they say there is missing paperwork again. They are refusing to pay the money from State Farm that needs to go to contactor for servies rendered as of May 10, 2024. The repairs have been approved by State Farm and Pennymac inspector. After tonight's phone call again requesting State Farm money (I am getting a 10% late fee for everyday past 30 on invoice), they again refused to send my contractor or myself (homeowner) the money. I am not sure what to do to get the money back from Pennymac and all I have is the certiiced letter from USPS that they have the checks from State Farm. I feel this is harrassment! I have askd why they are threatening me for months to forelose and what grounds for foreclousre. I am not getting anywhere with a straight answer.
Business response
07/03/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. 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 Ms. P**** under separate cover within 15 c****dar 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
07/12/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21935080, and find that this resolution is satisfactory to me.
I just received the outstanding balance that Pennymac was holding. This has been resolved.

Regards,

******* P****
Initial Complaint
06/28/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I have not been able to log into my pennymac account to review my 2021 1098 to complete my 2021 taxes. This issue has ruined my ability to solve tax fraud on my return by my, now, ex wife in the amount of $17,000. It is causing problems with my work involving my clearance and background investigation due to not finishing the tax return. I have asked them to send it to me by mail which they have not done after saying they would. They have refused to email it to me and won't disclose the information so I can just copy it down over the phone. The issue has gone on for over 3 years now. No matter how many dozen of times I call, it is never fixed. This should be a simple matter to solve but nothing is ever accomplished.
Business response
06/28/2024
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.
Customer response
07/03/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21915226, and find that this resolution is satisfactory to me. I hope that next time a simple phone call will solve any issues but I appreciate the quick response from Pennymac solve this problem.

Regards,

***** M*****
Initial Complaint
06/24/2024
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.
NCDOT is paying me $52,800.00 for a portion of my front yard - eminent domain. Jason Bloch, my Sr Acquisition and relocation agent (###-###-####) sent the partial release form to PennyMac to sign. C****** *****, MERS & lien Release has been handling this case. After reviewing the request for 4 months, PennyMac is requesting that I overnight them $20,067.86 BEFORE they will sign the release. They will not return my calls or emails. They are not returning the relocation agent's either. When I spoke to a customer service rep,, he agreed that it looks like PennyMac is trying to force me to refinance or take out an equity loan because my interest rate is 4.625%. My house is worth over 200,000.00. I owe PennyMac $79,400. My credit score is excellent (over 800) and I pay in full and on time.
Business response
06/24/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. 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 Ms. 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.
Customer response
06/24/2024
I will not know if I can accept their response until I receive it. I would like to leave this open until I receive the letter.
Initial Complaint
06/13/2024
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Pennymac held my mortgage that was assumed by a buyer of our home. Once the assumption was approved they refused to provide to me my final statement that outlines principal and interest paid. Furthermore, when I tried to provide my forwarding address, they would not take it as they stated I was not authorized to provide them that information.
Business response
06/13/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 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
06/16/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21845271, and find that this resolution is satisfactory to me.

Regards,

**** B******
Initial Complaint
06/12/2024
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.
PENNYMAC continues to call me in attempts to refinance my home loan. After repeatedly saying no, that I wanted to wait until federal interest rates drop, she tells me that if I don’t refinance my home loan with her, that she will have to call the VA and report that I was offered a lower interest rate and didn’t take it. She says she doesn’t understand why I wouldn’t want to refinance for 0.5% less and says the VA is just going to take more of my money. She obviously doesn’t understand how VA loans work and these scare tactics may work on a lot of the older population who don’t understand. They are trying to scare people into spending thousands refinancing with them.
Business response
06/13/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 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
06/11/2024
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.
This year, May, 2024 my home loan payment to PennyMac was automatically withdrawn, the payment withdrawn electronically was over and above my home owner’s monthly payment by over $800. The additional $800. deducted has immediately affected my family, is negatively reporting to credit agencies, and the cause of unnecessary stress from the additional deduction by PennyMac I immediately went to the PennyMac website and logged in to my private/secure client portal My May home owners statement shows additional funds withdrawn electronically which is unauthorized, further received no notice or consideration why the additional funds were withdrawn After further search on the secure PennyMac portal Debits to my Escrow balance have been accrued over 12 months, annually more than $8000. There is no explanation or client communications on the May statement or secure online portal page addressing the negative escrow, and or why My May Statement has a “Insurance Questions” 800 telephone number for immediate assistance with Insurance I called the number provided by PennyMac was put on hold, a person came on the line, asked about “Hazzard Insurance” and was put on hold, with multiple solicited pressure to buy discounted AT&T Telephone and Direct TV After refusing to provide a debit card was put on hold 23 minutes, the call dropped. 3 more calls were identical in sales pitch, waiting on hold, demanding debit card, dropped call and is a scam The 800 number called is listed on my “Secure” web portal with PennyMac, now alarmed about my identity, credit information being stolen The previous 5 Statement all has “Late” w fee assessed. Every payment on my mortgage with PennyMac has been paid electronically on time. These errors, the scam telephone numbers, additional Escrow charges are outrageous. All of the above negatively affects my credit rating, the livelihood of my family, and insist these errors be corrected including all late fees, unauthorized hazard insurance, etc
Business response
06/11/2024
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****' 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**** 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
06/13/2024

Complaint: 21835203

I am rejecting this response because: Could only start w 2000 words, added the 2nd half of document w complaint and have dozens a documents for evidence & and more to explain and need assistance
Ths co was hacked, hid it, did not pay my PITI Insurance or Taxes for 6 months, in addition to paying a 158M Settlement for the theft of Client facing portals & loan origination software Dec 2023 - since that time they have been hacked twice, and all my information is on the web - want action NOW
I paid on time entire mortgage & have added late charges, damages from incompetent people and there 1st QTR Results show none of these issues - there not sharing w shareholders and is deceptive as it gets
as all I have found is public information

Regards,

***** M****

Business response
06/18/2024
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 June 18, 2024, and provided a voicemail for a callback. We encourage you to make contact to further discuss, at your earliest convenience.
Initial Complaint
06/11/2024
Complaint Type:
Delivery 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.
Pennymac is holding onto my insurance check due to a insurance claim I had to put in. I sent them the insurance check for them to endorse which was received on 6/4 as it shows in there system. I have completed all the required documents as of 6/5 and they still haven't sent my insurance check to me yet. Pennymac claims from website, "Once we receive your claim check and any required documentation, we will issue a payment." Well, today is 6/11 and they still haven't issued payment.
Business response
06/11/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 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
06/11/2024

Complaint: 21832700

I am rejecting this response because they didn't do anything and still are holding my check.

Regards,

**** B****

Customer response
06/13/2024
I have provided PennyMac's goal statement in the attachment it is near the bottom of the attachment, "Our Goal us to release funds to you as soon as possible after all required documents are received."
You have approved all of my required documents on 6/5 and today is 6/13 and you are still processing my check. Your goal is a lie. I am waiting on PennyMac to send me my funds before I can start repairing my house and it is a not great situation. Please release my funds so I can start my project.
Business response
06/13/2024
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 June 13, 2024, and provided a voicemail for a callback. We encourage you to make contact to further discuss, at your earliest convenience.
Initial Complaint
06/11/2024
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 called Pennymac on May 31, 2024 and paid my mortgage early for the month of June. I told them I would like to pay early and skip my auto payment on June 10th. I was told that was fine and they would handle it on their end. On June 11, 2024 I was charged a second time for the same payment causing my checking and savings to go negative and me to be charged with overdraft fees on both my checking and savings accounts. When I called Pennymac and spoke with N***** he said there was nothing they could do it was just a mistake. They would try to refund it in 5 to 7 business days. I have no money to buy my medicine, fuel for my car, food for me and my kids and every day I am getting charged more and more over draft fees. This was totally an error on their end and they are not willing to help me out in any way.
Business response
06/11/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. 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 Ms. 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
06/11/2024

Complaint: 21831972
I was told by N***** the supervisor on the phone that they would put in the refund of this immediately and he would put in an expedite so I receive the funds in 2 days and he would email me a conformation. This never happened.

I am rejecting this response because: I was told by N***** who is a supervisor for Pennymac that even though they made an unscheduled withdraw on my account causing it to go negative and cause overdraft fees they were not responsible "It was not their fault" when the only way the account could have been overdrawn is if they done exactly what they done. I have never had my account overdrawn in my life. When I asked how they would pay me back for these fees I was told its not their problem. This is most defiantly their problem. And this is a horrible way to treat a customer. I will be looking into further ways to handle this as far as litigation. To take advantage of a customer and have no concern is very disappointing and should not be a business practice by a multimillion dollar business. Totally unethical and unprofessional.

Regards,

****** S*******

Business response
06/12/2024
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 June 11, 2024, and provided a voicemail for a callback. We encourage you to make contact to further discuss, at your earliest convenience.
Initial Complaint
06/10/2024
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 made a payment to PennyMac on May 20th for my mortgage through my bill pay with Mountain America Credit Union. There was a discrepancy with where it was sent. Leading, unbeknownst to me, to a missed payment in May. When I talked to them last Friday, I had a C. U. Rep on the line that confirmed I sent out that payment. They forgave the late fee but still dinged my credit & my X wife Amanda's. Not that it overly matters but I do have cognitive decline do to a TBI that is documented. It's a big credit hit to both of us, completely hurting us both substantially. Sincerely, ** I am unsure of the exact address for PennyMac FYI
Business response
06/10/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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.

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