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Initial Complaint
03/10/2022
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.
Our mortgage company is saying they did not receive payment for 11/2019, our bank has shown supporting evidence to verify that they did get their money. Our account was charged three times and twice the payment was returned. We have been going back and forth with them for over two years without resolution. We have given them everything they have asked for but they are upholding they were not paid, despite the proof our bank has provided. They have since stopped responding to us and will not communicate with us. We want our account to reflect that there is no missing payment and for them to refund us all of the late fees we have been charged since then (over $1000 worth). They are also reporting to the credit burueaus that we have over 14 late or missed payments, which is untrue. There are no direct phone numbers or email addresses to speak with anyone directly. We just want this issue resolved so we can move on.
Business response
03/10/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. Tepner'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. Tepner 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
03/10/2022

I am rejecting this response because: we do not need an explanation letter, this will not solve the problem. they do nothing but give us the run-around, which is obvious they are doing so again. they need to accept fault and responsibility for their system’s error and make several corrections involving: updating our account to reflect that payment WAS received in 11/2019 (as evidenced by the attachments i provided), refund us the 2+ years of late fees they’ve been charging us, and provide us with a letter to send to the major credit bureaus reflecting that we have zero late or missed payments. they also no longer provide us with customer service, as they have completely stopped communicating with us. we decided to go through the BBB in hopes they could mediate this issue for us.

Regards,

J**** ******

Business response
03/11/2022
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.
Initial Complaint
03/09/2022
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.
Marginal Integrity. While shopping around to refinance my home, I spoke with one of PennyMac's Senior Morgage Loan Officers and asked him if I could make biweekly payments. He said yes and that PennyMac has no prepayment penalties. The refi went smooth until my biweekly payments were being applied to principle and being held until full payment amount was received. When you make biweekly payments, you save more money on interest and pay your mortgage down faster than you would by making payments once a month. PennyMac knows this and now claims their "system" won't allow biweekly payments. It's 2022 and find this hard to believe. PennyMac isn't in the business to help people pay down a loan early, And they have people who has been with the company 20 plus years lie to potential customers about biweekly payments being an option.
Business response
03/09/2022
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 concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. B***** under separate cover within 15 days.

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

Customer response
03/17/2022

I am rejecting this response because:
The company response isn’t really a response. It just buys the company more time to respond.

Regards,

*********** B*****

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.
Initial Complaint
03/07/2022
Complaint Type:
Customer Service 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.
Ref; loan number 81*****827 ; monthly payment $2614.05::loan paid auto Pay through td bank account regularly: need explanation loan due $8399.23.

My mortgage loan is paid regularly through td bank. On November 3 Bill for $2614 was sent and it was paid by the bank. A copy of bank Statement is attached. Then PennyMac sent a bill for $8399.23 to be Paid on jan 1 st 22. I called PennyMac by phone and explained the bills Were paid, but the representative did not give proper answer. All Bills were paid in time and i don't owe any balance.

I have attached PennyMac bills and my td bank paid statement. Please straighten the matter
Business response
03/07/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. R***'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. R*** under separate cover within 15 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
03/07/2022
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I am unable to access my loan account online. I have tried many times to do this. I have contacted Penny Mac many times and they state I am entering the correct information. They also state the problem is on their end and they will write a ticket to correct the issue, but the issue is not being corrected. I have spent hours with their representatives to no avail. I know they are trying.
Business response
03/07/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 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
03/08/2022

I am rejecting this response because:

Regards,

**** J****

This does not resolve the issue. I have been told before the matter will be corrected and it has not been. I am not interested in a letter of explanation.

Business response
03/08/2022
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
03/09/2022

I am rejecting this response because: The only thing needed is to open my account online. Form letters are not helpful. Please just go to the account and fix it. I need to be able to track my business actives. JUST FIX IT SO THAT I MAY ACCESS MY ACCOUNT! I am spending a lot of money here and this is all I ask. A form letter or explanation does not get it done. A better idea would be to assign someone today to fix the issue. This should be very simple for Penny Mac. Thank you.

Regards,

**** J****
Initial Complaint
03/07/2022
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 only started a refinance with PennyMac due to my mortgage increasing due to a re-evaluation of my escrow back in December. I was slated for a great consolidation deal with the whole process seeming to run pretty smooth. I was told by my loan specialist that my house was now worth between "X" and "Y" and "PennyMac will seldom get their projections wrong." The new value would set my home up to going up in value around $130,000 so I was excited to hear my options. I eventually schedule an appraisal. To my surprise, the value came back $20,000 lower than PennyMac's "guaranteed" minimum valuation, they seldom get wrong. Talked it over with my loan specialist and everything we planned still works with this value. I use the VA Home loan. I am considered High Risk with my DTI percentage, therefore I fall into a bracket of minimum residual income requirements charged to 120%. Okay, so -- Family of 5 minimum residual is [$1,062] ... for me (High Risk, 120%) that becomes [$1,274.40] The first time I heard back about my current residual stats I was told that I currently stand at [$1,180] residual but they needed me at [$1,370]. I reached back out to let them know that they are basing their figures off of the model of a household of 6 with the 120% increase, not 5. And I told them about a new source of income, which was denied since it was temporary (6 months worth). They eventually got back to me about denying my new source of income so I proposed a solution to save an additional [$581] a month which exceeds the minimum residual by [$486.60]. Communication grew sparse, fast. Fast forward to today. I still can't get a hold of my loan specialist, only get maybe 2 emails a week, typically responding to my daily emails, always stating she'll call me when she knows more. (no calls) Today, I randomly get a denial letter without an explanation or opportunity to restructure. I am surprised with PennyMac's lack of transparency and willingness to work with their clients.
Business response
03/07/2022
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********i 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
02/28/2022
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.
Penny Mac Loan Services have been my lender since 8/1/19. i have been a loyal customer of theirs up until the present, 2/27/22. I was late with one payment in January 2022 whereby a mortgage payment was erroneously sent to the wrong payee. That payment, together with the late fees, was honored and paid. The purpose of this complaint is solely due to the fact that I cannot reach them to receive a 1099, or other document that reflects mortgage interest and other pertinent information to report to the IRS and my local tax authority. My CPA requires this. I logged in with my particulars and it showed up error messages. I also tried logging in with my then (current) email address. That, too, did not work. Please be advised that my emails have changed recently due to FRAUDULENT activity, necessitating the change of emails. Several tries were made and at no time did I receive a message that I was logged out due to too many tries. One of the voice greetings offered by the company states that we may contact them on Sundays, between 6:00 am and 12:00 pm. Please be advised that they are not open on Sundays. All I desire is to receive a 1099 or equivalent tax document to reflect the mortgage information, interest, etc. Please note: I am unable to upload at this time due to scanner failure. I will upload documents at my earliest opportunity. Thank you.
Business response
02/28/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. F*******'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. F******* 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
02/28/2022
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On February 3, 2022, there was a duplicate withdrawal from my bank account to PennyMac Loan Services for our monthly mortgage payment. I immediately notified my bank and PennyMac of the transaction; my bank encouraged me to contact PennyMac and, on February 3rd, PennyMac notified me that they had not yet received the payment from my bank. I continued to call each day until a representative confirmed that payment had been received, and via phone, confirmed that it was an overage payment that would be refunded in 7-10 business days but, had been "expedited". As of February 21, 2022, I had not received the refund and continued to reach out to a representative via the Message Center (email) to document their confirmation of overage payments. Since then, I have sent four messages to inquire on: where the money was applied (no record of it being applied to principal or escrow), if I could be refunded and/or it be applied to my upcoming month's monthly payment but, have not received a response. This overage payment was a system error on the businesses end and has resulted in significant overdraft charges.
Business response
02/28/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. 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 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
02/28/2022

I have reviewed the response made by the business in reference to complaint ID 16814382, and find that this resolution is satisfactory to me. Thank you for your assistance!

Regards,

******* H*****
Initial Complaint
02/28/2022
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.
Hello, Today I received an email stating the Escrow balance analysis would generate a change to my monthly payment. I then called to find out which loan it was as the email did not indicate which address it was on. There was a needed payment of $306.16 to bring the balance to current, which I scheduled and did on the phone with the customer service rep. They then told me that due to the expected increases to insurance and taxes I would have to pay that overage in advance to keep my payments the same. They have outright refused to work with me and to accept the payment of the estimated escrow increase. This will cause me to adjust and pay an unnecessary overage over time, which will require me to adjust the amortized amounts that I overpay to pay off the loan more qu***ly. I have paid the estimated amounts with other mortgage service providers and kept the loan payments unchanged. The companies complete lack of common sense related to this principal is incredible. Please aid me in getting a them to acknowledge the ludicrous notion that it is somehow "impossible" for the moorage to pay the estimated escrow difference in order to retain the current monthly mortgage payment. For your review I have included the documents pertinent to this complaint.
Business response
02/28/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. D***'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. D*** 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
02/28/2022

I am rejecting this response because: 1. It is not a response, but a notice of a letter. 2. The letter is likely to explain why they cannot perform a basic satisfaction of an escrow account. 3. They are the only mortgage provider I know of that is unable to keep a mortgage unaltered with the excuse of software limitations. It is basic math to pay the estimated overage to retain an unaltered mortgage payment.

Regards,

***** D***

Business response
03/01/2022
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
03/02/2022

I am rejecting this response because: They have not responded, only stating they will send a letter of response. Additionally in my PennyMac Docs section they added a letter stating a "full comprehensive review of the loan to be performed". Ultimately an easy and straight response seems to be impossible for this organization.

Regards,

***** D***
Initial Complaint
02/23/2022
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.
Back in December I was contacted by PennyMac to reduce my mortgage by half of percentage point. I was all set to refinance my mortgage when I got an email stating that I had to bring approximately $2500 to refinance my home. I told them that I did not have the money to put down and to cancel the refinance. Come to find out the reason behind owing the taxes is that PennyMac had not paid the taxes on time out of the escrow account. I asked since this was their fault could I still get the same rate and they said no. Ultimately I have lost about $60,000 due to not being able to refinance my home.
Business response
02/24/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. B*******'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. B******* under separate cover within 15 days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
02/21/2022
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
In late 2021, I attempted to pay off my home. I logged into PennyMac.com website. PennyMac's system required that I pay off the amount in several payments. I attempted to comply, logging in several days to accomplish this. It only allowed me to payoff my principle to a certain amount. I phoned & when finally able to speak with an agent, I was told I had to pay ?$20 to request a payoff amount to conclude. I did this (twice as I recall) but never received the payoff amount (didn't verify but probably was charged the fee). Disappointed & not desiring to spend the usual 30 minutes to speak with another representative to try a third time, I decided to let the recurring deduction cover the balance in the coming months (PennyMac has been deducting funds monthly since the loan's inception). In January, the remainder would have been paid off but PennyMac apparently ceased withdrawing their typical amounts. In February, I received a notice that I was 2 months behind in making house payments. I phoned again - spending my 30 minutes with their representative - only to be informed that she was going to request a payoff amount & it'd post in my account in 24-48 hours & I'd need to go to a bank to wire the finds as the until now accepted practice of withdrawing funds was not available for this final transaction. Apparently, PennyMac has a better process for all their clients that have a Fax machine - I'm a member of the +95% of individuals that do not maintain a fax machine for these opportunities. I checked my online account, it was not there. Today, I had a person pull into my drive to take photos of the house at the request of PennyMac. believe they are purposely making it difficult/impossible for me to conclude my loan payments so they can capitalize on a ripe opportunity - a loan that's all but $1K paid off & a property that's grown in value to +$1.5M. I'm also going to complain to the CFPB & any other forum that I can on this business.
Business response
02/22/2022
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 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 14 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 bor*****s’ personal information.

Customer response
03/02/2022

I have reviewed the response made by the business in reference to complaint ID 16791604, and find that this resolution is satisfactory to me.
PennyMac’s CS phoned me. I was on the other line so he left me a VM. I returned his call, left a VM. A couple days later, I called and left another VM. He called back a day or two later and provided me what I needed to go to a bank and make a wire payment. He said he was going to fight some fees for me given PennyMac had stopped payments (not me). I await feedback on this.

So, guess it’s resolved though future customers may likely experience the same experience I have (which is not a pleasant one). Given the amount of interest paid over the course of a loan, I’d think they’d be able to provide better customer support & tools to support their customers.

Regards,

******* * B*****

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