Complaints

• Initial Complaint

  01/31/2025

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  This case and account already closed is paid in full. Please I need to fix my credit. Thank you.

  

  Business response

  02/03/2025

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

  02/04/2025

  
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22876201, and find that this resolution is satisfactory to me.
  
  Regards,
  
  ***** V******
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  01/22/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  PennyMac failed to give me credit for a payment. They have miscalculated my mortgage. It should be around $139,00, not $141,000. Their mistake took place during the transition from Cenlar. After a payment, Pennymac raised the amount I owe rather than subtracting the amount. They say that Cenlar made the mistake, but Cenlar said they didn't. At one point my mortgage balance when up from 146,00 to 148,000. I want my mortgage balance to go from 141,998 to around 139,000. PennyMac has miscalculated my balance and should lower it to the correct amount. Thank you.

  

  Business response

  01/22/2025

  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

  01/21/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had a bankruptcy case # 20-10369 with attorney W**** ** ********. After the discharge my mortgage payment went up appx $700. I called PennyMac mortgage. I advised them I had paid all of my payments on time and in full during the bankruptcy and everything (all creditors) were paid off with the sale of another property I owned. PennyMac said "THEY did not pay anything towards my escrow from my normal monthly payments during my bankruptcy, they instead used my escrow money to pay creditors. I verified their statement with TFS. I know this MUST be true because I made one payment directly to escrow and they reallocated it also without my knowledge. I told them this is illegal, and my monthly payments should have been distributed accordingly to pay towards interest, escrow, taxes and principal per my purchase agreement contract. They ignored me. I got ANOTHER lawyer immediately on the line without telling them I was adding my attorney to the line. The attorney spoke and PennyMac right then and they immediately dropped the payment to appx $1500. They then told me to pay hundreds back to cover the escrow and I immediately did just to end the matter and get my payments back down to $1200. NOW, they have never brought my payments down. I have made all of my payments on time etc. since. I'm told I need a lawyer, but no other lawyer wants to fight case the first lawyer Wayne was fired from (because he did want the follow-up problems with the mortgage company.) PennyMac admitted their bankruptcy dept took the escrow money. I have the conversation with the attorney PennyMac recorded. I want my additional escrow payments REFUNDED to me, not reallocated by PennyMac. I want the payments they took during the bankruptcy reallocated back to the escrow account by them. and I want my monthly payments put back down to the $1200 with the understood added increase in insurance and property tax. I am now a disabled vet & my taxes are frozen.

  

  Business response

  01/21/2025

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

  01/21/2025

  
  
  Complaint: 22834257
  
  I am rejecting this response because:This is not a solution to the problem yet. I will not "close the complaint" with BBB until an actually resolution, is made or I got an attorney. I will  be hiring an attorney to follow up with them, but until then the complaint will stay open.
  
  Regards,
  
  ******* C********
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  

  Business response

  01/23/2025

  Thank you for the additional information.  Please be assured you will receive a formal response addressing each of your concerns.  Due to privacy reasons, we will refrain from posting any personal information to the BBB Site.  This response will be sent to you under a separate cover within 15 calendar days.
  Additionally, a Priority Complaint Specialist attempted to reach you by phone on January 23, 2025 , and provided a voicemail for a callback. We encourage you to make contact, to further discuss, at your earliest convenience.

  Customer response

  01/24/2025

  
  
  Complaint: 22834257
  
  I am rejecting this response because nothing was resolved only initial contact: I did make contact with your agent Miss Victoria. She's playing that their telephone systems was not working properly and due to the events in California making it difficult for me to answer a call and make calls back to her. requested one tax document (unrelated to my claim)I said I would provide it and she said she would be following up. Until the follow-up and when I obtain a lawyer the case will remain open with the BBB to make sure of continuous progress.
  
  Regards,
  
  ******* C********
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  01/21/2025

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Mortgage # 70******60 I am writing to formally file a complaint against PennyMac and its loan officer, N***** *******, regarding an unresolved issue with a $100 application fee for a second mortgage refinance. In November 2024, N***** ******* contacted me about refinancing my second mortgage. After providing all necessary information, including authorization to check my credit, I agreed to proceed with the application and paid a $100 application fee on September 7, 2024, using my credit card. N***** ******* explicitly assured me that this fee would be refundable if I decided to cancel the loan application or if the loan did not go through. Unfortunately, the service provided by PennyMac fell significantly below acceptable standards. Repeated requests for the ***e documents through the Dashboard, lack of clarity in communication, and inconsistent follow-ups led me to lose confidence in their ability to handle the refinance process. As a result, on November 25, 2024, I emailed N***** ******* to withdraw my application and requested a refund of the $100 application fee. Despite my communication and follow-ups, I have not received the promised refund. I sent another email to N***** ******* on January 10, 2025, reminding him of my prior request and expressing my dissatisfaction with the delay. However, there has been no response or resolution from him or PennyMac. The lack of professionalism and failure to honor the promised refund are unacceptable. Therefore, I am seeking your assistance to address the following: Ensure PennyMac processes and refunds the $100 application fee immediately. Hold PennyMac accountable for the poor customer service and lack of follow-through. I appreciate your attention to this matter and look forward to a prompt resolution. Please feel free to contact me at [your email address] or [your phone number] if additional information is needed.

  

  Business response

  01/21/2025

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

  01/21/2025

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

  01/21/2025

  
  
  Complaint: 22832095
  
  I am rejecting this response because:
  
  Regards,
  
  *** M*****
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  01/16/2025

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  1. Lack of interest on matter- customer service 2. Mixed messages and delayed attention to my partial release sale. 3. Less than 20% of property is what I need to get released and sold however i am being blocked by PennyMac. 4. Partial release has been setting on their desk for over a month and half. 5. The release is bare land and 2.3 acres that connects to the rest of 13 acres with house. 6. I have only received a couple of emails so far since I complained to supervisor(Elizabeth H.) to get her employees to courtesy copy me on all emails concerning MY PROPERTY. 7. Superviser (Elizabeth H.)has not called e back as promised since 3*****24 about statuses on my property concerning VA appraiser. This was promised after speaking with me about my concerns. 8. Worst land sale in the 8 properties that I have completed. 9. This process began late October 24 and closing date of 14NOV24 and your company still has not closed….. the condition is routine without nothing special concerning this sale. 10. Sellers have indicated that they are losing multiple thousand dollars per day and edging to back out. 62 days past original closing date. 11. The supervisor (Elizabeth H.) responded to my complaint today (16JAN25) and with no avenue of being honest. I asked Elizabeth H. To connect me to her supervisor and she said she did not have one. I asked if she was the CEO and she said no then said she would get a message to them and they would respond. 12. I asked for a check list in December for what is needed so we could get ahead on this process and I was told they work things in order which is another of saying I do not know. 13. This attitude displayed by everyone I have been encountered has been unfriendly and not executing customer service which I sure the higher-up’s do not know about. I would never treat or give a customer this level of low effort.

  

  Business response

  01/16/2025

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

  Customer response

  01/23/2025

  The claim is not be resolved.

• Initial Complaint

  01/14/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  nov.2024 I pay 4400 my payment was for 4428. when they called me to get the extra $28 i ask if my credit was going to be affected, they said no because was only $28 under i send the pay met and now I lost over 30 points on my credit score, they report me for late payment not short 28 dollars. I called waited for f32 minutes. is upsetting when they give you the wrong inf. and also make you wait for over 30m. I do understand but they assure me my credit wasn't going to be affected because every month I send extra and this was a mistake.

  

  Business response

  01/14/2025

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

  01/13/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I was entitle to a mortgage forbearance due to a disaster declaration. When I requested an extension of the forbearance, I was provided a modification option, instead. The PennyMac ("PM") rep told me that I was already approved and that the payments that accrued during the forbearance were no longer owed/past due, because they would be applied to the end of my loan. A few days later, PM reported my loan as 90 days late. Despite assurances the escalations team would contact me, no one did. 5 days after Christmas, I filed a complaint. PM falsely stated that I was not entitled to a forbearance based on my property address and place of employment. I verified on January 11, 2025, that PM doesn't have any info for my "place of employment" on file. I have had a registered business in Fulton County, Georgia, (zip code 30308; for more than a decade (ten (10) years)). On Sept. 26, 2024, President Biden issued an Emergency Declaration for the State of GA, which specifically named Fulton County. Subsequently, the President amended his orig. Sept. 30, 2024 Presidential Declaration, on October 11, 2024, to include Fulton County. Despite the same, PennyMac has refused to acknowledge its error in stating that I was not entitled to a forbearance (and an extension), under the Presidential Disaster Declaration, which was acknowledged by FEMA, and has failed to correct its credit reporting, which has devastated my finances, as the same resulted in an over 100 pt drop in my credit score. Due to the damaging credit reporting and PennyMac's refusal to correct the same, I was recently denied several loans, which include for auto and for my business. Despite me telling the "Priority Complaint Specialist," Ms. C****** ****** that the info she was putting forward about my place of employment not being in a FEMA-declared disaster area, she still put forward the false info. Despite Ms. M***** stating that her manager was going to call me, to date, her manager has not.

  

  Business response

  01/13/2025

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

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

• Initial Complaint

  01/13/2025

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  The Issue is our Mortgage company Pennymac increased our payment for the address shown: **** ** ***** ******* **** AZ 85207, and we were not notified about this, the new payment is $1,037.57, it was $993.40. The regular payment of $993.40 was made on time in December, and since then our credit scores plummeted mine went from 780 to 688 overnight, I called Pennymac and asked what happened, they said the payment was increased starting in December, my wife has her auto pay set up with Truwest bank for this payment every month. We again were not notified it increased and even though we made our regular payment since it wasn't the new amount it was considered not paid and shown on our credit report of not making a payment at all past 30 days. I paid the difference in the December and January payment but they said since it was over 30 days they would not take off the credit report late status. Can you please look into this, I feel they should require a written signature from their clients when they increase payments to show they received it and understand what is going on. Since I paid the difference once I found out I feel they should correct our excellent credit status back to what is was and remove the late payment status. Thank you and I truly hope this can be resolved.

  

  Business response

  01/13/2025

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

  Customer response

  01/19/2025

  
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22798960, and find that this resolution is satisfactory to me.
  
  Regards,
  
  ******* P**********
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  01/13/2025

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I am writing to file a formal complaint against my mortgage PennyMac regarding their unacceptable handling of my recent claim and the undue hardship it has caused me: On 11/11/2024 (specifically this incident was most triggering), I submitted all required documentation for an inspection related to a claim filed in April over a tree that had fallen on my property. I ensured that all necessary forms and supporting documents were submitted within the hour of their request, meeting all requirements on my part promptly. Despite this, the company exhibited repeated delays in processing my payment. For weeks, I received inconsistent and misleading information from their representatives. On multiple occasions, I was informed that the check had already been sent, only to later find out that this was untrue. It was not until 12/11/2024, a full month after the inspection, that I finally received the payment. This delay has had significant consequences. Due to the extended time it took for the company to release the funds, I was forced to pay for an extended hotel stay out of pocket, leading to unexpected financial strain, They also reported my home as "vacant" knowing very well that we are still under repairs. The lack of transparency and accountability on their part only compounded the stress of an already challenging situation. I'm deeply dissatisfied with the service provided by PennyMac and their failure to uphold reasonable standards of efficiency and communication. I believe that their actions were negligent and caused unnecessary hardship. I kindly request that the Better Business Bureau investigate this matter and hold PennyMac accountable for their actions. I would also appreciate guidance on any further steps I can take to seek resolution or reimbursement for the additional expenses I incurred due to their delays. Thank you for your attention to this matter. Please feel free to contact me if you require any additional information or documentation.

  

  Business response

  01/13/2025

  Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. H*****o'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*****o under separate cover within 15 calendar days.  
  
  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

  Customer response

  01/21/2025

  I did receive a response. However I am not fully satisfied

• Initial Complaint

  01/09/2025

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  December 1 I access my online account and I set up a payment arrangement for December 28 to pay my mortgage payment. For December. We are currently running behind, But not 30 days late. I completed the transaction. I found out January 9 after my credit score went down 45 points that the payment did not go through. Also a couple of months ago our credit score was affected in a negative way when Penny Mac reported that our balance had increased by over $900. That is absolutely not true. It took points away from My credit score as well as my husband’s. We have had problems in the past with Penny Mac not putting payments where they’re supposed to go and then Placing our house payment in a suspended account and not applying it to our monthly payment. It took three months to get the issue resolved and off of our credit. Penny Mac hurt our credit score by reporting that our balance had gone up when it had not. And I feel that someone deleted our payment arrangement in the system.

  

  Business response

  01/09/2025

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

*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. ↩