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Initial Complaint
03/24/2022
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.
I recently obtained a mortgage at a lower rate from another lender and refinanced my home. I had tried to work with Pennymac to refinance through them but they were difficult and I went to another company. The refinance closed on March 8th, 2022 and they were paid off in full. As normal I made my mortgage payment on February 10th, 2022 on time with an EFT from Chase bank. As I reviewed my account over the past month I saw they did not credit my account with the payment but held it in suspense. March 10th I received a notice from the credit reporting agency they had filed a derogatory credit late payment on my credit files resulting in a 80-100 point drop in my credit rating. They had the payment but held on to it then filed a false derogatory report.
Business response
03/24/2022
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****e'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****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.
Initial Complaint
03/23/2022
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I was on top of the world good life great money just purchase my first home then i got hit with hardship covid 19 lost some of my income i went into forbearance for a few months but ask them what can i do if i still have a job just not the same amount of money they said i could have my loan modify i said ok great let's do that next few days they call me and said i was approved for modification o wow great a week passed by then i get a call say your papers is on the way need to be signed in front of a notary and back to us by April 1st delivery by fedx and your mortgage will go from i'm just rounding off the numbers $1700 to $1500 so i asked her how did y'all come up with that amount and y'all don't even know my income i can pay my mortgage just in a lower amount y'all didn't ask are send me no income verification are offer me no kind of assistant she told me they doesn't have any other programs to offer me pay the amount of the loan and refinance i don't want to loose my house just asking for some kind of help pennymac should not do they customer like that I'm sure I'm not they only one having a problem with money the whole world is
Business response
03/23/2022
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
03/26/2022
I'm returning the call back to to mr allen ###-###-#### they supposed to be open on Saturday from 7to11 bit the recording say they closed and you can't leave a massage so my problem not solved yet
Initial Complaint
03/21/2022
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.
In mid-February of 2020, I initiated a request for my mortgage loan which is serviced by Pennymac to be reviewed for PMI (private mortgage insurance) deletion. The process involved paying for a third-party broker price opinion. Due to improvements I had made to my home, especially a new roof I had installed in 2020, I was told (and independently verified with Fannie Mae's servicer guide - Fannie Mae is the owner of the loan) that I would qualify for PMI deletion if the broker price opinion reflected a home value such that my LTV (loan-to-value) ratio at the new value was under 80%. On background, any Fannie Mae loan less than 2 years old is eligible for PMI deletion if significant improvements have been made to the home and the LTV after the improvements is less than 80%. I went through the process, which took about a month, and paid the $105 BPO fee. About a week later, I hadn't heard back so I reached out to Pennymac. I was inform that I needed to send a roofing invoice and pictures of the roof. This was fine, and I did my best to take a good picture and provide the invoice. I asked and was informed that the BPO reflected a valuation of $270,000, which is WELL above the level it needed to be to delete PMI (my current mortgage balance is just below $194,000, resulting in a new LTV of below 72%). This morning, I received a notice stating that upon further review Pennymac determined that my valuation was too low to meet the mortgage investor's criteria for deletion. This is incorrect both based on the Fannie Mae servicer guide and on what I have already been told by Pennymac. They are fraudulently forcing me to continue paying for PMI despite the fact that it is no longer necessary. It is egregious that the process has taken over a month, that Pennymac is not following the Fannie Mae servicer guide, and that I've clearly received incorrect information. (CC: Consumer Financial Protection Bureau, Fannie Mae)
Business response
03/21/2022
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********'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 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
03/21/2022

I am rejecting this response because: I thank the business for its prompt attention to the matter but am not accepting their initial response as it is informational only. Please note that my original complaint incorrectly named Fannie Mae as the owner of the loan; the actual owner is Freddie Mac. This change does not change the substance of my complaint as both lenders have the same PMI deletion policies.

Regards,

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

Business response
03/22/2022
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
03/30/2022

I am rejecting this response because:
I have not received any response from the business!

Regards,

**** S********
Initial Complaint
03/21/2022
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 been requesting PMI approval for months. I had accepted that my PMI could not be removed until 2 years after origination when I submitted the secure message to PennyMac to request pre planning for PMI removal on 4/1/2022 which would be the 2 year anniversary of the plan origination. I spoke to several representatives months ago who said the loan needed to be 2 years old before requesting a BPO(basic reappraisal process) because the value of my home increased substantially to the point where I was well below the 80% LTV ratio needed to remove PMI. So, I started the secure communication with the company and was told I had met my 2 year obligation(see attached communication thread). They asked for more information which I provided. They then requested more information(dates for improvements) which I also promptly provided. I was beginning to get frustrated since it takes 2 days to get each response. They then responded that none of the improvements could apply because they were too old but asked for my approval to move forward without the improvements. I quickly responded that one of the improvements did apply to which I got a response from another employee that I was no longer eligible. I responded stating that was factually incorrect based both on previous conversations with companies representatives. I responded that I would be filing a formal complaint with the company, FTC and BBB. Later that morning I called the company to have an actual conversation. They have escalated the situation but are saying I will get a refund of the $150 paid and will have to restart the process on April 23rd when I will have made 24 payments. The company has either intentionally lied to me or misstated facts in a negligent way. I believe there COULD be intent to delay the BPO(re-appraisal) hoping home values fall dramatically. I expect PennyMac to schedule the BPO immediately and it should be scheduled for the first or second day of eligibility(4/23/22)
Business response
03/21/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 Mr. O**** 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
03/21/2022

I am rejecting this response because: The business says they will send a letter within 15 days. BBB expects a response from me within 7 days or the complaint will be closed. This obviously does not meet the timeline expectations of BBB and it certainly does not meet mine. PennyMac should have their response to me within the 7 days instead of continuing to delay. There is still the chance, likely based on what I have seen, that the company intends to send a denial of PMI removal letter within that 15 day time period which is not satisfactory considering the complaint. If that is the case I would ask BBB to consider that a direct violation of the intent of this complaint, ignoring the actual request. That said, I am rejecting this response for the reasons mentioned. I did receive a call from Paula at PennyMac today during my business hours(2:32 PM CT) so I was not able to pickup the phone. I received a voicemail asking me to contact Paula and was provided a phone number and extension. I called at ~5:15 PM Central and there was no answer. I left a message requesting a return call and did not receive one today. The voicemail indicated hours through 5:00 PM PT which would be 7:00 PM CT. I gave ~1.5 hours for a response this evening. I will see if I can call tomorrow but I would have expected a call back. I still expect the company to perform the remediation I requested and I expect that to happen before the end of March.

Regards,

***** O****

Business response
03/22/2022
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
03/28/2022

I am rejecting this response because:. The timeline continues to NOT meet my expectations. I spoke with Paula last week and requested that they schedule the BPO for ASAP instead of waiting the 15 days which did not make sense to me. Why wait longer for a response than for the scheduled event. I am still pending a response from PennyMac.

Regards,

***** O****
Initial Complaint
03/17/2022
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.
I am a veteran living on my means not above it. My mortgage is with Pennymac company. I changed insurance companies last June 2021, and the refund check from that insurance company I sent back to Pennymac to be placed into my escrow account, they put that money towards my principal balance, and because of this my escrow is short. They are refusing to fix an issue the created. I am saddled with an increase of 300 dollars mortgage. This is cause me undue stress financial hardships and inability to pay other Bill's. Please help me.
Business response
03/17/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. T******'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. T****** 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
03/17/2022
Complaint Type:
Sales and Advertising Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Get voicemails from Pennymac still, I have told them I do not have anything to do with them, not my Mortage company! I have asked them to STOP ! guess they dont listen to people. All I want is for them to stop leaving voicemail before I goto the FCC and file on them.
Business response
03/17/2022
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******'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 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
03/17/2022

I am rejecting this response because: Sounds like hog wash to me! Just stop the voicemails.

Regards,

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

Business response
03/17/2022
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
03/18/2022

I have reviewed the response made by the business in reference to complaint ID 16904578, and find that this resolution is satisfactory to me.

Regards,

***** S******
Initial Complaint
03/15/2022
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Penny mac is the owner of my mortgage and they are falsely adding erroneous charges to my monthly mortgage bill and not applying payments to my mortgage correctly. This is not the first time this has happened and it is virtually imp****ble to speak to someone working at the company to assist.
Business response
03/16/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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
03/16/2022

I have reviewed the response made by the business in reference to complaint ID 16897281, and find that this resolution is satisfactory to me.

Regards,

******* R****
Initial Complaint
03/15/2022
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.
This company has stressed me out to no end. I am disabled veteran suffering with depression and PTSD, and they trigger me every time I call. Its very sad to continue to pay you mortgage and have to stress just to make a payment over the phone. They are so unprofessional is like they all just sit at home and read the same screen you see at home, and no one communicates with any other department. I have been blind transferred with this company every time, and continue to have to explain my situation over and over and no solution. Try calling this company and asking the same question to more than one person of the same company and same department, and you will get a different answer each time. This company is so inconsistent to be a mortgage company. I have waited four months for a rate/term modification, and a tax exempt from them for my payment to still not be correct. I cannot wait to REFI my house with another company its pathetic. I did a modification four months ago and was giving a new payment amount that I have been paying for the past four months. Since then I learned that I was tax exempt, because of being a total disabled veteran. Why and how is my payment still the same if I was giving my payment amount(based on modification) 4 months before I even knew I was tax exempt? There is no way I randomly selected a payment amount out the sky and it be the same amount including my tax exemptions. I have made numerous calls to this. company over the past four months including my calls to make payment every month, because my loan was in modifications department. I have requested supervisor calls, upper management calls, higher seniority calls....I have got nothing but a different story from everyone. I had escrow surplus that was supposedly processed now 4 times, and have to receive that payment either. I have probably called this company at least twice a week for the past 4 moths and have received no results. PLEASE HELP!!!!
Business response
03/16/2022
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
03/15/2022
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.
Since January of 2022, I have been trying to have my residence refinanced. I have never been updated by any person about any information. I've been playing cat and mouse chasing information that apperently no one really understands in regards to my refinance. I had a loan officer by the name of Dominic ingliese who supposedly said my refinancing was approved and only to to find out that he quit working PennyMac and pretty much tagged me along for 3 months when the loan should have been completed in 45days. I have never been through so much mental stress in my life, only to be disappointed and denied a refinance that I'm trying to pay off my debt to help get by in life. I feel mistreated, lied to and at the end no remorse in trying to approve my refinance.
Business response
03/15/2022
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. Arraial 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
03/15/2022

I am rejecting this response because:

Regards,

A***** *******
Initial Complaint
03/15/2022
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.
Mr. J**** and Mr. S******, I am writing you both requesting immediate attention to an issue with my mortgage loan. Throughout the pandemic, I took advantage of the COVID forbearance option due to drastic changes in my employment and income. In late October 2021, coming out of the forbearance, I requested a loan modification to lower my payment and interest rate. I sent the notarized documents back in a timely manner and made my November payment by phone with a representative. I was advised to make the payment with a representative as it make take a moment for my new monthly payment to reflect online. When I logged in to make the December payment, the new amount was reflected online, but it showed a January 1, 2022 due date. I contacted the office by phone to inquire about the due date and the representative let me know that there was nothing due for December and the next payment was due January 1, 2022. I made that payment online and on time - same with February. On February 23rd, I received a call from Pennymac stating that I was behind on payments and they were calling to see when I could bring the account current. I was shocked to know how I was behind. The representative told me that the amount I'm paying is not the full payment amount and my full monthly payment. I asked how that was possible when per the agreement, my monthly payments was reduced.The representative placed me on a hold to review my account and the documents.She came back to the phone and told me that the issue seems to be with the escrow acct. On March 10th, 2022, I get an alert that my credit score dropped 30 points as Pennymac reported my loan 60 days past due. I immediately called to see how that was possible. The agent, O****, let me know that I was behind $3,000+ and a foreclosure letter was sent out on March 3rd. I was livid! I explained my situation to O**** and demanded to speak with a supervisor. I was then transferred to Beatrice. For the 4th time, I went through the issue with
Business response
03/15/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. E****'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. E**** under separate cover within 15 days.

PennyMac values and protects its customers’ confidential information. Due to privacy re****s, 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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